The Secretary for Development, Mr Eric Ma, announced today (February 23) the Government's 2017-18 Land Sale Programme.
The 2017-18 Land Sale Programme comprises 28 residential sites capable of providing about 18,900 flats and three commercial/business sites and one hotel site which can provide about 172,000 square metres of floor area and about 550 rooms respectively.
"In the 2017-18 Land Sale Programme, eight of the 28 residential sites are rolled over from the 2016-17 Land Sale Programme, capable of providing about 5,100 flats in total; the remaining 20 sites are new ones with a total capacity to provide about 13,800 flats. This demonstrates that the Government's continued efforts to identify land for private housing development are bearing fruit," Mr Ma said.
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 that a total of 21 residential sites will be sold. These 21 sites have a total capacity to produce about 14,500 flats, representing a record high in terms of flat production capacity since the Government-initiated sale mechanism was introduced in 2010-11. The aggregate private housing land supply from the sale of government sites, railway property development projects, projects of the Urban Renewal Authority (URA), 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 per cent. The Government has met the annual target of private housing land supply for three consecutive years.
Pursuant to the announcement by the Government in December 2016, the housing supply target for the coming 10 years is 460,000 units, of which 40 per cent is private housing. Correspondingly, the 2017-18 target for private housing land supply from various sources is 18,000 flats.
In the next financial year, railway property development projects will continue to contribute to private housing land supply. Package 1 of the West Rail property development project at Kam Sheung Road Station and the property development projects owned by the MTR Corporation Limited (MTRCL) at LOHAS Park, Ho Man Tin Station, Wong Chuk Hang Station and Yau Tong Ventilation Building are estimated to provide a total of some 8,030 flats. Taking into consideration the land supply from projects of the URA and private redevelopment or development, the total potential private housing land supply in the next financial year is estimated to have a capacity to produce about 31,600 flats.
Mr Ma further explained that the realisation of this forecast of potential housing land supply will depend on factors including the readiness for sale of government sites upon timely completion of relevant procedures/proceedings, the implementation progress of railway property development projects and projects of the URA, and developers' initiative to conclude lease modifications and pursue redevelopment.
For the first quarter of 2017-18, i.e. April to June 2017, the Government will tender three residential sites in Sha Tin, Kai Tak and Tuen Mun, having a total capacity to produce about 1,790 flats.
In the same quarter, the MTRCL, being the implementation agent of the West Rail property development projects, plans to tender Package 1 of the property development project at Kam Sheung Road Station; the URA plans to invite tenders for joint venture development of the project at Fuk Chak Street/Li Tak Street, Tai Kok Tsui. These two projects are capable of providing about 1,650 and 96 flats respectively. Private redevelopment/development projects in that quarter are expected to provide over 4,500 flats.
The private housing land supply from the above sources in the first quarter of 2017-18 is estimated to have a capacity to produce over 8,000 flats in total.
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, so as to meet the market's keen demand for such land.
Mr Ma said that the Government is firmly committed to increasing land supply through a multi-pronged approach.
"The Government will follow the established practice in 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," he said.
The 2017-18 Land Sale Programme can be found on the Lands Department's website (http://www.landsd.gov.hk/).
Ends/Thursday, February 23, 2017
Issued at HKT 17:53