Hong Kong Development Bureau Director, Mr. Ning Hanhao: Will promote residential land in Fat Kwong Street, Ho Man Tin in the new season, providing 250 units.

The Director of the Hong Kong Development Bureau, Ning Hanhao, met with the media today (July 10) at 4:30 pm to discuss the land sale plan from July to September of this year. Ning Hanhao stated that in the new quarter, one residential land parcel will be released, which is located on Fook Kwan Street in Ho Man Tin, providing 250 units. In addition, the Hong Kong government successfully sold a piece of land in Area 106A in Tung Chung from April to June, and also recorded 4 private land housing developments, expected to provide 2245 units. Ning Hanhao pointed out that the government will release a medium-sized residential land parcel in Ho Man Tin on Fook Kwan Street in Kowloon through tender from July to September. The land has already been rezoned and is expected to provide approximately 250 units. The government will require developers to provide a small portion of floor area for social welfare facilities while constructing private residential units. As the land is located in a very mature residential community with complete facilities, and is close to Ho Man Tin MTR station, it is expected to be well-received in the market. In addition, this year's government land sale plan includes 3 residential land parcels in the Hung Shui Kiu/Sham Tseng New Development Area, expected to provide approximately 3120 units in total. The government launched a tender for this "area" project at the end of last year, and received 2 bids by the deadline last Friday. The government aims to award the tender by the end of August at the latest, so the supply of over 3000 units in this "area" will also be included in the land supply from the government in the second quarter. Ning Hanhao also mentioned that besides government land sales, other residential land sources this quarter include: firstly, MTR Corporation will launch the Tuen Mun Station Phase 16 (Phase 2) project, expected to provide approximately 5510 units, under the "Rail-plus-Property" development model granted by MTR Corporation for the Tuen Mun South Extension project. Furthermore, the Hong Kong Housing Authority recently launched a tender for the Peel Street/Zhejiang Street development project on July 3, expected to provide approximately 1220 units. As for existing private land developments and redevelopment projects, it is estimated that three projects will complete land lease modification procedures this quarter, providing a total of approximately 90 units. In summary, Ning Hanhao stated that with a combination of the various sources mentioned above, including government land sales, MTR Corporation projects, Housing Authority projects, and private land development, the estimated supply of private residential land in the second quarter of this year is expected to support the construction of approximately 10190 units. With the first and second quarters combined, the supply of private residential land in the first half of this year is estimated to provide approximately 12430 units, very close to the supply target for this fiscal year.