Government announces quarterly land sale programme for July to September 2023
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The Secretary for Development, Ms Bernadette Linn, said in the second quarter of 2023-24, the Government will sell by tender two residential sites respectively in Kai Tak and Tung Chung, producing a total supply of about 1 740 flats. For the Kai Tak site, the Government’s land sale condition will require the developer to construct around 175 meters of the underground shopping street, which is around 11 per cent of the total Kai Tak underground shopping street. The developer will also be required to construct social welfare facilities of around 8 100 sq m, including neighbourhood elderly centre, hostel and day activity centre for the mentally handicapped. This shows the Government's determination in recent years to expedite provision of social welfare facilities for the community through suitable land sale sites.
On private development and redevelopment projects, 11 projects are expected to have their lease modification processes completed in the second quarter, capable of producing about 2 310 units.
"Taking the above two sources into account, the total private housing land supply in the second quarter would support the development of around 4 050 units. Together with the supply from the first quarter, the total supply of the first half of this financial year is expected to support some 8 280 units, reaching around 65 per cent of our annual target of private housing supply (12 900 units). In addition, the Urban Renewal Authority has completed its land exchange for its Wong Tai Sin Nga Tsin Wai Village project, expecting to provide around 750 flats. This project has also been counted in the land supply I have just announced for the first half of the year." Ms Linn said.
As for the total private housing land supply in 2022-23, taking into account the private development and redevelopment projects not requiring lease modification in the fourth quarter, the supply in 2022-23 remains around 16 050 units, exceeding target supply by about 25 per cent.
She continued, "We will continue to adopt a multi-pronged approach to increase land supply and sustain our efforts in providing a continuous and steady land supply to the market for development."
The list of the sites to be tendered in July to September 2023 is in the Annex. The actual tender timetable will be drawn up taking into account the progress of necessary preparatory work. The Lands Department will announce the detailed land sale arrangements before individual sites are put up for tender.
Ends/Thursday, June 29, 2023
Issued at HKT 20:00
Issued at HKT 20:00
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