Financial Secretary Paul Chan said the government will continue to boost land supply to meet an increase in demand for homes.
In his Budget speech, Chan said 28 residential sites will be up for sale in the 2017-2018 land sale program, capable of providing about 19,000 private units, RTHK reports.
Together with other URA, railway property development as well as various redevelopment projects, he said 32,000 units can be produced in the coming year.
The government’s land sale program will also include three commercial or business sites and one hotel site capable of providing about 172,000 square meters of floor area and 550 hotel rooms, respectively.
In addition, Chan said a number of large commercial sites will be made available to the market in the next few years, including the Queensway Plaza site, the site on top of the terminus of the Guangzhou-Shenzhen-Hong Kong Express Rail Link, Site 3 of the new Central Harborfront, the Caroline Hill Road site, the Sai Yee Street site and various sites in Kai Tak.
In total, these can provide about 1.1 million square meters of floor area.
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