Far East Consortium plans to build 10,000 new homes in Manchester over next decade
The £1 billion ‘Northern Gateway’ project will be the largest development ever undertaken in the city, covering 120 hectares of land
Far East Consortium International, the medium-sized Hong Kong developer, has revealed plans to build 10,000 housing units in Manchester worth £1 billion (US$1.3 billion) over the next decade.
The company will work directly with Manchester City Council in Britain to deliver what is being dubbed the “Northern Gateway” in the northeastern part of Greater Manchester, which will be the largest development ever undertaken in the city when completed, covering 120 hectares of land, according to a company statement on Thursday.
The £1 billion investment will be divided in phases and used for different projects in the region. And the return from sub-developments would allow further investment funding over the development period, Far East Consortium said.
“Manchester is the third most visited city in Britain and is famed for its architecture, culture, musical exports and media links along with an impressive heritage of scientific and engineering innovations,” chairman David Chiu said.
“I myself have been to the city many times and this project is a top priority for Far East Consortium in Britain. Official council data shows the demand for new homes in the Manchester city centre will continue to exceed supply.”
The Northern Gateway will unlock the residential development potential of more than 13 million square feet, sweeping north from Victoria Station and taking in the neighbourhoods of New Cross, the Lower Irk Valley and Collyhurst.
Far East Consortium also made a commitment to build a 754-unit project around the historic Angel Meadow Park on the periphery of the Northern Gateway development.
“The Northern Gateway is an exciting project for Far East Consortium. Our Manchester team on the ground will work with local advisers and contractors to deliver a new international experience to this marvellous city,” managing director Chris Hoong Cheong Thard said.
“Most importantly, the company will continue regional expansion in various business segments in order to generate solid returns for the long-term benefit of our investors.”
Manchester’s population is expected to surpass three million by 2035 from 2.8 million currently, according to government data. Employment in the city is predicted to grow 3.8 per cent by 2020 from 2015. As such, 10,300 new homes are needed every year until 2035.
Shares in Far East Consortium rose 2.2 per cent to close at HK$3.70 on Thursday.