The mega offshore reclamation project to create a 1,700-hectare artificial island proposed by the Chief Executive Carrie Lam as the "Lantau Tomorrow Vision,'' has a price tag of HK$624 billion, the government disclosed today.

This was the first time the cost to the public purse has been revealed about the islands planned near Kau Yi Chau.

The tab was announced by the Secretary for Development Michael Wong Wai-lun in a briefing.

The development of Kau Yi Chau artificial islands is estimated to cost HK$256 billion, including HK$140 billion for reclamation and HK$116 billion for infrastructure.

The Sunny Bay reclamation, Lung Kwu Tan reclamation and Tuen Mun coastal area development will cost HK$95 billion.

The government had noted last year that apart from the revenue from residential and commercial land sale, developing the artificial islands will create substantial social and economic benefits, mainly from the 105,000 to 182,000 public residential units, 200,000 diversified, high-end and high value-added job opportunities. In addition, there will be business opportunities from the third core business district with a scale equivalent to 80 percent of Central, a liveable city with holistic planning, comprehensive social facilities, and land development potential to be released by a broadened transport infrastructure network.

The target is to launch the first stage reclamation in 2025, with the first batch of residential units ready by 2032.