Opening remarks by SDEV on quarterly land sale programme for July to September 2023 (with video)
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Today I will introduce the Government's Land Sale Programme in the second quarter of this financial year, which is July to September.
In the upcoming quarter, two residential sites will be put up by the Government for sale. The first site is in Kai Tak near Sung Wong Toi Station, providing a supply of about 1 325 flats. The second site is located in Tung Chung and is the first residential site to be put up for sale in the Tung Chung New Town Extension, and this site is expected to produce around 415 flats. Together, these two sites could provide a supply of about 1 740 flats.
For the aforementioned Kai Tak site, the Government's land sale condition will require the developer to construct around 175 metres of the underground shopping street, which is around 11 per cent of that total Kai Tak underground shopping street by length. The developer will also be required to construct social welfare facilities of around 8 100 square metres, including a neighbourhood elderly centre, hostel and day activity centre for the mentally handicapped. This shows the Government's determination in recent years to expedite provision of social welfare facilities for the community through suitable land sale sites.
In addition, 11 private development projects are expected to complete their lease modifications in the second quarter, providing a supply of about 2 310 flats.
Taking the above two sources into account, the total private housing land supply in the second quarter would support the development of around 4 050 flats.
Together with the supply from the first quarter, the total supply of the first half of this financial year is expected to support some 8 280 flats, reaching around 65 per cent of our annual target for private housing supply (12 900 flats). The total supply so far has not completely reflected private development projects not requiring lease modification from the second quarter, as such figures are normally available only at a later stage. It is also worth mentioning that the Urban Renewal Authority has completed its land exchange for its Wong Tai Sin Nga Tsin Wai Village project last week, expecting to provide around 750 flats. This project has also been counted in the land supply I have just announced for the first half of the year.
The remaining sites on the Land Sale Programme are subject to completion of procedural matters such as road works gazettal and land clearance. We will continue to push ahead the preparatory work to get ready these potential sites.
We will continue to adopt a multi-pronged approach to increase land supply and sustain our efforts in providing a continuous and steady land supply to the market for development.
Ends/Thursday, June 29, 2023
Issued at HKT 19:50
Issued at HKT 19:50
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Audio / Video
SDEV meets the media