Hong Kong to offer 1 land plot for housing this quarter in ‘prudent and paced’ approach
- ‘The property market sentiment still remains relatively weak and the interest rate environment is relatively high,’ official says
The Hong Kong government will sell a single plot of residential land in the second quarter of its financial year as it continues a “prudent and paced” approach during a persistent housing slump, according to the secretary for development.
The residential site in Siu Lek Yuen, Sha Tin, plus an industrial site in Hung Shui Kiu, Yuen Long, will be put up for tender in the three months to September, Bernadette Linn Hon-ho said on Thursday.
The residential site, known as STTL 625 and located at the junction of Sha Tin Wai road and Siu Lek Yuen road, has an area of 5,652 square metres (60,837 sq ft). It can provide a total of 570 units.
“At present, the property market sentiment still remains relatively weak and the interest rate environment is relatively high,” Linn said. “The government has been prudent in launching land sales, and it is appropriate to launch a site in a mature community now.”
Sha Tin has well-established facilities, and the government believes that the site will be well received as developers are more cautious about sites in newer development districts, she added.
“The sites launched this quarter are all small and medium-sized, reflecting that the authorities have adopted a more conservative land sale strategy, which is a prudent and pragmatic approach against the backdrop of the current sluggish market,” said Jason Yeuk-ho, head of land and housing at the Our Hong Kong Foundation.
