The government says it aims to propose a historic building grading for the Bishop Hill underground reservoir within the first quarter of this year, and its antiquities advisers would be able to pass an official grading after a month-long public consultation exercise.
The planned demolition of the pre-war structure in Sham Shui Po was suspended last month after a public outcry.
Development Secretary Michael Wong said on Wednesday that an independent task force under the Antiquities and Monuments Office is studying the reservoir's heritage value, and it will try to complete a report and propose the grading in the coming months.
Once the report is passed to the Antiquities Advisory Board, the public would be consulted over a period of a month, and the government advisers would confirm a grading afterwards.
Wong has previously stated that he believes the structure should be conserved.
In a written reply to the Legislative Council, he said officials will study proposals to conserve and "revitalise" the site after the completion of temporary reinforcement works.
They will also study the feasibility of allowing people to visit the reservoir on a limited basis, provided that it's safe to do so.
The minister stressed that the government understands the public's concern over the matter. He said his bureau has formed a task force to review how the issue was handled, and it will propose improvement measures.