Budget Speech

Land Supply

145. The 2023‑24 Land Sale Programme will cover a total of 12 residential sites.  With this, together with railway property development, private development and redevelopment projects as well as the Urban Renewal Authority (URA)'s projects, the potential land supply for the whole year is expected to have a capacity of providing about 20 550 units, about 60 per cent more than the annual demand of 12 900 units projected in the Long Term Housing Strategy.  The Land Sale Programme also includes 3 commercial sites and 3 industrial sites, capable of providing about 200 000 square metres of commercial floor area and 170 000 square metres of industrial floor area respectively.

146. The Government's effort to expedite land creation has yielded remarkable results.  We will secure land of a scale nearly doubles that of the previous five-year period for the production of no less than 72 000 private housing units in the coming five years, and make the land available to the market through the Land Sale Programmes and railway property developments.  Among such land, nearly 60 per cent comes from NDAs/New Town Extensions, and another 40 per cent from other districts under the Government Land Sale Programmes and railway property developments.  The above projection has yet to take into account the supply from development projects undertaken by the URA and other private development projects.