NEW World Development Co is to invest $2.5 billion to expand Telford Gardens and to develop a new headquarters for the Mass Transit Railway Corp (MTRC).
The development will include a 32,000 sq metre shopping arcade and 51,000 sq metres of office space at Telford Gardens.
A twin 14-storey office tower is to be built on top of the retail complex.
MTRC is assisting New World by providing information on how Mass Transit Railway (MTR) traffic interchange capacity can be increased.
MTRC will retain 25,000 sq metres of the development for its headquarters, which will be bought at 1996 market prices, which is the expected completion date.
Work on the projects began yesterday.
The projects were a result of growing MTR traffic and MTRC's need for more office space, said MTRC chairman Hamish Mathers.
