15 residential sites to go on market

Business | Staff reporter 26 Feb 2021

The government will offer 15 residential sites for sale in the next fiscal year, potentially amounting to approximately 6,000 units, with one site located in Kowloon Tong.

Among the 15, seven will be rolled over from the current fiscal year.

Among the remaining new eight plots, three are on Hong Kong Island, two are on Lantau Island, two are in the New Territories, and one is in Kowloon.

The only plot in Kowloon is at 79 Broadcast Drive in Kowloon Tong, which has an area of 23,680 sq ft. It is expected to be offered for sale in the second quarter of the fiscal year April 2021 to March 2022 and is estimated to be able to accommodate around 80 units, said Secretary for Development Michael Wong Wai-lun.

With the residential sites under the Land Sale Programme, together with railway property development projects, private development and redevelopment projects and the Urban Renewal Authority's projects, the potential land supply for the whole year is expected to be able to provide about 16,500 units.

The government will also offer three commercial sites for sale, including Kai Tak Area 4D Site 2, Kai Tak Area 2A Site 1 and one site in Tung Chung.

Separately, the SAR government is considering rezoning five commercial sites in Kowloon East for residential use, which could accommodate about 5,800 private housing units.

Sources said the five plots sit in the Kai Tak development area and three of them were previously tendered unsuccessfully.

The three sites - area 4C site 4, area 4C site 5 and New Kowloon inland lot 6615 - were withdrawn from sale over the past two years, as the government and developers failed to agree on valuations.

Last May, the Lands Department canceled the tender for lot 6615 at Kai Tak area 2A site 4, site 5(B) and site 10, as the tendered premiums did not meet the government's reserve price for the site.

Goldin Financial (0530) had originally won the tender for 4C site 4 for HK$11.12 billion, or more than HK$12,800 per sq ft, in May 2019 but forfeited a HK$25 million deposit by walking away from the deal a month later as the Sino-US trade war rattled the property market.

In September that year, all five bids made for the site were rejected, as they did not meet the reserve price.

Earlier, in January 2019, the government scrapped the sale of Kai Tak area 4C site 5 after the bids failed to meet the reserve price.

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