The society will build 6,600 flats across Kowloon from 2024-2026.
The Housing Society is set to get one site designed for public rental housing at a nominal price of $1,000 or around a third of the market rate as part of the government's efforts to ease the chronic housing crunch, reports South China Morning Post.
Tasked to create 6,600 flats across Kowloon for the next seven years, the Housing Society will also get four sites earmarked for subsidised homes for sale where they only need to pay a third of the market price, down from the usual half.
The land premium arrangement will cover five sites to be allocated to the society at the former Kai Tak airport – which will be developed into a tourism, sports and housing hub – and in the former Anderson Road Quarry. About 6,600 flats, for rent or for sale, will be built on the sites from 2024 to 2026.
“The government considers the revised premium arrangement will help reduce the financial impact on the Housing Society ... so that it can continue to provide affordable homes for rent and for sale and to redevelop old estate housings to fulfil society’s needs,” the bureau said in a statement.
The land premium arrangement is in line with Chief Executive Carrie Lam's dedicated push to provide more affordable housing options by adjusting the split between public and private housing to 70-30 from 60-40.
Do you know more about this story? Contact us anonymously through this link.