The Government has decided to adopt a total of 470 000 new residential units as the new land supply target in the coming 10 years, with a 60/40 split between public and private housing.
The second initiative is to increase the maximum domestic plot ratios allowed in different density zones as appropriate, with a view to increasing the floor space that can be provided on individual sites, as far as permissible in planning terms.
The third initiative is to partially uplift the administrative moratorium on development in Pok Fu Lam to release six government sites for public housing development, including the redevelopment of Wah Fu Estate, which are estimated to provide an additional 11 900 public housing units, alongside active consideration of constructing the South Island Line (West) to address the transport needs arising from the new public housing developments.
The fourth initiative is to take forward a pilot scheme for arbitration on land premium to facilitate and speed up agreement between the Government and private land owners on premium charged for lease modification and land exchange transactions through arbitration.
The fifth initiative is to take forward the planning and engineering study for a new town in East Lantau, and carry out a strategic feasibility study for the artificial island in the central waters between Hong Kong Island and Lantau Island.
Another initiative is to carry out a detailed study on potential underground space development in four pilot strategic urban districts, namely Causeway Bay, Happy Valley, Admiralty/Wan Chai and Tsim Sha Tsui West. The aim is to formulate a master plan for underground space development for each district and carry out broad technical assessment for priority projects identified in the commercial areas and adjacent open spaces in these districts.
Finally, we are going to study the feasibility of topside development on the Hong Kong Boundary Crossing Facilities Island of the Hong Kong-Zhuhai-Macao Bridge for developing a bridgehead economy and creating business and job opportunities.
Ends/Friday, January 17, 2014
Issued at HKT 20:13