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Budget Speech

Land Sale Arrangement

24.      In my last Budget, I announced that, while maintaining the Application List system as the principal mechanism for the sale of government land, we would introduce a government-initiated land sale arrangement. This two-pronged land sale approach worked well over the past year to increase land supply.

25.      In response to the market demand for residential sites, we will take more proactive measures this year, which include:


specifying in the Application List four residential sites for government-initiated sale by open auction or tender this year; and


putting up for sale by tender five residential sites in addition to those sites on the Application List, and restricting in the sale conditions their use for construction of about 3 000 small and medium-sized flats in total.


26.      The total number of residential sites available for sale next year is 52, comprising 18 new sites and 34 sites rolled over from last year’s Application List. This will altogether provide some 16 000 residential flats, an increase of more than 70 per cent over the 9 000 or so flats provided in 2010-11. The Secretary for Development will explain in detail later the land sale arrangement for next year.

27.      Along with the above-station projects at Nam Cheong, Tsuen Wan, Tai Wai, Tin Shui Wai and Tseung Kwan O, the two redevelopment sites of the Urban Renewal Authority, and the annual average supply from lease modifications and private redevelopment projects for which lease modification is not required, it is estimated that housing land available in the coming year will provide a total of 30 000 to 40 000 private residential flats, far exceeding the target of an annual average of 20 000 flats. In response to my request, the West Rail Property Development Limited has redesigned six property developments above MTR stations along the West Rail in respect of which master layout plans and building plans have been approved. This will help increase the supply of small and medium-sized flats. The plans will also comply with guidelines on controlling “inflated buildings”, which will take effect on 1 April.



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Last revision date : 23 February 2011