Hong Kong to offer 9 residential sites to developers in 2026-27 land sale plan

Nine residential sites will be offered to developers in the coming financial year to provide about 6,650 flats under Hong Kong’s land sale programme, after authorities highlighted the property market had stabilised in the latest budget. Combined with other land sources, such as urban redevelopment, private development and projects linked to railway properties, the potential supply of new flats is estimated to reach an eight-year high of about 22,580 in the 2026-27 financial year. The current record was set in 2018-19 when about 25,500 flats were made available. Secretary for Development Bernadette Linn Hon-ho revealed on Friday that the coming land sale programme would offer nine residential sites, including three that were on the previous list of plots. “It is obvious that the market is recovering and transactions have steadily increased,” she said. The nine sites are located in Stanley, Hung Shui Kiu, Ho Man Tin, Sai Kung, Sha Tin and Tung Chung. Each plot is expected to yield between 250 and 1,580 flats. Three of the sites are in Hung Shui Kiu, an area of the New Territories that authorities aim to turn into a hub for high-value professional services and logistics as part of the Northern Metropolis megaproject. These sites are expected to provide about 3,120 flats, accounting for nearly half of the potential supply from the nine sites. “In the future, about half or more of the [city’s overall] supply will come from the Northern Metropolis,” Linn said. The megaproject involves transforming 30,000 hectares (74,130 acres) of land into an economic powerhouse and housing hub. The government also aims to build 308,000 flats across the city over the next 10 years. Linn said it was “natural” for more supply to come from the Northern Metropolis, as it was a new development area, whereas the city’s existing urban core was already densely populated. She said the government only planned to put up a site in Tung Chung for sale in the first quarter of 2026-27. The site was part of the previous programme and could provide about 990 flats, she added. The new financial year will be the second consecutive year to exclude commercial sites from the land sale programme. Financial Secretary Paul Chan Mo-po said on Wednesday that the residential property market had just stabilised but the commercial market remained relatively weak, keeping land premium income at a low level. The administration forecast that the programme would generate HK$18 billion in land premiums in 2026-27, an increase of nearly 3 per cent from the modified estimate for the current financial year.