Development Secretary Bernadette Linn on Tuesday said she is reasonably optimistic that a residential site put up for tender this quarter will be successful, adding it is too early to predict whether the annual land sales income target can be met. The parcel earmarked for sale in Tung Chung, which will provide around 745 flats, was first put up for tender in September 2023 but was unsuccessful. Announcing the last land sale programme for the 2024/25 fiscal year, Linn said the government had been listening to the market. "We have heard views from the real estate industry, suggesting that the government should roll out simpler, smaller-sized [plots] with fewer requirements on site formation and government facilities," Linn said. "[The tender] is in line with these market expectations as it attaches very simple tender conditions and no requirement to construct government facilities. Moreover, as the site sits on reclaimed land, the development is not required to conduct any further site formation works, which may help reduce the development cost." The minister said the parcel was originally not part of the land sale programme for this fiscal year. Asked if she was confident the annual land sales revenue target of HK$33 billion could be met, Linn said it was still too early to make a conclusion. The development chief said the administration had been listening to developers about the type of site that was in demand. "We remain pragmatic and prudent in selecting the kind of land that we would like to roll out. When we know that the appetite of the market is for smaller sites, simpler sites, we are exactly moving along that direction, and that would help enliven the market and rekindle their interest in coming forward to bid for sites," she said. Taking into account various land sources, Linn said the land supply for the fourth quarter can provide around 1,100 new private residential units.
