Date
27 February 2020
The governmemnt will continue to increase land supply through a multi-pronged approach, Development Secretary Michael Wong said on Thursday.
The governmemnt will continue to increase land supply through a multi-pronged approach, Development Secretary Michael Wong said on Thursday.

Govt eyes sale of two residential sites in Oct-Dec quarter

The government is planning to sell by public tender two residential sites in a bid to facilitate more private housing, according to Secretary for Development Michael Wong Wai-lun.

Wong told a press conference on Thursday that the initiative is part of the government’s land sale program set for the next quarter that begins in October.

The official estimated that the two sites, one located in Tai Hang and the other in Tuen Mun, will together yield around 980 flats.

It would mark a 27.4 percent decline compared to the corresponding figure — 1,350 — in the current quarter, the Hong Kong Economic Journal noted.

It would also be the least in six quarters since the second quarter of 2018, when only 500 flats were provided.

Meanwhile, railway operator MTR Corp plans to tender Package 12 of the LOHAS Park Station project, which will likely provide about 2,000 flats.

Total private housing supply in the next quarter is estimated to be about 3,080 flats, including the supply from private development and redevelopment projects, Wong said.

This, according to Wong, will bring the total projected number of newly offered flats to 9,230 in the period from April to December, or the first three quarters of the current fiscal year.

As it will reach 68 percent of the government’s annual private housing land supply target for the year, which is 13,500, Wong expressed confidence that the annual goal will be achieved.

With regard to the two above-mentioned sites, people in the property market believe their combined sales revenues may well be between HK$4.97 billion and HK$7.56 billion.

As for the land supply for the January-March period, namely the last quarter of the fiscal year, Wong revealed that it will mainly come from the government’s land sale program and property firms’ redevelopment projects.

There is no commercial site in the sale program for the next quarter. Wong claimed that it has nothing to do with the civil unrest in the city, pointing out that the government doesn’t always offer commercial sites every quarter.

The government will continue to monitor the market situation and put up sites for sale when appropriate to cater to market demand, and it will continue to increase land supply through a multi-pronged approach and maintain a sustained and steady supply to meet the community’s needs for housing, economic and social development, the development chief said.

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