In recent years, the Administration has joined the first placement in the home ownership ladder to help higher income earners “get on the train"
In the “Policy Report", Mr Lam said that he would sell a private residential site on Anderson Road in the first quarter of next year to implement the second “First Place" pilot project. Outside the residential flats, about one thousand “First Place" flats will be built and sold to eligible persons at below market prices. The Administration has also announced the implementation of the redevelopment of the Kowloon City Civil Service Co-operative. Most of the redeveloped flats are expected to be placed for the first time.
Anderson Road built thousands of first units
Mrs Lam said that it would give the URA a new task and ask the bureau to provide more information on its redevelopment project with reference to the experience of the first “First Place" project of Ma Tau Wai Road, which was successfully launched at the beginning of this year. First Place or other categories of subsidized sale of flats. She said that the government will provide appropriate resources to coordinate and allow the URA to continue to perform urban renewal tasks.
She also said that the URA had already found a pilot scheme for two types of civil service building cooperatives suitable for redevelopment in Kowloon City involving more than 30 buildings
It is also planned to start the redevelopment of these buildings early next year with a view to making full use of them. The development potential of the lots will be reserved for the construction of public housing. It is estimated that the total number of public and private flats after redevelopment will be about five times that of the existing flats.
According to government sources, the number of civil service cooperatives in Kowloon City will increase from 600 to 3,000 after the redevelopment. He said that the existing tenants of the cooperatives will only pay one-third of the land price in the year. The remaining two-thirds of the land price will be paid for the redevelopment. However, the URA will compensate for the “seven-year-old building". Kai Tak’s “flat for flat" flat. He also said that 70% of the units will be allocated to public housing in accordance with the existing policy of the Administration. Most of them are expected to be built on the first place.
In addition, the Administration has formally invited the Housing Authority to study the redevelopment of its factory buildings as public housing, in particular to increase the supply of public rental housing. The source said that the Administration would conduct an in-depth study later and pointed out that the existing occupancy rate of industrial buildings has reached 99%. Later, whenever a commercial tenant moves out, the relevant flats will be “frozen" and they can no longer be rented out.