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Old July 4th, 2012, 02:21 PM   #1401
Minsk
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New public facility mediates tradition and the contemporary

The design for this civic leisure & library complex signifies the idea of a civic building with a piazza as a place for gathering. The building accommodates two main functions, which are a public library and an indoor recreation centre (IRC). The 10-storey library block, which is mainly outwardly orientated with glass façade to maximise its view and to benefit from the intake of natural daylight, locates at the south side of the site.

The 8-storey public library includes children’s library, adult library, multi-media library, reference library, students’ study room, computer centre, activity room and newspaper & periodicals reading area with an outside extension to the courtyard.

The 5-storey indoor recreation centre, which is more inward looking, comprises one 25x25m indoor swimming pool, one main games arena with 2 basketball courts, four multi-function rooms and a childrens' play room. The architectural language takes its DNA from the nearby Chinese vernacular tradition of Ping Shan Heritage Trail.

The concept is inspired by the Chinese traditional cabinet, a kind of multipurpose storage space for books, as well as open shelves to display porcelain and bonsai. By incorporating terraces that mediate the outdoor and indoor environments, the design re-interprets these traditional elements in a contemporary way.

With the use of brick walls, timber and metal screens; it establishes a connection with its roots yet modern at the same time. The spatial concept of the Library is to carve out the building mass to create inter-connected atrium, courtyard and roof terrace at various levels to allow natural light to reach the lower floors of the 10-storeys building. Readers can step out of the indoor space into these outdoor rooms to enjoy their reading with cups of tea.

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Old July 5th, 2012, 04:50 AM   #1402
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North Point site could fetch $10b
The Standard
Thursday, July 05, 2012

The tender for the former North Point Estate site closes tomorrow and is expected to fetch as much as HK$10 billion.

At least six developers have expressed interest in the plot, including Sun Hung Kai Properties (0016), New World Development (0017), Henderson Land Development (0012) and Wheelock Properties (0020).

The 251,875-square-foot site is the largest government plot on Hong Kong Island to be tendered in recent years. It is estimated to be worth between HK$7.21 billion and HK$10 billion, or between HK$8,000 and HK$11,103 per sq ft.

The plot has a residential floor area of around 577,812 sq ft and commercial space of 322,866 sq ft.

It will provide at least 700 units as well as community facilities.

Meanwhile, Cheung Kong Holdings (0001) yesterday released a new price list for 84 low-level flats at The Beaumount in Tseung Kwan O.

The three-room flats are sized from 915 to 1,001 sq ft, commanding an average price of HK$5,462 psf - even lower than those launched earlier.

The 136 medium-level units released on Monday night were priced at HK$5,614 psf.

The 1,777-unit project has put about 804 flats on the market and around 580 have been sold.

Separately, the Urban Redevelopment Authority has sent out proposals to property owners of one of its three redevelopment sites in Sham Shui Po.

The asking price is HK$8,830 psf, similar to prices of seven-year-old flats in the same district.
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Old July 5th, 2012, 04:55 PM   #1403
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great building!!
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Old July 6th, 2012, 04:23 PM   #1404
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Sai Kung Tseung Kwan O Government Complex officially opens
Friday, July 6, 2012
Government Press Release



The Secretary for Home Affairs, Mr Tsang Tak-sing, officiated at the opening ceremony of the Sai Kung Tseung Kwan O Government Complex today (July 6), an event that signifies the provision of more recreational, cultural and community facilities and services for residents in the district.

Addressing the ceremony, Mr Tsang said this innovative and chic government complex was proof of the effective implementation of district administration. He thanked the Sai Kung District Council (DC) for its strong support for the building's construction, as well as its invaluable suggestions on the development scope and layout plan.

He said, "The SAR Government has always attached great importance to district administration. The Home Affairs Bureau, Home Affairs Department and district offices have been in close contact with the district councils, making every effort to co-ordinate various government departments to actively respond to residents' needs and encourage more people to take part in district affairs with a view to fostering a caring community."

Mr Tsang said the new-term administration would strengthen district administration to enhance governance and to get a better grasp of social sentiments and public opinions. "We hope to have the continued support of the district councils and community groups so that we can work together for the well-being of people, conveying public opinions to the administration, and promoting effective governance and social harmony."

Occupying an area of about 6,000 square metres, the Sai Kung Tseung Kwan O Government Complex is situated at 38 Pui Shing Road, Hang Hau, Tseung Kwan O, and adjacent to the MTR station and bus terminus. In addition to the Sai Kung District Office, the Sai Kung DC Secretariat, the Sai Kung District Leisure Services Office and the Sai Kung District Environmental Hygiene Office, the complex also houses the Hang Hau Sports Centre, the Hang Hau Community Hall and the Public Enquiry Service Centre. These facilities have been gradually opened to the public since last December.

Among the facilities, the Hang Hau Sports Centre is the largest sports complex in Sai Kung. It is well equipped with a wide range of leisure and sports facilities, including a gymnasium, a children's playroom, a fitness corner, table-tennis rooms, activity rooms and a multi-purpose arena with 1,200 spectator seats.

