LAND SUPPLY TO EXCEED DEMAND: FS

Financial Secretary Paul Chan today said the potential land supply for 2024-25 is expected to provide about 15,000 flats, around 14% more than the annual demand projected in the Long Term Housing Strategy.

Mr Chan made the remarks while outlining land and housing measures in the Budget this morning. He noted that the 2024-25 Land Sale Programme will cover a total of eight residential sites.

Together with railway property developments, private development and redevelopment projects, and the Urban Renewal Authority’s projects, the potential land supply for the year is expected to exceed the annual demand of 13,200 units projected in the housing strategy, reaching 15,000 units.  

In addition, two commercial sites and one industrial site will be put up for sale, providing about 120,000 sq m of commercial floor area and 540,000 sq m of industrial floor area respectively.

Housing supply

Mr Chan said the Government has identified sufficient land to meet the supply target of 308,000 public housing units over the next ten years, adding that the Cash Allowance Trial Scheme will be extended until June 2025 to help grassroots families waiting for public rental housing.

On private housing, he explained that the completion of private residential units will average over 19,000 units annually in the following five years, representing an increase of about 15% over the annual average of the past five years, with the potential supply of first hand units for the next three to four years standing at around 109,000 units.

Transport infrastructure

The Financial Secretary noted that the railway and major road projects set out in the Major Transport Infrastructure Development Blueprint are being taken forward and will bolster connectivity between districts and unleash their development potential.

The Government concurrently plans to put in place smart and green mass transit systems in East Kowloon, Kai Tak and Hung Shui Kiu/Ha Tsuen, and will invite suppliers and operators to submit expressions of interest this year.

Furthermore, to raise productivity in the construction industry, a cross-departmental steering committee under the Development Bureau will formulate measures to enhance the application of Modular Integrated Construction (MiC), and the Government will examine the feasibility of investing in the MiC supply chain.

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