Standard amount of land premium extended to new development areas

Popular with the market, 7 applications have been received in the first 10 months, 5 of which were completed at the standard rate. The Lands Department also pointed out that starting from the land price calculated at the standard rate, the land price agreement can generally be reached within one month. , compared to the previous average of 7 months using the traditional valuation mechanism.

Explicit price test rural effect

It is reported that the government will implement the Kwu Tung North, Fanling North and Hung Shui Kiu/Ha Tsuen New Development Area plans in this way. This trip is the first to establish a framework for Kwu Tung North and Fanling North. The amount and details of other NDAs will be announced when the relevant NDAs announce the details of the lease modification applications. According to the government's analysis, in the announced new development areas, the development environment of the sites is relatively similar, and they are all high-density development communities with comprehensive infrastructure facilities. Therefore, it is more qualified to formulate the standard amount and relevant implementation details in a short period of time. The standard amount of land premium provides the fastest trial opportunity.

A spokesman for the Development Bureau said that the announcement of the option to provide a standard amount of land premium is to provide certainty for the land premium through the pre-announced standard amount and to facilitate the early completion of more lease amendment applications. A two-year pilot scheme will be launched in March 2021, introducing the option of levying land premium at a standard rate, applicable to lease modification applications involving the redevelopment of pre-1987 industrial buildings. Seeing that the industry has responded positively to the pilot scheme, the government will extend the scheme 1 year to 31 March 2024.