Gov’t to raise 10-year housing supply target

Gov’t to raise 10-year housing supply target

Secretary for Transport & Housing Prof Anthony Cheung announced today that the Government is raising the 10-year housing supply target by 10,000 units to 480,000 starting from the next fiscal year.

During a press conference this afternoon to unveil the new long term housing strategy, Prof Cheung said three major strategies have been set out: to build more public rental housing units and more subsidised sale flats; and to stabilise the residential property market through steady land supply and appropriate demand-management measures.

He added that all additional 10,000 units will be subsidised flats to help young families get on the property ladder.

For the coming decade, the new housing supply target will comprise 200,000 public rental housing units; 90,000 subsidised sale flats; and 190,000 private housing units, with the public-private split of 60:40 remaining unchanged.

The Government has secured the necessary land sites for building up to 254,000 public housing units. In the coming three to four years, it expects market supply of about 74,000 first-hand private housing units.

Prof Cheung said that apart from building flats under the Home Ownership Scheme, the Government will consider how to expand the forms of subsidised home ownership and leverage the private sector’s capacity to increase the supply of subsidised sale flats.

To achieve the 10-year housing supply target, he said the administration will also continue introducing land supply through a multi-pronged strategy, involving land-use review and re-zoning, increasing development intensity and reclamation on an appropriate scale.

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