Hong Kong Railways Authority plans to launch two housing development projects for tender in the coming year, involving approximately 2,000 units. Among the two projects, at least one is expected to be located in North District. Additionally, its 16 shopping malls have achieved a 100% leasing rate following a 15% increase in foot traffic during the Halloween celebration compared to the same period last year. Ng Cheuk-wui: Understanding Market Demand The Chief Executive of Property and International Business at MTR Corporation Limited, Ng Cheuk-wui, stated that the authority will release two smaller pure residential development projects for tender, each offering around 1,000 units. At least one is likely from North District, with specific locations remaining flexible. Ng explained that orderly land releases and supply offerings are crucial for the stability of the property market. When tendering new projects, they will seek industry feedback to understand market demand and consider factors such as land integration before proceeding, in an effort to meet market needs and incorporate the commercial flexibilities of different projects. Ng also mentioned that MTR's Tsuen Wan station will maintain its target to open next year, and emphasized that MTR is not a developer, using property alongside railways as a financing tool to support railway construction and operation. He noted that many countries are interested in MTR's development model. Underlying this, the 16 shopping malls have achieved a 100% leasing rate, and the recent Halloween events saw an increase in foot traffic of about 15% compared to the previous year. Ng highlighted the success of events and nighttime activities at various shopping centers, and expressed plans to continue hosting community events and performances in the coming year, aligning with government efforts to promote the economy, bolster nighttime activities, and encourage commercial growth. Since the pandemic, MTR's shopping mall sales have shown steady growth, though not yet pre-pandemic levels, with annual sales consistently showing healthy single-digit growth. MTR Corporation Limited's Chief Executive of Property and International Business Ng Cheuk-wui and Secretary for Civil Affairs and Youth Affairs Miu Mei-yan jointly attended the opening ceremony of 'LOUDER Youth Hub'. LOUDER has three branches and operates on a 'zero-rental share' model since its establishment in 2022, supporting local creativity and fostering Hong Kong youth entrepreneurs. Entering its fifth year, LOUDER is launching a new chapter, aiming to be a dedicated platform for Hong Kong young entrepreneurs to showcase their brands and products.
With a focus on supporting local businesses and fostering creativity, MTR demonstrates its commitment to diverse economic activities, illustrating the fusion of public transit and commercial development in Hong Kong. The continued success of its shopping centers and support for youth startups reflect a broader strategy to enhance community engagement and economic resilience.
Overall, MTR's multifaceted approach aims to balance economic growth, community development, and property market stability, positioning itself as a key player in Hong Kong's evolving landscape. By integrating residential, commercial, and community projects, MTR continues to play a significant role in shaping the city's development trajectory.