The land problem has long plagued Hong Kong
The Government announced the sale of land in the third quarter of this financial year. It will launch two residential sites in Tuen Mun and Tai Hang. It will provide about 980 flats. A total of about 080 flats will be provided together with other projects. Development Director Huang Weilun (circle) said that the government will continue to sell land in a multi-pronged manner to increase the overall land supply.
The Tuen Mun site is located at Castle Peak Road, Castle Peak Road, Area 48, with an area of about 1.35 hectares
The other is about 0.4 hectares at 135 Tai Hang Road, which is reduced by 27%. However, Huang Weilun said that together with the MTR project, the supply of about 2,000 units and other private development and reconstruction projects for the 12th phase of the Sunrise Cannes project will provide a total of about 3,080 units of private housing land supply in the third quarter. It increased by 24% quarter-to-quarter; it also indicated that the land supply in the first three quarters was about 9,230 units, reaching a target of 36,500 for the full year.
Mr. Cheung Tat Tat, a surveyor of the Central Plains, said that the official land and the MTR Sunrise Cancun project, which will be launched in the next quarter, are residential sites and are believed to be unaffected by the Kai Tak commercial site. The Tai Hang Road site is located in the Eastern Mid-Levels and the Eastern Mid-Levels. Property in the Happy Valley area is generally older. The supply of new luxury homes in the area is extremely rare. The land price per floor is about $15,000, with a total value of about $1.93 billion. As for the Tuen Mun site, it is estimated that the gross floor price of each floor will be about $5,000 and the total value will be about $2.91 billion in front of Man Shing Estate and Harrow International School.
No new commercial land will be launched in the next quarter, but tenders are being made for commercial land on the West Kowloon Terminus of the Guangzhou-Shenzhen-Hong Kong Express Rail Link
It will be closed in mid-to-late November, together with a commercial and hotel adjacent to the Kai Tak Sports Park sold in the first half of the year. Land use is expected to provide a total floor area of approximately 326,000 square meters. He reiterated that the supply of commercial land is not small this year. In the past, new commercial land was not necessarily launched every quarter.
As for the Kai Tak commercial site, which was previously “scheduled" by Gold Financial, the re-tendering was also closed. He said that the government surveyor set the reserve price according to the recent market conditions in the morning of the tender closing day. It is no different from the private market but cannot cover it. Individual company’s respective risk assessment. He also pointed out that since 2012, only a total of five plots have been flown, and three of them have been successfully re-launched. Therefore, the valuation of the Lands Department is still very good and the existing mechanism is effective.
The developer’s donation government still has to work hard
On the previous day, New World donated 3 million farmland. Huang Weilun believes that private developers are willing to donate or rent dozens of hectares of land at a low price. The government views it positively, but it does not help the overall situation as a whole. The government will continue to work hard to make a difference; As regards the planned use of the land, it is still dominated by the Government. If the land is suitable for the construction of public housing and the public purpose is established, even if the developer does not donate land to the Government, according to the current practice, the Land Acquisition Ordinance will be used to recover the land.