HONG KONG, April 27, 2017 /PRNewswire/ -- Far East Consortium International Limited ("FEC" or the "Group"; SEHK: 35) is pleased to announce that it has been selected to work with the Manchester City Council in the United Kingdom to deliver the "Northern Gateway", which is the latest and arguably the largest residential opportunity for transformational change ever undertaken in Manchester.
This investment partnership will deliver up to 10,000 new homes over the next decade with an emphasis on design quality and sustainability, open space, green walking trails and cycling routes. It will allow the city centre to expand and provide the optimal mix of high quality housing in well-planned new areas. The overarching vision of this project is essentially to create a series of distinct yet clearly connected communities that make the most of the area's natural resources, including the River Irk and its prime location close to the city centre.
The selection of FEC in this grand scheme is expected to generate more than £1bn of investment over the next decade and will unlock the residential development potential of more than 300 acres of land (equivalent to 13 million sq. ft.), sweeping north from Victoria Station and taking in the neighbourhoods of New Cross, the Lower Irk Valley and Collyhurst. This is in addition to the Angel Meadow scheme to which FEC has already shown its solid commitment by developing plans to build 754 new homes around the historic Angel Meadow Park, which is at the periphery of the Northern Gateway development.
FEC will be making a big statement with the Northern Gateway development which will provide the Group with a significant and long-term pipeline within the UK and signalling the fact that FEC is accelerating its expansion into the UK market.
Mr. Chris Hoong, Managing Director of FEC, said: "The Northern Gateway is an exciting project for FEC and it is indeed a great honour to share our expertise, experience and determination with the Manchester City Council. Our Manchester team on the ground will work with local advisors and contractors to deliver a fully supported Northern Gateway to help bring about a new international experience to this marvellous city. Most importantly, FEC will continue a strategy of regional expansion in various focused business segments in order to generate solid returns for the long-term benefit of our investors."
Mr. David Chiu, Chairman of FEC, added: "Manchester is the third-most visited city in the UK and is famed for its architecture, culture, musical exports and media links along with an impressive heritage of scientific and engineering innovations. I myself have been in the city many times and am of the belief this project is a top priority for FEC in the UK. Manchester City Council market data shows the demand for new homes in the Manchester city centre will continue to exceed supply. Manchester is a place where people from all walks of life want to stay and where families thrive. That is why for us this project is not only exciting but also presents unique challenges that will require a leading developer with a strong balance sheet as well as solid experience in land assembly, planning and development. We at FEC believe we have all the right credentials to successfully carry out the assignment."
About Far East Consortium International Limited
Far East Consortium International Limited was listed on the Hong Kong Stock Exchange in 1972 (SEHK: 35). The Group is mainly engaged in property development and investment, hotel operation and management, as well as car park and facilities management. The Group adopts diversified regional strategy and the "Chinese Wallet" strategy with business operations covering Hong Kong, Mainland China, Australia, Malaysia, Singapore, the United Kingdom and New Zealand.
FEC official website:
For further information, please contact:
Far East Consortium International Limited
Ms. Venus Zhao, Head of Investor Relations and Corporate Finance
Contact Number: (852)2850 0639
Wonderful Sky Financial Group
Mr. Paul Sham / Ms. Ellie Chen / Ms. Jacqueline Wong
Contact Number: (852) 3970 2170 / (852) 3970 2215 / (852) 3970 2177
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SOURCE Far East Consortium International Limited