The government will launch two medium-sized residential land plots at Ngau Tau Kok Choi Ha Road and Shau Kei Wan East Street in the current fiscal quarter, involving a total of 670 units

The government announced the details of the land sale plan for the fourth quarter of this fiscal year, which will take place from January to March next year. The Secretary for Development, Ning Hanhao, revealed that two plots of medium-sized residential land will be launched through tender in the next fiscal quarter, involving a total of 670 units, located at Choi Ha Road in Ngau Tau Kok and East Street in Shau Kei Wan, expected to provide 470 units and 200 units respectively. The two plots were originally planned for government and community use and have completed the rezoning process.

In addition, the MTR CORPORATION (00066.HK) second phase project at Kam Sheung Road Station is expected to provide approximately 1,290 units, while the Urban Renewal Authority's development project located at Kai Tak Road/Shapu Road in Kowloon City is expected to involve about 810 units, along with private projects expected to involve 190 units. In total, the next quarter will provide 2,960 units from various sources. Together with the supply from the first three quarters, the total supply for this fiscal year will reach 15,750 units, which is believed to exceed the government's annual target of about 13,200 units by approximately 20%.

Ning Hanhao indicated that about 60% of the supply in this fiscal year is expected to come from private land development projects, with the remaining 40% from government land sales and MTR CORPORATION and Urban Renewal Authority supplies. Private supply is expected to exceed expectations, reflecting private developers' optimistic outlook on the market