Govt to tender one residential site this quarter

The government on Thursday announced that it will put only one residential site up for tender this quarter. A plot at Shiu Lek Yuen in Sha Tin is expected to generate 570 housing units. At a press briefing, Development Secretary Bernadette Linn said the authorities will not be selling any commercial sites this quarter. "It is also a hard fact that the vacancy rate for the commercial floor area in the economy is now on the high side. According to some recent statistics, it is around 13 percent. So, taking into account the market condition, we think we have a reason not to roll out commercial sites in this quarter," she said. Linn also said the government's land sales, private property developments and urban renewal projects in the first two quarters will provide a total of 4,065 housing units. That will meet around one-third of the target of 13,200 units for this financial year. The government plans to sell a total of eight residential sites this financial year, including six unsold sites from the previous land sale programme. According to the Lands Department, only one piece of land was sold between April and June. The plot, which went for almost HK$82 million, will be used for a charging station for electric vehicles.