FS introduces land sale plan

2021-02-27 14:16:17

(To watch the 2021-22 Budget speech with sign language interpretation, click here.)

Delivering his Budget today, Financial Secretary Paul Chan announced that the 2021-22 Land Sale Programme will provide about 6,000 residential units and about 480,000 sq m of commercial floor area.

The programme comprises 15 residential and three commercial sites.

Along with railway property development, private development and Urban Renewal Authority projects, about 16,500 units are expected to be provided for the whole year, Mr Chan said.

The Government estimated that in the Kwu Tung North/Fanling North new development area projects and other government and private development projects under planning, there are more than 860 hectares of brownfield sites in the New Territories which can gradually be redeveloped for housing and other land uses.

It is also examining the feasibility of rezoning five commercial sites in Kowloon East for residential use, Mr Chan said, adding that if confirmed feasible, the Government plans to start the relevant statutory town planning procedure this year. An estimated 5,800 private housing units can be provided.

Increasing housing supply

On housing supply, the Government has identified land for 316,000 public housing units in the coming decade, Mr Chan said.

With the redevelopment of the Housing Authority?s factory estates, the number of public housing units may see further increase.

He estimated that the total public housing production in the five-year period from 2020-21 will be about 101,400 units, comprising more than 70,000 public rental housing and Green Form Subsidised Home Ownership Scheme units, as well as over 30,000 other subsidised sale units.

For private housing, it is estimated that the completion of private residential units will average over 18,000 units annually in the five years from 2021, up 5% over the annual average of the past five years.

On transitional housing, Mr Chan pointed out that the Government has identified land for about 14,000 such units by the end of 2023.

The intake of residents for over 1,100 units has taken place, and projects involving about 9,800 units have been launched.

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