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Opening remarks by SDEV on land sale programme for July to September 2017

Following is the transcript of the opening remarks by the Secretary for Development, Mr Eric Ma, at a media session on the land sale programme for July to September 2017 today (June 23):

Today, I would like to announce the quarterly land sale programme for July to September 2017.

Private Housing Land Supply for July to September 2017

The private housing land supply in the second quarter of 2017-18 from government land sales and private development/redevelopment projects is estimated to have a capacity to produce about 6,730 flats in total. The breakdown is as follows:

(a) The Government will sell by tender three residential sites, which have a total capacity to produce about 1,350 flats. These three sites are located in Lantau Island, Tai Po and Cheung Sha Wan; and

(b) Private development/redevelopment projects are estimated to provide about 5,380 flats in the same quarter.

Private Housing Land Supply in the First Half of 2017-18

When formulating the land sale programme for the second quarter of 2017-18, we have made reference to the supply situation from various sources of housing land in the first two quarters of this financial year.

In the first quarter of 2017-18, the private housing land supply from various sources is estimated to have a capacity to provide about 9,330 flats in total.

The flat production capacity of the three residential sites to be put up for sale in the second quarter is slightly less than that of 1,790 flats in the first quarter. Overall speaking, the private housing land supply in the first half of 2017-18 has a capacity to provide around 16,100 flats, representing about 89 per cent of the 2017-18 supply target of 18,000 flats.

Commercial/Hotel Sites

On commercial/hotel sites, in the second quarter of 2017-18, a hotel site in Cheung Sha Wan, capable of providing about 550 rooms, will also be tendered. This hotel site is situated next to the residential site in Cheung Sha Wan planned for sale in the same quarter. Putting up these two sites for sale in the same quarter can create synergy for the future development of the area concerned.

In addition, in the coming quarter, the URA (Urban Renewal Authority) plans to invite tender for its project at Site C of Peel Street/Graham Street, Central, for retail/hotel/office development, providing about 40,275 square metres of commercial gross floor area.

Addition of Sites for Sale during the Second Quarter of 2017-18

As with previous quarters, subject to market conditions as well as the progress of rezoning and other work, the Government may put up additional sites for sale within the second quarter of 2017-18.

Private Housing Land Supply Situation in 2016-17 and During the Current-term Government

I would like to take this opportunity to update the outturn of the annual private housing land supply situation in 2016-17 and during the current term of the Government.

When the 2017-18 Land Sale Programme was announced in end-February 2017, we estimated that the private housing land supply from various sources in 2016-17 was capable of providing about 19,780 flats. After adjustment by including some 360 flats from private development/redevelopment projects up to end-March 2017, the aggregate private housing land supply in 2016-17 had an estimated capacity to produce about 20,140 flats, exceeding the land supply target of 18,000 (flats) set for that year by about 12 per cent.

From 2012-13 to 2016-17, the aggregate private housing land supply target was 95,800 flats. The residential sites sold by the Government in this five-year period had a capacity to produce about 51,000 flats. Together with other supply sources, including railway property development projects, projects of the URA and private development/redevelopment projects, the aggregate private housing land supply in these five years was estimated to have a capacity to provide about 95,860 flats, meeting the target set by the Government.

Concluding Remarks

The Government will closely monitor the market situation and spare no efforts in identifying other sites suitable for development. It is our objective to ensure steady, sustained land supply to meet the market and the community's land demand for private housing and other uses.

Thank you.

Ends/Friday, June 23, 2017
Issued at HKT 18:55

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