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Housing and Land Supply Chapter IV Housing and Land Supply

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Housing and Land Supply Chapter IV Housing and Land Supply Chapter IV Housing and Land Supply Chapter IV Housing and Land Supply Chapter IV Housing and Land Supply –41 Improved Housing Ladder Private Residential Property My Belief Starter Homes “Our people will call Hong Kong their home only when there is adequate housing for all to enjoy living Home Ownership Scheme in this city, and it is the Government’s responsibility to provide suitable housing for families in different income brackets.” • Green Form Subsidised Home Ownership Scheme • Tenants Purchase Scheme (39 estates) The housing policy of the current-term Government comprises four elements: (1) housing is not a simple commodity; while maintaining Public Rental Housing respect for a free market economy, the Government has an indispensable role to play in this area; (2) we will focus on home-ownership and strive to build a housing ladder to rekindle the hope of families in different income brackets to become home-owners; Major Development Projects (3) we will focus on supply and, based on the Long Term Housing Strategy, increase the supply of housing Kwu Tung North / Fanling North units; and Kai Tak Resumed 68 hectares of 12 land parcels sold or private land in end-2019 (4) when new supply is not yet available, we will optimise delivered for housing with works progressing as development between the existing housing resources to help families that Kai Tak planned; 2 private housing January 2018 and have long been waiting for public rental housing 50 000 sites scheduled for sale in April 2020 Kwu Tung North / 2020-21; the first batch of (PRH) and residents in poor living conditions. Fanling North Yuen Long South Yuen Long public housing units will 72 000 be completed in 2026 To implement the aforesaid housing policies and meet the Statutory planning South demand for land and housing in the course of our economic procedures started, 32 850 development, it is imperative for us to increase land supply with target to complete Tung Chung Tung Chung New Town and develop land resources in a resolute and persistent the first batch of public Hung Shui Kiu / New Town Extension housing units in 2028 manner. To prevent the acute problem of land shortage Ha Tsuen Extension First land parcel of 61 000 62 100 reclaimed land for housing from emerging again, the determination of the Government Hung Shui Kiu / development handed over to identify and produce land and build a land reserve should Ha Tsuen to the Hong Kong Housing Authority in March 2020 to never waver in face of short-term changes in economic Works commenced in deliver some 10 000 public July 2020; resumption of environment or fluctuations in property prices. Housing Units housing units in 2024; land 12 hectares of private sale tender for the first land is underway available commercial site on reclaimed land to close in October 2020 Improved Housing Ladder Private Residential Property Starter Homes Home Ownership Scheme • Green Form Subsidised Home Ownership Scheme • Tenants Purchase Scheme (39 estates) Public Rental Housing Major Development Projects Kwu Tung North / Kai Tak Fanling North Resumed 68 hectares of 12 land parcels sold or private land in end-2019 delivered for housing with works progressing as development between Kai Tak planned; 2 private housing January 2018 and 50 000 sites scheduled for sale in April 2020 Kwu Tung North / 2020-21; the first batch of Fanling North Yuen Long South Yuen Long public housing units will 72 000 be completed in 2026 Statutory planning South procedures started, 32 850 with target to complete Tung Chung Tung Chung New Town the first batch of public Hung Shui Kiu / New Town Extension housing units in 2028 Ha Tsuen Extension First land parcel of 61 000 62 100 reclaimed land for housing Hung Shui Kiu / development handed over Ha Tsuen to the Hong Kong Housing Authority in March 2020 to Works commenced in deliver some 10 000 public July 2020; resumption of Housing Units housing units in 2024; land 12 hectares of private sale tender for the first land is underway available commercial site on reclaimed land to close in October 2020 Reclamation and Associated Development Ongoing Subject to further studies Tung Chung Artificial islands New Town in Central Waters Extension Lung Kwu Tan Reclamation and Sunny Bay Re-planning of Tuen Mun West Reclamation Possible Brownfield Development Review Progress Potential Development 160 ha High Completed 290 ha Medium Complete within 51% 803 ha this year covered by Progress development projects 8 brownfield clusters 1 579 76 ha Hectares 5% (Over 20 000 public housing units) (ha) Within conservation-related • Most engineering feasibility studies zones commenced 44% 700 ha • Transform into "spade-ready" sites within 6 years Remaining scattered brownfield sites not covered • Include Ping Shan North, by development projects; Ping Shan South, Shap Pat Heung, 450 ha to review in Tai Kei Leng, Sha Po, Nai Wai, two phases Lam Tei North and Tai Hang Reclamation • Sped up the sales of Tenants Purchase and Associated Progress Made Scheme (TPS) flats. The Hong Kong A total of 63 new initiatives were announced Housing Authority (HKHA) approved the Development since July 2017 in respect of the policy areas sales arrangements of recovered TPS of housing and land supply, of which 55 flats in July 2020, with a view to putting up have been completed or are progressing on these flats for sale to Green Formers on schedule. a trial basis from the next GSH exercise. Key initiatives completed or major progress (THB) Ongoing made are as follows: • Revised the pricing mechanism of Home Subject to further studies Ownership Scheme (HOS) in 2018 such Housing Supply that prices are delinked from market prices and kept at an affordable level. Since Policy and Long Term Housing then, a total of about 9 300 flats have been Strategy sold and 7 000 flats are being sold under • Revised the public/private split of new HOS 2020. To maintain relativity among housing supply from 60:40 to 70:30 in different rungs of the housing ladder, the 2018. According to this ratio, the housing discount rate for GSH units is 10% more supply targets for public and private than that for the preceding HOS sale Tung Chung Artificial islands housing for the 10-year period from exercise, and for SH pilot projects, about New Town in Central Waters 2020–21 to 2029–30 are 301 000 units 10–20% less than HOS. (THB) Extension and 129 000 units respectively. (THB) • Entrusted the Urban Renewal Authority • Established a housing ladder with five Lung Kwu Tan Reclamation and Sunny Bay (URA) with a new mission to actively rungs meeting the needs of families Re-planning of Tuen Mun West Reclamation provide more SH or other types of of different means, supplemented by subsidised sale flats (SSFs) in its transitional housing to provide early relief redevelopment projects. The URA sold to families living in poor conditions. (THB) 450 units at its first SH pilot project Possible eResidence at Ma Tau Wai Road in Brownfield Development Review Progress Subsidised Sale Flats Supply mid-2019, and plans to sell the remaining Potential • Regularised Green Form Subsidised 43 units by early 2021. The URA has also Development 160 ha High Completed Home Ownership Scheme (GSH) and decided to assign the redevelopment White Form Secondary Market Scheme project adjacent to eResidence as another Complete within 290 ha Medium (WSM); and introduced Starter Homes 51% 803 ha this year SH project, which is expected to provide (SH) pilot projects. Since January 2018, about 260 units for sale in 2024. (DEVB, covered by Progress about 6 200 GSH flats have been sold/are development projects THB) 8 brownfield clusters being sold and about 4 700 GSH flats will 1 579 • Successfully tendered the second SH 5% 76 ha (Over 20 000 public housing units) be available for sale in the coming months. Hectares pilot project at Anderson Road in May (ha) Within conservation-related • Most engineering feasibility studies WSM quotas were increased from 2 500 2020. (THB) zones commenced in 2018 to 4 500 in 2020. (THB) 44% 700 ha • Transform into "spade-ready" sites within 6 years Remaining scattered brownfield sites not covered • Include Ping Shan North, by development projects; Ping Shan South, Shap Pat Heung, 450 ha to review in Tai Kei Leng, Sha Po, Nai Wai, two phases Lam Tei North and Tai Hang Housing and Land Supply | 35 Public Housing Supply • Facilitated HKHS’ launch of “Flat for Flat • Allowed a further increase of domestic Pilot Scheme for Elderly Owners”, allowing plot ratio for public housing sites in eligible elderly owners of HKHS’ SSFs selected Density Zones of the Main Urban with premium unpaid to sell their original Areas and New Towns by 10% (i.e. up to flats and then buy a smaller one in either maximum 30% increase in total) where HKHA’s or HKHS’ Secondary Market. technically feasible. (THB) (THB) • Re-allocated nine private housing sites • HKHA launched a trial scheme in in Kai Tak Development and Anderson December 2019 for granting lifetime full Road Quarry for public housing in 2018 rent exemption to under-occupation to provide some 11 000 units. (THB) households whose family members are all aged 70 or above upon their transfer to • Revised the land premium arrangement suitably-sized flats. As at end-September for Hong Kong Housing Society’s (HKHS) 2020, about 270 applications have been subsidised housing projects, which will approved with 35 households successfully enable HKHS to continue to provide transferred to suitably-sized flats. (THB) rental units and SSFs and implement the re-development programme of aged Maintaining a Healthy Private rental estates on a financially sustainable Residential Market basis.
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