HK’s land supply surplus to reach 14%

The potential land supply for the year is expected to reach a total of 15,000 units.

The anticipated land supply for 2024-2025 will surpass demand by 14%, exceeding the annual demand outlined in the Long Term Housing Strategy, said Financial Secretary Paul Chan on 28 February.

In the Budget briefing, Chan said that the 2024-2025 Land Sale Programme will encompass eight residential sites.

When combined with railway property developments, private initiatives, redevelopment projects, and the Urban Renewal Authority’s endeavours, the potential land supply for the year is expected to surpass the annual demand of 13,200 units laid out in the housing strategy, reaching a total of 15,000 units. Two commercial and one industrial site will also be up for sale.

Addressing public housing concerns, Chan assured sufficient land for 308,000 public housing units over the next decade. The Cash Allowance Trial Scheme will extend to June 2025 to aid grassroots families awaiting public rental housing.

For private housing, Chan revealed an annual average of over 19,000 completed units for the next five years, a 15% increase over the past average. 

The potential supply of first-hand units for the next three to four years is estimated at around 109,000 units.

In the transport sector, the Major Transport Infrastructure Development Blueprint projects, including smart transit systems, will enhance district connectivity. Expressions of interest for smart and green mass transit systems will be invited this year.

Moreover, a steering committee will enhance Modular Integrated Construction (MiC) application, and the government will explore investing in the MiC supply chain to boost construction industry productivity.