Hong Kong unveils 2017-18 Land Sale Programme

Hong Kong unveils 2017-18 Land Sale Programme

Secretary for Development Eric Ma unveiled the 2017-18 Land Sale Programme, comprising 28 residential sites capable of providing nearly 19,000 flats.

It includes three commercial/business sites and one hotel site which can provide 172,000 square metres of floor area and 550 rooms, according to the government information agency.

Out of the 28 residential sites, 20 are new ones with a total capacity of 13,800 flats. The rest are rolled over from the 2016-17 Land Sale Programme and can provide 5,100 flats.

Mr Ma said the Government announced in December the housing supply target of 460,000 units for the coming 10 years, of which 40% is private housing, hence the 2017-18 target for private housing land supply is 18,000 flats.

Railway property development projects will provide 8,000 flats in the coming year. Taking into consideration land supply from Urban Renewal Authority projects and private redevelopment or development, the total potential private housing land supply capacity in the coming financial year is estimated to be 31,600 flats.

In the April to June quarter this year the Government will tender three residential sites in Sha Tin, Kai Tak and Tuen Mun, having a total capacity of 1,800 flats.

In the same period, the West Rail Kam Sheung Road Station Package 1 project, with a capacity of 1,650 flats, will be tendered while the URA also plans to invite tenders for the joint development of the project at Fuk Chak Street/Li Tak Street in Tai Kok Tsui, which is capable of providing 96 flats.

Private redevelopment and development projects in the quarter will provide over 4,500 flats. Apart from residential sites, the Government will put up for sale in the first quarter of 2017-18 one business site in Cheung Sha Wan to meet keen market demand.

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