Gov't on track to reduce waiting time for public rental housing

The government said that it has identified sufficient land to meet demand from 2024 to 2025.

The government is on track to decrease waiting time for public rental housing (PRH) to 4.5 years by 2026 to 2027.

Whilst public housing demand is estimated to reach 308,000 units in the next 10 years, the government has identified sufficient land to develop about 410,000 public housing units, which will substantially shorten waiting times for PRH.

Overall land supply will have more than 7,000 hectares available in the 30-year period to 2048 with a land reserve of at least 1,000 hectares.

Supply for space-ready sites will reach 3,370 hectares in the 10 years to 2033 to 2034 which represents an increase of 90 hectares compared to the 10-year forecast made last year.

For private housing, the supply target for the next decade is projected at 132,000 units. Sufficient land will be made available in the next 5 years to provide around 80,000 units.

The revitalisation of Hung Hom Station and the repurposing of the former Lamma Quarry site will be part of the land optimisation for developmental potential.

A task force to eradicate subdivided units and prevent their resurgence will be established. It will present its recommendations in the next 10 months.

Stamp duty

In addition, the period for payment of the Special Stamp Duty (SSD) will be shortened from 3 years to 2 years. This means that property owners who dispose of their property two years after acquisition do not have to pay the SSD, which amounts to 10% of the property value.

Rates of the Buyer’s Stamp Duty (BSD) and the New Residential Stamp Duty (NRSD) will also be reduced by half from 15% to 7.5%.

A stamp duty suspension arrangement will be implemented to enhance the stamp duty refund regime introduced last year.