Concrete Analysis | How a population shift driven by the Greater Bay Area plan will transform Hong Kong’s commercial and residential property landscape
- There is a growing importance for projects that leverage transport connectivity with critical areas in the bay area zone, in terms of flows of business, capital and talent, says Andrew Ness of Colliers International
- North Lantau, where the government’s ‘aerotropolis’ initiative is centred around the airport, has already seen a spike in business activity
Every indication suggests we are going to see a marked population shift away from Hong Kong’s traditional urban core. Specifically, this will be towards the North and North Western New Territories – places where, until the 1970s, the major occupations were rice cultivation and raising ducks.
According to the Census and Statistics Department’s 2014-2024 population projections, Tuen Mun will increase by 11.8 per cent, Yuen Long by 14 per cent, and the North District by 22.8 per cent. Lantau alone will be home to more than 24.5 per cent more residents in the next five years.
This mirrors the growing importance of projects that leverage transportation connectivity with critical areas in the Greater Bay Area, in terms of flows of business, capital, technology, know-how and talent.
This is good news for Hong Kong overall. But which areas will be the biggest winners?
One will undoubtedly be North Lantau. The government’s “aerotropolis” initiative, centred around Hong Kong International Airport, is causing a spike in business activity. It has already triggered the launching of projects to extend the existing Tung Chung Town Centre to accommodate new commercial, residential, hospitality and community facilities.
