The Harbourfront Commission has proposed the establishment of a fund through the proposed Harbourfront Authority to run development projects along the coastlines of Victoria Harbour, the Hong Kong Economic Journal reported on Friday.
Under the plan, the authority will take charge of the development of 11 seaside land parcels in several districts including Central, Wan Chai and Hung Hom, as well as the boardwalk underneath the Island Eastern Corridor.
Other plots are located in North Point, Quarry Bay and Kwun Tong, with development works to be unfolded in phases in the coming five to 10 years.
The new agency is envisioned to be self-sustaining in the long run, with income mainly coming from the rental of commercial and office space.
Tens of billions of Hong Kong dollars may be needed to set up the fund, although the proposal has not specified any amount.
The commission has been created to advise the government on all harborfront matters with the aim of delivering a world-class harborfront for public enjoyment.
Industry players, however, are not too enthusiastic about the proposal. They note that the growth in the commercial value of the waterfront properties identified in the proposal is limited because most of them are remote and of little development potential.
The proposed authority will have about 20 people as board directors, including public officials, professionals, the agency’s executives and members of the District Council and the Legislative Council.
The commission is undertaking a three-month consultation regarding the authority’s board structure, land holdings and fund allocation, the report said.
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