Hong Kong authorities plan to turn the area around a premier concert venue in Hung Hom into a landmark waterfront, complete with a yacht marina and a 50-storey tower equipped with entertainment facilities, over more than a decade.
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The Development Bureau on Friday shared its preliminary development proposal for the HK$10 billion (US$1.29 billion) to HK$20 billion project around Hong Kong Coliseum, adding that it expected the private sector to take up the entire initiative.
The development spans a combined area of 24 hectares (59 acres). The undertaking would involve the construction of residential, commercial, retail and entertainment premises along the harbourfront, as well as improving existing passageways, bus stops, a public transport interchange and connections to Hung Hom MTR station.
A bureau spokesman said authorities were confident developers would be interested in the project amid gloomy market conditions.
“There are facilities that they cannot generate income from, but they can make money from the residential development, retail, catering and entertainment facilities, as well as the yacht berth,” he said.
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The spokesman said the bureau had yet to finalise the area’s development model, but it was possible that the MTR Corporation could take up the project alongside other developers.