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The Secretary for Development, Mrs Carrie Lam, announced today (May 25) that the Government would initiate the sale of six residential sites in the second quarter of this financial year (i.e. July to September 2012), which, together with two West Rail property development projects to be tendered in the same quarter, could provide about 5,000 flats.
"In order to further stabilise the property market, the Government will enhance its efforts in increasing housing land supply. Apart from continuing with Government-initiated land sales on a quarterly basis, we will significantly increase the supply in the next quarter to demonstrate our firm commitment to increasing land supply to ensure the healthy and stable development of the property market," Mrs Lam said.
The six sites to be initiated by the Government for sale in the next quarter are located in Peng Chau (two sites), Sha Tin Kau To, Tseung Kwan O (two sites) and Ma On Shan, which could produce about 1,800 flats in total.
"In order to better safeguard the quantity of flat supply, we will continue to require developers to provide a certain minimum number of flats at the three sites in Tseung Kwan O and Ma On Shan. The Lands Department (LandsD) will announce the details later," Mrs Lam said.
"On top of the six residential sites to be sold by tender by the Government, the MTR Corporation Limited (MTRCL), being the agent of the West Rail Property Development Limited, will also tender the Tsuen Wan West Station TW5 (Bayside) and Long Ping Station (North) projects between July and September 2012. The two projects could provide about 3,216 flats, 1,859 (about 58 per cent) of which will be small and medium-sized flats of a saleable area of not more than 50 square metres. Together with these two West Rail projects, the housing land to be supplied by the Government in the July to September 2012 quarter could produce about 5,000 flats in total."
In the past two years, the Government has arranged regular land sales in a proactive manner to meet the market demand for housing. A total of 27 sites in the 2011-12 Land Sale Programme have been sold, which could provide about 7,900 flats in total. In addition, in 2011-12, the two West Rail property development projects that have been successfully tendered, namely the Nam Cheong Station and Tsuen Wan West Station TW5 (Cityside) projects, could provide no fewer than 4,255 flats. Coupled with the Urban Renewal Authority's projects, private developers' projects subject to lease modification or land exchange, and private redevelopment projects not subject to lease modification or land exchange, the number of private residential flats that could be produced by the aggregate housing land supply in 2011-12 is close to 20,000.
"In 2012-13, our determination to increase housing land supply remains firm. In April to June, LandsD has announced the invitation of tenders for four residential sites located in Sha Tin Kau To, Tseung Kwan O (two sites) and the ex-North Point Estate, which could provide about 1,400 flats in total. The tender results of two residential sites at Sha Tin Kau To and Tseung Kwan O were just announced yesterday (May 24). Moreover, developers have successfully triggered two residential sites located at Shouson Hill and Peng Chau, the tendering for which was closed today," Mrs Lam added.
Mrs Lam said, "Looking ahead this year, other than selling the sites on the Application List, railway property development projects continue to be an important source of housing land supply. Apart from the two Tsuen Wan West Station TW5 (Bayside) and Long Ping Station (North) projects, the revised schemes for the two West Rail projects at Tsuen Wan West Station TW6 (894 flats) and Long Ping Station (South) (720 flats) have made good progress. It is estimated that they should be ready for tendering in 2012-13. These two projects could provide about 1,614 flats, about 948 (about 59 per cent) of which will be small and medium-sized flats."
A list of the sites to be tendered in the July to September 2012 quarter is attached. LandsD and MTRCL will separately announce the detailed arrangements for the sale of the individual sites.
Ends/Friday, May 25, 2012
Issued at HKT 17:50
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