The Secretary for Development, Mr Paul Chan, announced today (August 31) that the Government would sell by tender six residential sites and one business site in the third quarter of this financial year (i.e. October to December 2012), which would produce about 1,760 flats and 31,000 square metres commercial floor area respectively. Together with one West Rail property development project to be tendered in the same quarter, the seven residential sites could provide about 2,650 flats in total.
"The Government noted the recent surge in property prices. The Chief Executive announced yesterday a series of a total of ten short and medium term measures with a view to addressing the home-owning needs of the community. One of the measures is the land sale programme for October to December 2012," Mr Chan said.
Among the six residential sites to be initiated by the Government for sale in the next quarter, two are located in Tseung Kwan O, and one each in Sha Tin Kau To, Jordan, Tuen Mun and Sai Kung respectively.
"In order to better safeguard the quantity of flat supply, we will continue to require developers to provide a certain minimum number of flats at the four sites in Tseung Kwan O, Tuen Mun and Sai Kung. The Lands Department (LandsD) will announce the details when the sites are about to be tendered," Mr Chan said.
"On top of the six residential sites to be sold by public tender by the Government, the MTR Corporation Limited (MTRCL), being the agent of the West Rail Property Development Limited, will also tender the West Rail Tsuen Wan West Station TW6 project within October to December 2012. The project could provide no less than 894 flats, 520 (about 58%) of which will be small and medium-sized flats of a saleable area not more than 50 square metres. Together with this West Rail project, the housing land to be supplied by the Government in the October to December 2012 quarter could produce about 2,650 flats in total."
In addition to residential sites, a business site in Kowloon Bay will also be tendered in the same quarter to meet the market's demand. Its early disposal will help tie in with the development of the very prominent office cluster in the neighbourhood, and is conducive to the implementation of Energizing Kowloon East.
Mr Chan said, "The Government shares the community's concern about the recent surge in property prices. In order to fundamentally address the housing problem, the Government plans to supply land to the market in a long-term and continuous manner. In fact, since 2010, the Government has initiated the sale of sites on the Application List. Since April 2011, the Government has announced quarterly land sale programmes in advance. The Government will continue to supply land in a proactive and aggressive manner to meet the market demand for land. In the first two quarters of 2012-13 (i.e. April to September 2012), the Government has sold/will sell ten residential sites on its own initiative. Furthermore, another two residential sites successfully triggered by developers have also been sold. These twelve sites could provide about 3,380 flats in total."
"Railway property development projects will continue to be an important source of housing land supply. Regarding West Rail property development projects, apart from the West Rail Tsuen Wan West Station TW5 (Bayside) project already tendered out which could provide 2,384 flats, the West Rail Long Ping Station (North) project under invitation of expression of interest could provide 832 flats; the West Rail Tsuen Wan West Station TW6 project to be tendered in October to December 2012 could provide about 894 flats. Furthermore, the West Rail Long Ping Station (South) project which could provide 720 flats has made good progress and is expected to be tendered in the current financial year. MTRCL has also indicated that it hopes to re-tender the project at Tai Wai Station within the current financial year, which is estimated to provide 2,900 flats. In other words, in 2012-13, railway property development projects are estimated to provide about 7,700 flats in total.
"As the Chief Executive mentioned yesterday, depending on market reaction, the Government will suitably put up more residential sites for sale," Mr Chan said.
A list of the sites to be tendered in the October to December 2012 quarter is attached. LandsD and MTRCL will separately announce the detailed arrangements for the sale of the individual sites.
Ends/Friday, August 31, 2012
Issued at HKT 21:13
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