Government announces quarterly land sale programme for January to March 2018

The Government announced today (December 18) the quarterly land sale programme for the fourth quarter of 2017-18, i.e. January to March 2018.

"In the fourth quarter of 2017-18, the Government will sell by tender two residential sites, one each in Kai Tak and Tsing Yi. The private housing land supply in the fourth quarter of 2017-18 from government land sales is estimated to have a capacity to produce about 1,600 flats in total," the Secretary for Development, Mr Michael Wong, said.

"Taking into account the two residential sites to be put up for sale in the next quarter, a total of 11 sites have been sold or will be put up for sale in 2017-18, capable of providing about 5,800 flats in total," he said.

The 2017-18 Land Sale Programme announced in February 2017 comprises 28 residential sites with potential for sale, capable of providing about 18,910 flats. Among the remaining 17 sites with potential for sale, the rezoning procedures for 10 sites are in progress and expected to be completed in 2018-19. As a practice, the sites which have not yet been put up for sale will, where appropriate, be rolled over to the land sale programme for the following financial year. Details will be provided in the announcement of the land sale programme for the next financial year.

For railway property development projects, the MTR Corporation Limited successfully tendered Package 1 of West Rail Kam Sheung Road Station and Package 2 of Wong Chuk Hang Station projects in May and December 2017 respectively. These two railway property development projects have a capacity to provide about 2,600 flats in total.

On another front, the Urban Renewal Authority awarded the tender for the project on Fuk Chak Street/Li Tak Street in Tai Kok Tsui in June 2017 and will soon award the tender for the project on Reclamation Street/Shantung Street in Mong Kok. These two projects are capable of providing about 280 flats.

Mr Wong noted that the strong supply from private development and redevelopment projects was a major contributor to the high flat production capacity this year. As at November 2017, private development and redevelopment projects are estimated to provide a total of about 15,600 flats, which is much higher than the annual average of about 4,200 flats in the past 10 years.

"Combining all the above, the private housing land supply in 2017-18 has a total capacity of providing about 24,300 flats, exceeding the 2017-18 private housing land supply target of 18,000 flats by about 6,300 flats," he said.

"With no guarantee that the momentum for private projects will be maintained in the coming years, the Government will continue to do its utmost using a multi-pronged approach to sustain a steady supply of land to meet the housing needs of the community," Mr Wong said.

On land supply for economic uses for 2017-18, one business site and one hotel site in Cheung Sha Wan were sold, providing about 34,500 square metres of gross floor area and 550 rooms respectively. In addition, an industrial site in Tsuen Wan, capable of providing about 18,700 square metres of gross floor area, was added to the 2017-18 Land Sale Programme and put up for sale in the third quarter of 2017-18.

In line with past practice, the Government will, subject to market conditions as well as other practical considerations such as the progress of required preparatory work, retain the flexibility to make adjustments in the course of the year after the announcement of the annual land sale programme.

"The Government will continue to spare no effort in identifying additional suitable sites for development and closely monitor the market situation.  The objective is to provide a steady and sustained land supply to cater for the community's demand for private housing and space for economic uses," Mr Wong said.

The list of the sites to be tendered in January to March 2018 is attached.  The actual tender timetable will be drawn up taking into account the progress of necessary preparatory work. The Lands Department will separately announce the detailed land sale arrangements before individual sites are tendered.

Ends/Monday, December 18, 2017
Issued at HKT 20:37