Update | Government allocates three residental land sites for tender in July to Sept quarter, with potential for 1,350 flats
The Lands Department will put three residential and one hotel land site for tender in the second fiscal quarter, in the final release under the outgoing CY Leung administration
The land supply for the three months to September will be sufficient to build 6,730 flats, about 27 per cent fewer than the previous quarter, as Hong Kong home prices recorded their first weekly fall after rising for 19 consecutive weeks.
Three residential sites spread across Lantau Island, Tai Po and Cheung Sha Wan will be put up for tender in the second quarter of the current financial year, with a total capacity to produce about 1,350 flats, Secretary of Development Eric Ma Siu-cheung said on Friday.
Private developments and redevelopment projects will add an additional 5,380 flats to the supply pipeline. The combined supply of 6,730 flats for the three months to September, is down from the previous quarter’s 9,330 flats.
“The private housing land supply in the first half of 2017-18 has a capacity 16,100 flats, representing about 89 per cent of 2017-18 supply target of 18,000 flats,” Ma said, referring to Hong Kong’s fiscal year ending in March.
The government supplied land for 20,140 new flats last year, which exceeded its initial target of around 18,000 new units by about 12 per cent.
The government also announced that a hotel land site in Cheung Sha Wan will be sold in the second quarter, which will have capacity for 550 hotel rooms.