Four hotel sites available for triggering

The Lands Department announced today (August 22) that 4 of the 10 "hotel use only" sites in the 2008-09 Application List are now available for triggering.

The four sites are:

(a) Junction of Sheung Yuet Road, Wang Tai Road and Wang Yuen Street, Kowloon Bay;

(b) Junction of Kai Cheung Road and Wang Kwong Road, Kowloon Bay;

(c) Junction of Wai Yip Street, Shun Yip Street and Hoi Bun Road, Kwun Tong; and

(d) Area 108A, Tin Shui Wai.

The relevant Conditions of Sale have been uploaded to the website of Lands Department (www.landsd.gov.hk).

The introduction of "hotel use only" sale sites on a pilot basis is a policy initiative announced by the Financial Secretary in his 2008-09 Budget with a view to facilitating and encouraging hotel developments to support Hong Kong's tourism industry. A total of 10 "hotel use only" sites are included in the 2008-09 Application List for the first time.

A spokesman for the Lands Department said that appropriate requirements are specified in the Conditions of Sale to ensure that the sites will be put to the intended hotel use.

"These conditions represent a pragmatic balance between, on the one hand, facilitating hotel developments that will keep pace with the changing needs of travellers and market trends and providing adequate flexibility for the trade to plan the type of hotel in accordance with market demand/trend, and on the other, preventing abuse and ensuring that the valuable land resources are put to their intended use.

"We will press ahead with the necessary planning work to enable the early release of the remaining 'hotel use only' sites into the market," the spokesman said.

The Application List is market driven. It enables the market to determine the quantity and timing of land to be put up for sale. A site will be triggered for auction when the price offered by the applicant reaches or exceeds 80% of the open market value of the site assessed at the time of triggering. The site will be sold at auction to the highest bidder, provided that the highest bidding price reaches or exceeds 100% of the reserve price assessed on the day of auction.

Ends/Friday, August 22, 2008
Issued at HKT 10:56

 


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