Hong Kong Real Estate Report

Twenty eight residential sites with the potential to provide 18,900 flats will be released under the 2017-18 land sale program, the Government announced today.

Included in the sale program are three commercial or business sites which can provide about 172,000 square meters of space and a hotel site which can provide about 550 rooms.

“Eight of the 28 residential sites are rolled over from the 2016-17 land sale program, capable of providing about 5,100 flats. The remaining 20 sites are new ones with a total capacity to provide about 13,800 flats. This demonstrates that the Government’s continued efforts to identify land for private housing development are bearing fruit,” the Secretary for Development, Eric Ma Siu-cheung, said.

In the first quarter from April to June 2017, three residential sites in Sha Tin, Kai Tak and Tuen Mun, with a capacity to produce about 1,790 flats, will be put to tender.

One business site in Cheung Sha Wan will also be put to tender in the April to June quarter.

Referring to private housing land supply in 2016-17, Ma said, that by the end of this financial year, it is estimated that 21 residential sites will be sold.

These 21 sites could produce about 14,500 flats, representing a record high in terms of flat production capacity since the Government-initiated sale mechanism was introduced in 2010-11.

The aggregate private housing land supply from the sale of government sites, railway property development projects, projects of the Urban Renewal Authority, and private redevelopment or development projects is estimated to have a capacity to produce about 19,800 flats, exceeding the annual target of 18,000 flats set for 2016-17 by about 10 per cent.

The Government has met the annual target of private housing land supply for three consecutive years, Ma said.

Over the next decade, the housing supply target is 460,000 units, of which 40 per cent is private housing. The 2017-18 target for private housing land supply from various sources is 18,000 flats.

Railway property development projects will continue to contribute to private housing land supply in the next financial year, the Secretary for Development, Eric Ma Siu-cheung, said today.

Package one of the West Rail property development project at Kam Sheung Road Station and the property development projects owned by the MTR Corporation Limited at LOHAS Park, Ho Man Tin Station, Wong Chuk Hang Station and Yau Tong ventilation building are estimated to provide some 8,030 flats.

Taking into consideration the land supply from projects of the URA and private redevelopment or development, the total potential private housing land supply in the next financial year is estimated to have a capacity to produce about 31,600 flats.

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