Eight residential sites to be covered in 2024/25 land sale plan

The 2024-25 fiscal year's land sale program will cover eight residential sites that are capable of providing approximately 5,690 units, Secretary for Development Bernadette Linn Hon-ho announced on Thursday.

It represented a decrease of about 37.6 percent compared to the 9,120 flats offered in the current fiscal year, marking the lowest number of units planned since the government-initiated sale mechanism was introduced in 2010/11.

Six of the eight sites listed in the upcoming land sale plan are rolled-over sites. 

Two residential sites in Tung Chung East have been removed from the current land sale program, with two new sites located in Siu Lek Yuen to be introduced in the coming fiscal year instead. The two sites are situated in more developed communities and are expected to attract interest from property developers.

Together with the private development and the redevelopment projects, the total housing unit supply is estimated to reach 15,150 flats, Linn said.

The projection exceeded the previous annual supply target of around 13,200 units.

A railway property project - the Package 1 of Tung Chung East Station - will be re-launch next year, which is expected to provide around 1,200 flats.

The Urban Renewal Authority will also launch three projects, involving approximately 2,860 units. That included the redevelopment of Kwun Tong Town Center.

The Development Bureau also announced the land sale plan for the next quarter, which will include the tendering of a residential site in Siu Lek Yuen, Shatin. The site is located near the MTR Station and will provide approximately 280 units.

Separately, seizing on the improved sentiment, New World announced Thursday that it will speed up home sales with 2,500 units in the next six months.

However, it did not expect prices to see big gains as much supply has accumulated in the market.

The developer estimates that the housing market will see a 40 to 50 percent increase in transactions, after the government removed levies curbing buyer interest.