Hong Kong Land sale plan unveiled

Hong Kong Land sale plan unveiled

Secretary for Development Paul Chan announced the Government’s 2015-16 Land Sale Programme today, comprising 29 residential sites capable of providing 16,000 flats.

Four commercial/business sites and one hotel site, which can provide 180,000 square metres of commercial space and 500 rooms, are also included.

He estimated the total private housing land supply in the coming financial year will produce 28,000 flats, which include supply from Government land sales, railway property developments, Urban Renewal Authority projects and private developments.

In the first quarter of the year the Government will tender five residential sites – three in Tuen Mun and two in Yuen Long and Cheung Chau – capable of providing 3,100 flats. They, together with other private housing land sources, will supply 6,200 flats, he said.

The Government will not impose restrictions on the number of units to be produced for the sites to be sold in the first quarter, to allow flexibility for developers to react to market needs.

He also gave an overview of the private land supply situation in 2014-15, saying the Government will have put up for sale 20 residential sites, with a capacity to produce 6,300 flats in total, by the end of the current financial year.

The aggregate private housing land supply from all private land supply sources is estimated to produce over 20,300 flats, exceeding the annual target of 18,800 flats set for 2014-15, a record high since the private housing land supply target was introduced in 2010, he added.

 

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