On December 29th, in his first announcement following the Christmas break, Hong Kong’s Secretary for Development, Michael Wong, revealed details of the government’s quarterly land sale programme for the quarter from January to March 2021.
Three residential sites will be put up for sale by tender, one each at the Peak, Kai Tak and Kwu Tung North New Development Area. The sites are expected to yield about 2,240 units.
Mr. Wong also announced that, MTR Corporation Limited, the majority state-owned listed company running Hong Kong’s rail transport network, plans to tender Package 6 of its Wong Chuk Hang Station project this coming quarter. This site should provide around 750 units.
In addition, the government plans to complete the modification of leases of five private development and redevelopment projects. These projects between them should produce another 1,815 units.
“The private housing land supply in the fourth quarter has a capacity to produce about 4,800 units in total. Together with the land supply of about 8,070 units from the first three quarters, the private housing land supply from different sources in the 2020-21 financial year will reach about 12,870 units, which is very close to our annual target of 12,900 units,” Mr Wong said.
The government will also put up for sale land for commercial development, with the tendering of a site on Caroline Hill Road in Causeway Bay. This site will provide around 100,000 square meters of floor space.
The Secretary of Development commented that the sales are part of an ongoing multi-pronged approach by the Hong Kong government to increase land supply in order to maintain a sustained and stable supply and to meet the housing, economic and social development needs of Hong Kong people.
The finalized tender timetable will be announced once further necessary preparatory work has been undertaken and the Hong Kong Lands Department will announce the detailed land sale arrangements before individual sites are tendered.
