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.”