In Focus
RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong
view(s)

Home sweet home: Government targets 40k annual supply of flats

The Government will explore the possibility of converting into housing land 150 hectares of agricultural land in North District and Yuen Long.

According to a release, Chief Executive Donald Tsang says the Government wants to ensure an annual supply of land for about 40,000 flats. Even when demand for land declines, development will continue so the newly developed sites can be kept in the Government’s land reserve and be made available when needed.

Giving his 2011-12 Policy Address today, Mr Tsang said the Government will supply sufficient land for more than 40,000 units each year when demand rises.

Measures to expand land resources include the release of 60 hectares of industrial land for non-industrial uses, half of which will be made available for housing. The Government will also explore the option of reclamation outside Victoria Harbour, and public consultation will begin shortly.

Other measures include exploring the use of rock caverns to reprovision public facilities and release such sites for housing and other uses, to look into the use of green belt areas in the New Territories that are devegetated, deserted or formed, and convert them into housing sites.

Government, Institution or Community sites will also be examined to avoid the under-utilisation of sites long reserved but without specific development plans.

The Government will explore the possibility of converting into housing land 150 hectares of agricultural land in North District and Yuen Long currently used for industrial purposes or temporary storage, or which is deserted.

Mr Tsang said housing sites available for private residential developments in 2011-12 can provide 35,000 flats. To increase the supply of small and medium flats, the Government put up the first site with flat number and flat size stipulations last year. To date, the Government has sold three sites with flat size restrictions, which will provide 3,000 small and medium flats.

On West Rail property projects, a tender will soon be invited for the project at Nam Cheong Station, while tenders for three other projects are being prepared. These four projects together will provide 7,500 flats, of which 5,000 will be small and medium units, double the number originally proposed.

The Government is also stepping up efforts to ensure the private residential sites in the Kai Tak Development Area will be made available progressively from before 2013. Other sources of land supply include sites at the new development areas in the northern New Territories, the Anderson Road Quarry, the former Cha Kwo Ling Kaolin Mine, the former Lamma Quarry and the remaining development areas of Tung Chung New Town.

Mr Tsang said the steering committee formed by the Transport & Housing Bureau has submitted its proposals. In addition to putting all uncompleted residential properties under the scope of regulation, the proposals also cover regulatory requirements on sales brochures, price lists, floor area information, show flats, transaction information and sales arrangements, as well as penalties and the enforcement mechanism.

The Government will consult the public by issuing a white bill next month. The bureau will seek to have the legislation enacted next year.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.