Housing target stays at 460K

Housing target stays at 460K

Secretary for Transport & Housing Prof Anthony Cheung says the Government’s 10-year housing supply target will stay at 460,000 units.

Speaking to the media today, Prof Cheung said the public-private split of 60:40 remains unchanged and the housing supply target will comprise 200,000 public rental housing units, 80,000 subsidised-sale flats, and 180,000 private housing units.

He said that because of land shortage, housing supply is still tight and the Government’s housing demand assessment is based on the needs of different groups including young people who want to live independently.

To achieve the housing supply target, he said the Government will continue its multi-pronged strategy, boosting land supply through land-use review and rezoning, increasing development intensity and reclamation.

On the new stamp duty, he said the market has stabilised following its introduction.

“There are still transactions, but not as heated as before.”

He added it is still too early to make any firm assessment.

“We are watching the market very closely in terms of the number of transactions and the price level following the introduction of the new 15% stamp duty measure.”

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