Hong Kong Business News

(To watch the full press conference with sign language interpretation, click here.)

The Government today announced its 2024-25 Land Sale Programme which includes eight residential sites involving about 5,690 flats to be put up for sale.

Unveiling the programme at a press conference this afternoon, Secretary for Development Bernadette Linn said one residential site is on Hong Kong Island, one is in Kowloon and another six are in the New Territories.

One railway property development project will supply around 1,200 flats, while the Urban Renewal Authority also plans to roll out three projects in the coming financial years, providing about 2,800 flats.

Taking into account all of the land sales and projects mentioned above, along with private development or redevelopment projects, the land supply in 2024-25 will yield an estimated 15,150 units, exceeding the Government’s target.

For the first quarter of 2024-25, ie April to June this year, a site in Siu Lek Yuen, Sha Tin, is scheduled for disposal and is capable of providing about 280 flats.

Ms Linn said the site is located in a developed area, with railway services nearby, and the Government is confident that it will be attractive to developers despite its compact size.

She added that the removal of stamp duties in yesterday’s Budget may boost the property market.

“We do not have a crystal ball so we will not be able to assess to what extent the removal of the various special stamp duties would affect the Land Sale Programme.

"But I think it should help uplift the market a bit.”

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