Hong Kong Government to Sell Residential Plot in Tai Wai Amid Strategic Measures to Sustain Housing Supply

The Hong Kong government plans to auction off a residential plot in Tai Wai in the third quarter, aiming to sustain the housing supply. The development minister assures that they are keeping a close eye on the market trends and will strategically allocate land to fulfill housing requirements.

The government of Hong Kong is planning to auction off a piece of residential land in the fiscal third quarter. This is seen as a move to alleviate the city's housing shortage in anticipation of a predicted drop in mortgage rates.

The designated land for sale is located in Tai Wai, within Sha Tin, New Territories, and a commercial area in Hung Shui Kiu is also included in the sale plan for the quarter ending in December, according to Bernadette Linn Hon-ho, the development secretary, who made the announcement on Friday.

The property on Mei Tin Road, which spans 3,580 square meters, is expected to yield 360 apartment units. According to Linn, this plot wasn't initially included in the land sale announcement made in February because the technical assessment of the site hadn't been finished at that time.

"After finalizing the necessary research, we decided to add this location to the land sale initiative and present it for bidding this quarter," she stated. "We factored in the market reaction to the sale of housing areas in Sha Tin during the initial two quarters, and the increased focus of developers recently on smaller sites that are conveniently located near transport routes and facilities."

Sun Hung Kai emerged victorious among 11 contenders for the 2,425 square meter property in Yuen Shun Circuit, Siu Lek Yuen, Sha Tin. This was the sole residential parcel available during the second quarter, from April to June.