HONG KONG - Hong Kong’s Legislative Council approved on Friday engineering and infrastructure studies for a major land reclamation project near Lantau Island in an effort to solve housing problems in one of the world’s most expensive property markets.

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The Lantau Tomorrow Vision project is estimated to cost HK$624 billion, making it the most expensive infrastructure project in the special administrative region’s history.

Secretary for Development Michael Wong said the Lantau Tomorrow Vision aims to start reclamation work in 2027 and have the first batch of residents to move in by 2034

The studies, which will take 42 months, are worth HK$550 million.

Thirty-three lawmakers on Friday voted to approve the funds, with two votes against and two abstentions.

Secretary for Development Michael Wong Wai-lun told lawmakers that not all of the HK$624 billion would be covered by public funds and that the government expected to earn an income of at least HK$707 billion from land sales on the artificial islands.

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The initial phase of the project, which spreads across 1,000 of a planned 1,700 hectares of reclaimed land between the Lantau and Hong Kong Island, will build up to 260,000 housing units.

Wong said the Lantau Tomorrow Vision aims to start reclamation work in 2027 and have the first batch of residents to move in by 2034. It will also have a third core business district.

With inputs from Agencies