No slow down in land supply: Govt

September 29, 2022

Voiceover:

The Government announced the October to December Land Sale Programme as it seeks to boost the supply of land and housing.

Three residential sites will be put out to tender, including one in Kai Tak, one in Stanley and one in Kennedy Town, providing around 2,500 flats.

Additionally, the Mass Transit Railway Corporation will roll out Package 1 of its Oyster Bay Property Development project in the coming quarter, providing around 1,400 flats.

The Urban Renewal Authority plans to put up for tender the Queen’s Road West/ In Ku Lane project in Sai Ying Pun, which will provide about 200 flats.

Taking all sources together, the total private housing supply in the third quarter would be around 5,900 flats.

For commercial land, the Government plans to put up for sale another site on Anderson Road, Kwun Tong that will yield about 10,250 sq m of gross floor area. It is expected to be used for retail and dining.

The Urban Renewal Authority also plans to tender its Kwun Tong Town Centre project, providing around 200,000 sq m of gross floor area.

Secretary for Development Bernadette Linn:

The global economic outlook is indeed full of challenges. Hong Kong is no exception and the atmosphere of the local property market is relatively weak at the moment.

Some may worry that the Government will slow down our efforts in supplying land. I would like to stress that the Government is keenly aware of the public expectation for us to increase as well as expedite land and housing supply. 

We will continue to adopt a multipronged approach to increase land supply and sustain our efforts in providing land to support Hong Kong’s development.

(To watch the full media session with sign language interpretation, click here.)

Secretary for Development Bernadette Linn said the Government will not slow down its efforts in supplying land and announced plans to sell three residential sites by tender in the October-December quarter.

Unveiling the Land Sale Programme for the third quarter of this financial year, Ms Linn revealed that the three sites, in Kai Tak, Stanley and Kennedy Town, are estimated to provide about 2,500 units of flats in total.

Furthermore, while the Mass Transit Railway Corporation will put up package 1 of its Oyster Bay development project, providing about 1,400 flats, the Urban Renewal Authority (URA) plans to tender its project on Queen's Road West/In Ku Lane in Sai Ying Pun, which can yield about 200 flats.

Additionally, lease modifications of two private development projects are expected to be completed within the quarter, offering around 1,800 flats.

Taking all sources into account, the total private housing supply in the third quarter will involve about 5,900 units.

Together with a supply of around 6,000 units in the first half of this year, the total private housing land supply for the first three quarters of this financial year is expected to support building about 11,900 flats, exceeding 90% of the annual target of private housing supply.

For commercial land, the Government plans to put up for sale a site on Anderson Road in Kwun Tong, with an estimated gross floor area of about 10,250 sq m.

The site is expected to be used for commercial facilities such as retail and dining, thereby serving the needs of residents in the area.

The URA also plans to tender its commercial project in Kwun Tong Town Centre, providing around 200,000 sq m of gross floor area.

Ms Linn stressed that the Government will not abate its efforts in supplying land just because of the current economic situation.

“The global economic outlook is indeed full of challenges. Hong Kong is no exception and the atmosphere of the local property market is relatively weak at the moment.

“Some may worry that the Government will slow down our efforts in supplying land. I would like to stress that the Government is keenly aware of the public expectation for us to increase as well as expedite land and housing supply.”

The Government will continue to adopt a multipronged approach to increase land supply and sustain its efforts in providing land to support Hong Kong's development, she added.