March 5, 2018
Four commercial/hotel sites to be put up for sale this year
Secretary for Development Michael Wong announced the government's 2018-19 Land Sale Programme on March 1.
Twenty-seven residential sites are on the list. Three are on Hong Kong Island, 12 are in Kowloon and 12 are in the New Territories. They will provide more than 15,200 units. Including railway property development projects, Urban Renewal Authority projects and private development projects, the total estimated number of flats provided in 2018-19 will be 25,500.
Mr Wong said the government will introduce new arrangements under the existing land tender mechanism to enhance transparency. After all transaction procedures in relation to the successful bid are completed, the government will further publish the tender amounts of all the other tender submissions on an anonymous basis for reference by the industry and the market.
"In the past, there are quite, several sites, where the winning bid far exceeds the upper estimate of the market. In those situations people wonder whether the winning bid is representative of the overall bids received or is an outlier representing only itself, whereas the second or third highest bid falls far behind. In view of the uniqueness of the property market, we think it may be a good time to increase the transparency of the market."
Private housing land supply from various sources in the first quarter of the year will provide about 2,400 flats. One residential site on Ko Chiu Road in Yau Tong, which will go on sale in the first quarter of this year, will provide about 500 flats.
Railway property development projects at Yau Tong Ventilation Building and Wong Chuk Hang Station will provide about 1,700 flats. An Urban Renewal Authority project in Sham Shui Po will provide 210 flats.
And there are four commercial/hotel sites to be put up for sale this year, which will provide about 531,300 sq m of floor area in total. The largest site is above the terminus of the Hong Kong Section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link, which will provide 294,000 sq m of floor area. Three more sites in Kai Tak will provide about 1,770 hotel rooms.
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