The Secretary for Development, Mr Michael Wong, today (March 1) announced the Government's 2018-19 Land Sale Programme.
"The 2018-19 Land Sale Programme comprises 27 residential sites capable of providing about 15,200 flats, and four commercial/hotel sites which can provide about 531,300 square metres of gross floor area, including area for arts and performance related use and about 1,770 hotel rooms," Mr Wong said.
Among the 27 residential sites included in the 2018-19 Land Sale Programme, 15 are rolled over from the 2017-18 Land Sale Programme, capable of providing about 11,600 flats in total, and the remaining 12 sites have a capacity to provide about 3,600 flats.
Mr Wong also gave an overview of the private housing land supply situation in 2017-18. By the end of this financial year, it is estimated that a total of 11 residential sites will have been sold or put up for sale. These 11 sites have a total capacity to produce about 5,800 flats.
"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 development or redevelopment projects is estimated to have a capacity to produce about 25,500 flats," he said.
Pursuant to the announcement by the Government in December 2017, the housing supply target for the coming 10 years is 460,000 units, of which 40 per cent is private housing. Correspondingly, the 2018-19 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. The property development projects owned by the MTR Corporation Limited (MTRCL) at Yau Tong Ventilation Building, Wong Chuk Hang Station, Ho Man Tin Station and LOHAS Park are estimated to provide a total of some 4,250 flats. Taking into consideration the land supply from projects of the URA and private development or redevelopment, the total potential private housing land supply in the next financial year is estimated to have a capacity to produce about 25,500 flats.
Mr Wong noted that the actual supply of private housing land will depend on a number of 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, the progress of developers' private development/redevelopment projects and their initiative to conclude lease modifications/land exchange and pursue redevelopments.
For the first quarter of 2018-19, i.e. April to June 2018, the Government will tender one residential site in Yau Tong which has a capacity to produce about 500 flats.
In the same quarter, depending on market conditions and subject to the resolving of technical issues, the MTRCL plans to tender Yau Tong Ventilation Building and Package 3 of Wong Chuk Hang Station projects, capable of providing about 1,700 flats in total. The URA plans to invite tenders for the project at Tung Chau Street/Kweilin Street, Sham Shui Po which is estimated to provide about 210 flats.
The above sources, together with small private development/redevelopment projects, are expected to provide about 2,400 flats in total in the first quarter of 2018-19.
Apart from residential site, the Government will put up for sale in the first quarter of 2018-19 one industrial site in Fanling of approximately 18,300 square metres of gross floor area in response to the market's demand for such land.
Starting from the first quarter of 2018-19, in addition to publishing the name and tender amount of the successful tenderer, and the names of the other tenderers and their parent company (if provided) at the time of the tender award, after all transaction procedures in relation to the successful bid are completed, the Government will further publish the tender amounts of all the other tender submissions on an anonymous basis for reference by the industry and the market.
"The new initiative will provide more market information for reference by different stakeholders while ensuring that the tender process is smoothly completed. It should also serve to address the keen market interest over land tender results," Mr Wong said.
Mr Wong said that the Government is firmly committed to sustaining a steady land supply through a multi-pronged approach to cater for the housing and socio-economic development needs of the community.
"The Government will follow the established practice to announce in advance the quarterly land sale programme to provide transparency and certainty to the market. Depending on the situation, we may also put up additional sites for sale in the course of a quarter in order to flexibly respond to changing market conditions," he added.
The 2018-19 Land Sale Programme can be found on the Lands Department's website (www.landsd.gov.hk).
March 1, 2018