Two more residential sites put out for tender

PUBLISHED : Saturday, 21 January, 2012, 12:00am
UPDATED : Saturday, 21 January, 2012, 12:00am


The government continued to increase Hong Kong's land supply yesterday by putting up two residential sites in Ap Lei Chau and Sai Kung for tender, which will start on February 17 and close on March 16.

The 32,830-sq-ft site at the junction of Ap Lei Chau Drive and Ap Lei Chau Praya Road could yield a total gross floor area of 229,811 square foot, and could be developed into a residential project.

Alnwick Chan Chi-hing, head of valuation and professional services at Knight Frank, estimated the site to be worth HK$1.72 billion or HK$7,500 per square foot.

The other site, at Sai Kung's Pik Sha Road near Silverstrand Beach, covers 81,968 square feet and could provide a total gross floor area of 32,787 square feet.

Since the site could be developed into a low-density residential project, surveyors estimated it to be worth about HK$492 million or HK$15,000 per square feet.

Meanwhile, the Transport and Housing Bureau yesterday released research on new housing supply.

There were 10,000 flats under construction at the end of 2011, 23 per cent fewer than the 13,000 flats a year earlier. The number of flats under construction and available for sale dropped 17 per cent to 10,000 at the end of last year.

Construction work started on 10,300 private residential flats in 2011, compared with 13,400 flats in 2010. Only 9,400 flats were completed last year, 30 per cent fewer than the 13,400 flats completed in 2010.

Although the government has increased land supply in recent years, the figures showed that new housing supply is likely to remain at a relatively low level.

'It takes at least three years to develop the sites,' Chan said. 'We won't see the impact of the increasing land supply in the short run. The new housing supply will stay at a low level this year. I believe the new housing supply will increase significantly at the end of 2013.'