Secretary for development Michael Wong said that the Kau Yi Chau Artificial Islands and related key projects would be built under the Lantau Tomorrow Vision plan.
The cost for the construction of Kau Yi Chau Artificial Islands, reclamation at Sunny Bay and Lung Kwu Tan, and the Tuen Mun coastal area development is estimated to be HK$351bn in September 2018 prices.
The cost for building the transport network would be HK$273bn, giving a total of HK$624bn.
Wong said the projects will bring benefits to Hong Kong including direct economic contributions and social benefits.
The project is intended to provide land for Hong Kong’s third core business district. Wong estimated that the islands will alos be capable of providing 150,000 to 260,000 flats, 70% of which will be public housing.
“We will continue to communicate with the public as to why this is worth our while. This is a good investment, this is good for Hong Kong, this resolves many of our problems,” he said.
He added the Government will seek funding approval from the Legislative Council for related studies as soon as possible.