Govt To Put Three Sites Up For Tender In Q3

The government announced on Thursday it is putting up three residential sites for tender in the coming quarter as part of its land sale programme.

The plots in Kai Tak, Stanley and Kennedy Town are expected to generate 2,500 flats.

Together with other projects, such as redevelopment schemes, officials said total private supply is expected to reach 5,900 units in the three months ending December.

The development minister, Bernadette Linn, said despite challenges to both the global and local economies, the government will continue to provide a steady supply of land for housing.

"We cannot afford to slow down our efforts in supplying land just because of the economic situation before us," she told a press conference.

"So we'll continue to adopt a multi-pronged approach to increase land supply and sustain our efforts in providing land to support Hong Kong's development."

While the government had previously estimated its full-year land sale revenue to hit HK$120 billion, financial chief Paul Chan conceded earlier this month that revenue for the first five months was only around HK$17 billion.

Linn said despite the pressure to reach the target, the government won't be withholding plots to wait for a better selling price.

"If indeed the land sale revenue is a bit below our target, it's a reality we have to accept. But what is important is that we do proper market valuations," she said.

"We have to go back to our objective, and that is to increase land supply in a stable and steady manner."