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Annual land sale plan announced

February 23, 2017

Secretary for Development Eric Ma today 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.

 

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.

 

Mr Ma also gave an overview of the private housing land supply situation in 2016-17.

 

By the end of this financial year, it is estimated 21 residential sites, with a capacity to produce 14,500 flats, will be sold.

 

It represents a record high in terms of flat production capacity since the Government-initiated sale mechanism was introduced in 2010-11, he said.

 

The aggregate private housing land supply from the sale of government sites, railway property development projects, URA projects and private redevelopment or development projects is estimated to have a capacity to produce about 19,800 flats, exceeding the annual target of 18,000 flats set for 2016-17 by about 10%.

 

Mr Ma said the Government is firmly committed to increasing land supply through a multi-pronged approach.

 

The Government will follow the established practice of announcing the quarterly land sale programme in advance to provide transparency and certainty to the market.

 

"We may also put up additional sites for sale in the course of a quarter depending on the situation, so as to flexibly respond to changing market conditions."



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The 2017-18 Budget