2024-05-14 28Hse Editor
The government announced the land sale plan for the next year yesterday, and the potential land supply for the whole year could be about 17,940 units, the highest in nearly four years. In the next quarter (April to June), 2,070 units will be launched, and the supply will be dominated by land on Hong Kong Island. Tenders will be arranged for 2 parcels of land in Wan Chai and Central and Western District (270 units), and the URA's Sai Ying Pun project (165 units) will also be launched. The tender will be held during the quarter, and the MTR Tung Chung Traction and Distribution Substation Project (1,600 units), which had previously passed the bid, is also scheduled to be launched in the next quarter. In addition, the government requires that the application for future land exchange and amendment of land lease also include the requirement of limited feet, with a minimum area of 280 square feet, which means that the limited feet clause is also introduced into some old building reconstruction sites. ◆reporter Yan Lunle
The land sale plan for next year includes 13 residential sites with a potential supply of 8,250 units, the most in three years. Among them, 4 sites are located on Hong Kong Island, 2 sites are located in Kowloon and 7 sites are located in the New Territories. Among them, the two sites in Kai Tak, which were converted from commercial land to residential use last year, are expected to provide about 3,000 units. A large piece of land has also been added to Yau Kam Tau, Tsuen Wan, with a total site area of 527,000 square feet; in addition, 4 It is a commercial land with a floor area of over 290,000 square meters. The most notable sites are Yee Yee Street and Argyle Street in Mong Kok, with a site area of over 120,000 square feet.
Official land supply expected to be higher than this fiscal year
The Secretary for Development, Mr Wong Wai-lun, said yesterday that there will be more than 8,000 units of residential official land available in the next fiscal year. Although it is not known how many official land units will be released, it is believed that the final supply will be more than 3,000 units this fiscal year.
He said frankly that in the past, land supply was rezoned one by one, which was described by the market as a needle, but he believed that the situation would improve after 2023, and more large-scale land in new towns would be launched on the market.
In addition, there will also be 3 railway property development projects in the next financial year, from Tung Chung Substation, Tung Chung East Station Phase 1, and Siu Ho Wan Depot Superstructure Phase 1 Phase 1, providing a total of 4,580 units.
In addition, there are also 3 URA projects, from Sai Ying Pun and To Kwa Wan, which can build 910 units. Together with the expected supply of 4,200 private development and redevelopment projects, the potential land supply for the year is expected to be around 17,940 units, the highest in nearly four years.
The minimum unit requirement is extended to the reconstruction of old buildings
It is worth noting that Wong Wai-lun said yesterday that starting today, the Lands Department receives applications for land exchange and land lease amendments. Unless planning permission has been obtained from the Town Planning Board, a square-foot-limit clause must be introduced, and the minimum usable area of each unit is 280 square feet. He explained that since the supply of nano flats in the market mainly comes from private redevelopment projects, after considering public opinions, it was decided to include the square-foot-limit clause. In other words, the requirement for limited feet will be extended to some private projects in the reconstruction of old buildings, and the relevant new regulations must be followed when applying for land premium.
As for the land supply in the next quarter, 2,070 units will be available, including the tender for sale of 269 Queen's Road East, Wanchai and two sites on Hospital Road, Central and Western DistrictResidential land, offering a total of 270 units. In addition, the MTR Tung Chung Substation Project, which passed the bid in November last year, will also be re-launched, which can provide 1,600 units. The URA’s Chong Hing Lane/Kwai Heung Street project in Xiyingpan is also scheduled to be launched next quarter, which can build 165 units. There is also a private redevelopment project (35 units).
Zhang Jingda, a surveyor firm of Centaline, said that the new land sale plan shows that the government is committed to stabilizing the housing supply. It is expected that the minimum unit area requirement will still be added to the land sales in the next quarter, and it is believed that it will have little impact on the developers' willingness to invest in land.
As for the addition of square-foot-limit clauses to land premium projects in the future, it is expected to affect a small number of urban renewal projects.
He said that it is still unknown whether it is a good thing to restrict nano buildings. There is always a certain demand in the market. Most of the first-time buyers do not have enough budget to buy large units, which may have an impact on the passengers.
Kai Tak site land price may exceed 17.2 billion
He estimated that the Kowloon district’s supply focus in the next fiscal year will be in Kai Tak District. The sites 4, 5B and 10 in Kai Tak Area 2A are relatively large-scale and eye-catching. The land price per square foot is expected to be about HKD 12,500, and the land price can reach HKD 17.25 billion. , and the land price of another site in Kai Tak Area 2A, Nos. 2 and 3, is about $12.35 billion.
As for the land at 269 Queen's Road East, Wanchai, to be launched in the next quarter, it is estimated that the land price per square foot will be about HK$16,675, and the land price will be about HK$1.652 billion.
Another hospital road site is estimated to cost about 22,000 yuan per square foot, and the land price is about 976 million yuan.
When asked whether the epidemic will affect the sale of land, Huang Weilun emphasized that the government will not consider short-term changes in market conditions when promoting land, and it takes time to build a house. What the government needs to do is to continuously and steadily release land.
In addition, a piece of commercial land in the Kai Tak runway area was removed from the land sales surface in the new year as a community isolation facility, and the previous valuation of the land was between 12.5 billion and 20 billion yuan.
In response to a question yesterday, Wong Wai-lun emphasized that "fighting the epidemic is the first priority." He did not rule out that more official land will be allocated for anti-epidemic purposes in the future. He also pointed out that there is sufficient commercial land in East Kowloon, and it is believed that it will not affect the status of East Kowloon's second core business district.
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