ebulletin

July 10, 2025
Northern Link Part 1 financial arrangement approved
Supported by an independent checking consultant, the HKSAR Government critically examined the financial estimates provided by the corporation in relation to Part 1 of the Northern Link Project (NOL), and verified that the capital cost estimate is about $31.4 billion (in July prices).
    The project would be implemented under a two-part approach to expedite progress. The execution of the Part 1 Project Agreement at this juncture could propel the project forward immediately, and in parallel carry out the detailed planning and design as well as statutory procedures for the NOL Spur Line.
    By adopting a result-oriented mindset, the construction efficiency will also be improved with railway-related Mainland standards, practices and resources, substantially bringing forward the planning of the NOL Spur Line.
   The target is to commission the NOL Spur Line together with the NOL Main Line by 2034 or earlier, which is about two years earlier than what was originally envisaged, the Government added.
    The government approved the grant of sites at Kam Sheung Road Station Phase 2; Fanling North Area 13 (East) and Area 16; Kwu Tung North Area 22 (East), Area 26 (West), Area 14 and Area 15; as well as San Tin Area 4D, Area 6A and Area 2A to the MTR Corporation for residential and commercial development under the "Rail-plus-Property" model.
    A total fixed lump sum of $39.05 billion, in money-of-the-day prices, would be deducted from the full market value land premium of the sites assessed on a "with-railway" basis in the future as funding support to the corporation in implementing Part 1 of the NOL Project.
    The execution of the Part 1 Project Agreement would immediately kick-start works that are more ready and time-critical, including the civil and structural works of two sections of the NOL Main Line from the Kam Sheung Road Station to the intersection with the approach tunnels to Ngau Tam Mei Depot and from the San Tin Station to the Kwu Tung Station.
    The MTR Corporation is required to carry out the detailed planning and design of the NOL Spur Line simultaneously, including statutory procedures relating to the environmental impact assessment and railway scheme gazettal, and strive for completion as early as possible.

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(HKSARG)