Following are the opening remarks by the Secretary for Development, Ms Bernadette Linn, at a media session today (September 29) on the quarterly land sale programme for October to December 2022:
Today I will introduce the Government's Land Sale Programme in the third quarter of this financial year, which is October to December.
Before I do so, let me first provide an update on the private housing land supply in the first half of this financial year. The various sources of private housing land supply for the first and second quarters taken together would support the supply of some 6 000 flats, which is around 47 per cent of the annual supply target (12 900 flats).
Looking ahead, in the third quarter of this financial year, three residential sites will be put up for tender. These sites are located respectively in Kai Tak (about 1 750 flats), Stanley (about 650 flats) and Kennedy Town (about 100 flats). Together, they would provide around 2 500 flats.
The MTR Corporation Limited (MTRCL) and the Urban Renewal Authority (URA) are also rolling out projects in the coming quarter. The MTRCL will put up Package 1 of the Siu Ho Wan Depot Development, now named as Oyster Bay Property Development, in the coming quarter, providing around 1 400 flats. The Urban Renewal Authority also plans to tender its project in Sai Ying Pun, providing around 200 flats.
In addition, two private development projects are expected to complete their lease modifications in the third quarter, providing a supply of about 1 800 flats.
Taking all the above sources together, the total private housing land supply in the third quarter will therefore support the development of around 5 900 flats.
Together with the supply from the first half of the year, the total private housing land supply of the first three quarters is expected to support some 11 900 flats, exceeding 90 per cent of our annual target for private housing supply. Of course, the total supply so far has not completely reflected private development projects not requiring lease modifications as such figures are only available at a later stage.
Now on commercial land, we have successfully sold a site on Anderson Road, Kwun Tong, in August. In the third quarter, we plan to put up for tender another commercial site nearby, capable of providing around 10 250 square metres of gross floor area (GFA). This site is located at the centre of the Anderson Road Quarry Housing Development and is expected to be used for commercial facilities such as retail and dining, serving the needs of residents in the area.
On top of that, the URA plans to tender its commercial project in Kwun Tong Town Centre, providing around 200 000 square metres of GFA.
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 its 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 also know too well that land resources remain an important capital for the future development of our society. We cannot afford to slow down our efforts in supplying land just because of the economic situation before us. We will continue to adopt a multi-pronged approach to increase land supply and sustain our efforts in providing land to support Hong Kong's development.
Ends/Thursday, September 29, 2022
Issued at HKT 18:37
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