Hong Kong to sell 1 residential plot in Tai Wai in third quarter, maintain housing supply

The Hong Kong government will sell one residential plot in its fiscal third quarter, taking another step towards easing the city’s housing supply ahead of an expected decline in mortgage rates.

The plot earmarked for sale is in Tai Wai, in Sha Tin, New Territories, and an industrial site in Hung Shui Kiu is also part of the sale programme for the quarter ending December, Bernadette Linn Hon-ho, the secretary for development, said on Friday.

The 3,580-square-metre site located in Mei Tin road will generate a total of 360 flats. This parcel was originally not part of the land sale programme announced in February, as the technical study for the site had not been completed back then, Linn said.

“Upon completion of the relevant studies, we found it appropriate to include this site in the land sale programme and put it up for tender in this quarter,” she said. “We took into consideration the market response to the sale of residential sites in Sha Tin in the first two quarters, as well as developers’ greater interest these days in smaller-scale sites well served by transport networks and amenities.”

Sun Hung Kai was the winner in a field of 11 bidders for the 2,425 sq m site in Yuen Shun Circuit in Siu Lek Yuen, Sha Tin, the only residential plot offered during the April to June quarter.