Hong Kong-based developer Far East Consortium (FEC) has been selected as lead developer on Manchester's £1 bn (€1.2 bn) Northern Gateway project, which aims to build 10,000 new homes in the UK's northwest.
The project will regenerate major inner-city areas, including Manchester's Victoria station, New Cross and Collyhurst districts, creating around 10,000 new dwellings over the next decade.
'The Northern Gateway area has the potential to be a new type of neighbourhood unlike any other in the city and we are very impressed with the understanding and shared vision that FEC brings to the partnership,' commented Manchester City Council leader Sir Richard Leese.
In joint venture with the Homes & Communities Agency (HCA), Manchester City Council established the entiity Manchester Place, which launched a competition to find a development partner last year.
'Manchester is a place where people from all walks of life want to stay and where families thrive,' said FEC chairman, David Chiu. 'We at FEC believe we have all the right credentials to successfully deliver this prominent development.'
The Hong Kong developer is already investing in Manchester's £200 mln (€237 mln) Angel Meadow scheme (pictured), which will provide 700 homes. This project, which was unveiled at Mipim earlier this year, forms part of the city's NOMA mixed-use redevelopment and will extend the city centre northwards with a mix of commercial and residential space.
