Cost of Water World project at Hong Kong's Ocean Park soars by 26pc to HK$2.9 billion
Theme park secures extra funding to cover 26pc overrun on all-weather hillside attraction as drop in tourist numbers continues to bite
The cost of Ocean Park's new water park has soared by 26 per cent to almost HK$3 billion - the latest setback for the theme park amid a sharp downturn in Hong Kong tourism.
Ocean Park bosses said yesterday a funding arrangement had been made to cover the HK$650 million overrun on the all-weather Water World project without seeking further funds from the government.
It was announced this month the project's scheduled completion date had been put back from 2017 until the second half of 2018. It will now cost HK$2.9 billion.
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Ocean Park said the need for extra funding was due to change of design and escalating costs for building materials and labour.
The design has involved more greening elements and incorporation of a structure built along the theme park's hillside.
In the latest Legislative Council document submitted by the Commerce and Economic Development Bureau, the park remains obliged to repay HK$2.29 billion in government loans by 2021. The latest arrangement has also been approved by the government's financial consultant.
The project is expected to create 2,900 jobs and add HK$842 million to the city's economy.