Hong Kong details Northern Territory development targets under first five-year plan
Hong Kong's Financial Secretary outlined plans for the Northern Territory under the city's first five-year plan, targeting 900 hectares of land, 70,000 housing units and 1 million square metres of commercial space by 2031. The plan focuses on education, technology and talent integration.
The Hong Kong Special Administrative Region government has outlined specific development targets for the Northern Territory under the city's first five-year plan, with Financial Secretary delivering a speech to the Legislative Council on 8 October 2026.
Under the plan, the government aims to produce 900 hectares of prepared land in the Northern Territory between the 2026/27 and 2030/31 financial years. The government and market are expected to provide approximately 70,000 residential units and 1 million square metres of commercial floor space in the area during this period, according to the Financial Secretary.
The vision of 'southern finance, northern technology' guides Hong Kong's future spatial layout, with the Victoria Harbour area continuing to develop traditional industries including finance, while the Northern Territory focuses on university towns, innovation and technology, and livable, workable and visitable communities.
In housing, the first public housing estate in Ku Tung North, Kukwan Estate, will welcome residents by the end of this year, with multiple private housing estates being launched this year and next. The East Rail Line Ku Tung station is scheduled to open in 2027.
On the industrial front, the Hong Kong-Shenzhen Innovation and Technology Park in Ho Kuk opened in December 2025, with over 100 innovation and technology enterprises and institutions already established. The Hung Shui Kiu 'district' was successfully awarded in August this year, with the winning company expected to invest approximately HK$16.8 billion and create over 6,000 jobs through infrastructure, residential development and a smart modern logistics centre.
The government places particular emphasis on the Northern Territory University Town development, described as a 'talent highland' for the Greater Bay Area and globally. Three university town campus sites at Hung Shui Kiu were offered on 17 September for eligible post-secondary institutions, with the earliest occupation possible in 2027. The three university towns at San Tin, Hung Shui Kiu and Ta Kwu Ling will have a combined campus area of about 300 hectares, with the overall planning area exceeding 1,000 hectares including surrounding technology, industrial and residential zones.
The government has established the Northern Territory Development Committee chaired by the Chief Executive, along with four project supervision offices to expedite approvals for private development, public housing, railway and major roads, and other public works projects. These measures have reportedly saved approximately HK$1.4 billion in construction costs for public housing projects and halved the initial approval time for new railway projects to about 30 days.