Land Supply to reach record high

Land Supply to reach record high

Four residential sites involving about 1,500 flats will be tendered in the first quarter of next year, bringing private housing land supply for 2014-15 to record high of nearly 21,000, the Development Bureau announced today. The sites are in Pak Shek Kok, Sai Kung, Ma On Shan and Sheung Shui. All are without limitations on the number of flats produced. Secretary for Development Paul Chan said the sites are relatively small in scale and developers nowadays tend to build more small and medium size flats to meet market demand, so there is no need for limitations.

Together with the MTR Corporation project at LOHAS Park and the Urban Renewal Authority’s Fuk Wing Street project, the sale will boost private housing land supply in the fourth quarter of 2014-15 to 2,800 flats. It is expected to bring the aggregate private housing land supply for 2014-15 to about 20,700 residential units, about 10% above the average annual target and a record high since the Government introduced the private housing land supply target in 2010. Mr Chan said the bureau will adjust its strategy by increasing supply from government land sales, and so expects less supply from railway property development projects and Urban Renewal Authority projects in the next financial year. In the next quarter, only one commercia

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