(Budget 2023-24) Hong Kong government to sell 12 residential sites; 20,550 units set for the year

Finance chief Paul Chan revealed Wednesday that the 2023-24 Land Sale Programme will cover a total of 12 residential sites.

He said the program, along with railway property development, private development and redevelopment projects, is expected to have a capacity of providing about 20,550 units for the whole year.

The figure is about 60 percent more than the annual demand of 12,900 units projected in the Long Term Housing Strategy, he added.

The Land Sale Programme also includes 3 commercial sites and 3 industrial sites, capable of providing about 200,000 square meters of commercial floor area and 170,000 square meters of industrial floor area respectively.

Meanwhile, Chan said authorities will secure land of a scale nearly doubles that of the previous five-year period for the production of no less than 72,000 private housing units in the coming five years, and make the land available to the market through the Land Sale Programmes and railway property developments. 

“Among such land, nearly 60 percent comes from NDAs/New Town Extensions, and another 40 percent from other districts under the Government Land Sale Programmes and railway property developments.  The above projection has yet to take into account the supply from development projects undertaken by the URA and other private development projects,” he said.