(Policy Address 2025) HK will get ready 2,600 hectares of 'spade-ready sites' in next decade

The government will get ready around 2,600 hectares of "spade-ready sites" in the next decade to meet the development needs and provide the necessary room for the authorities to build up a healthy land reserve, Chief Executive John Lee Ka-chiu said. 

Spade-ready sites refer to sites that are ready for commencement of works after going through procedures, including rezoning, clearance, and formation.

Authorities must maintain an ample supply of land to meet the demand for major development projects, long-term economic development, and the community's housing needs, Lee stressed, adding that land reserve is similar to bank savings in that both are saved for use when needed.

The government will improve the efficiency of land production and lower construction costs by streamlining approval processes, optimising administrative procedures, strengthening internal collaboration, applying technology, reviewing relevant standards and more, so as to safeguard public interests and meet development needs, Lee said. 

Lee also noted that according to the Long Term Housing Strategy, the supply target for private housing in the coming decade is projected to be 126,000 units. He said the government will have sufficient land to meet the demand in the next ten years, and will roll out such land to the market in an orderly and pragmatic manner. Besides government land sale, other sources of private housing land supply include railway property development and Urban Renewal Authority (URA) projects, as well as private development projects, he added.