The expected supply of flats in 2024-25, including from various sources such as urban redevelopment and private development, is forecasted to surpass the government’s annual target of around 13,000 homes for private housing land supply. The 2024-25 program also includes two commercial sites in Kai Tak and Shek Mun, offering floor areas of approximately 80,000 square meters and 40,000 square meters, respectively. Despite being part of last year’s program, Queensway Plaza, initially proposed for redevelopment in 2016, has been omitted from this year’s plan due to market conditions, according to Linn.
In the upcoming 2024-25 period, an industrial site in Hung Shui Kui, located in the western New Territories, will also be available for sale. The government anticipates that the program this year will generate approximately HK$33 billion in land premium. In the previous 2023-24 financial year, the government intended to sell off 12 residential sites, three commercial plots, and three industrial areas. However, only five residential plots were tendered by February, and two were subsequently withdrawn due to failing to meet their reserve price. Despite the cancellation of the tender process, the administration allocated a site in Tsuen Wan, designated for a starter home project, to the Hong Kong Housing Society, the city’s second-largest provider of public housing.
