Arts hub 'will not become burden'
The planned arts, cultural and entertainment complex on the West Kowloon waterfront will be self-financing, Mr Tsang said.
He said a balanced approach will be adopted to ensure there are sufficient commercial incentives to attract private firms to undertake the project, including the management of facilities such as the proposed opera house.
'The promise is that this project will not become a burden to the Government,' he said.
It is hoped the project will be released for tender next year, but details and the terms of tendering will be subject to the master layout plan, which had still to be finalised.
The Government will consider whether to tender the 40 hectares of land for development in one package or split it into smaller parcels, Mr Tsang said.
World-acclaimed architect Lord Foster's low-rise design won first prize in the Government's design contest which attracted 161 entries worldwide. The winning design includes the world's largest roof.
Lord Foster has estimated it will cost $24 billion to build
the structure, which could generate $2.5 billion a year in revenue.
The complex will also include a large area for commercial activities, such as a hotel, offices and shops.
Mr Tsang said the Government will invite companies to bid for the work of drafting the master layout plan for the final design, which will include transport links as well as a mix of properties and facilities.
Lord Foster's team and the four runners-up in the contest automatically qualify to bid for the consultancy.