Hong Kong pledged to accelerate the development of a technology hub near mainland China, building on previous measures to create momentum for the ambitious multibillion-dollar project. Chief Executive John Lee said the city will adopt a smart city concept in the planning of transport, housing and public facilities in Northern Metropolis, during a speech on Wednesday as he unveiled Hong Kong’s first five-year development plan, a blueprint covering the economy and social policy. The land supply for “Spade-ready sites” in the mega development will reach 900 hectares by 2030, a cumulative increase of 750%, according to an official document.

The area is expected to provide 70,000 homes over the next five years, thus becoming a major source of supply in one of the world’s most expensive housing markets. Lee said the government will also aim to improve the housing quality for both public and private sectors in the new projects there. First proposed in 2021, the Northern Metropolis development spans about one-third of Hong Kong’s territory and covers a long-overlooked region bordering Shenzhen.

Authorities hope to transform the rural frontier of fish ponds, farmland and villages into a tech area filled with cutting-edge labs and startups for 2.5 million people. The project is also intended to deepen Hong Kong’s physical and economic links with mainland China. A multi-purpose project with residential and industrial land plots was awarded to a consortium formed by local developer Sino Land Co., China’s state-owned builders and Chinese online retailer JD.com last month.

However, the first batch of residential sales in Northern Metropolis have got off to a middling start due to high prices, illustrating the hurdles to turning the area into a new economic engine. In February, local officials said they would pull HK$150 billion ($19.1 billion) from the city’s currency defense.