The sports centre also features the only indoor jogging track in the district. Members of the public can enjoy the fun of jogging on the 150 metre-long jogging track in all weathers. Fitted out with 37 advanced exercise machines, the gymnasium is the largest in Sai Kung district and is popular among local residents.

Located on the ground floor of the complex, the Hang Hau Community Hall is equipped with a 400-square-metre hall with a stage, a meeting room, a conference room and dressing rooms. Barrier-free access facilities are also available. Following today's opening ceremony, there are now six community halls, one community centre and four sports centres in the district.

With an environmentally friendly design, the complex uses natural lighting and energy saving features to good effect, thus reducing the impact of solar heat on the indoor temperature. Moreover, the sports centre has a green rooftop. The vertical greening design used for the external walls of the building also compliments with the design of the adjacent Pui Shing Garden.

Also attending today's opening ceremony were the Chairman of Sai Kung District Council, Mr George Ng; the Director of Leisure and Cultural Services, Mrs Betty Fung, the Acting Director of Architectural Services, Mr Stephen Tang, and the Deputy Director of Home Affairs, Ms Mimi Lee.
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Old July 9th, 2012, 10:32 AM   #1405
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The Beaumont, LOHAS Park
6 July

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Hong Kong Tseung Kwan O by Johnny__Ko, on Flickr
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Old July 10th, 2012, 03:28 PM   #1406
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Rosedale Hotel's new Kowloon location is almost complete (bottom left brown building with long black glass sections) :



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Old July 12th, 2012, 09:33 AM   #1407
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SHKP in easy North Point win
The Standard
Thursday, July 12, 2012





Sun Hung Kai Properties (0016) beat six other developers to win the former North Point Estate site for a lower-than-estimated HK$6.91 billion yesterday, as prospects dim for the local property sector.

Several restrictions placed on the plot also discouraged bidding for the tender.

The 251,876 square foot Java Road waterfront plot is the biggest tendered in the past 15 years and had been tipped to fetch HK$7.4 billion to HK$9 billion. The maximum gross floor area of 900,677 square feet translates to a price of HK$7,672 per square foot.

The price offered is about 7.5 percent lower than the HK$8,300 psf that Cheung Kong Holdings (0001) paid for a site on nearby Oil Street last year.

"Developers have become cautious when filling up their land banks as global economic uncertainties prevail," Centaline Surveyors director James Cheung King-tat said. "Restrictions on height, number of units and noise levels also tempered the plot's appeal."

As much as 64 percent of the gfa, or 577,807 sq ft, will house 700 residential units. And 18 percent, or 162,122 sq ft, will be taken up by mall and office space. The rest will be used for public facilities including an elderly day care center and a traffic interchange.

SHKP executive director Victor Lui Ting said the total investment cost will be HK$15 billion. "The site faces the sea and has a convenient traffic location. The scale of development is not too big nor too small. We are happy to have won the tender," Lui said.

Cheung at Centaline expects the completed flats to be priced at about HK$15,000 psf - higher than secondary flats nearby.

But he said the lower-than-expected premium paid for the site by SHKP would add pressure to the North Point secondary market.
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Old July 14th, 2012, 06:29 AM   #1408
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Tuen Mun Station Development

















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Old July 14th, 2012, 10:57 AM   #1409
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Kennedy Town Swimming Pool, Sai Wan/西环

From Achdaily.com

Quote:
Architects: TFP Farrells
Location: Kennedy Town Praya, Sai Wan, Hong Kong
Photographs: TFP Farrells, Marcel Lam
Project Area: 11782.0 sqm
Structural Engineer: AECOM (C&S) Ltd

Occupying an area of approximately 0.8 hectare, the construction of the new swimming pool complex involves two phases. The first phase of the works – the construction of an outdoor secondary pool and leisure pool – has been completed and opened to the publicin May 2011. The second phase of the works, scheduled to be completed in 2016, will include the provision of a multi-purpose pool, a teaching pool and a jacuzzi.

The site of the new swimming pool complex is located at the junction of Kennedy Town Praya and Shing Sai Road and bounded at the western end by Sai Cheung Street North. The site marks the entrance to Kennedy Town when approached by car or tram from Central via Connaught Road West and Queen’s Road West.

Neighbouring buildings are predominantly residential towers of up to 35 storey height. Towards the west of the Site is Belcher Bay Park which extends over one city block and provides substantial landscaped open space for the community. To the north, across Shing Sai Road is the Western District Public Cargo Working Area and Victoria Harbour beyond.

A new swimming pool complex designed to enrich the local community by providing a public facility that is easily accessible, complementary to existing public amenities and will contribute to the character of Kennedy Town; which is currently defined by the historic tram line that terminates in the heart of the community. The design brief was for an iconic structure, housing both indoor and outdoor swimming pools, Jacuzzis, changing facilities and associated management and plant rooms. Some of the key design considerations include the building’s transparency, response to existing view corridors, sensitivity to adjacent residential towers, the relationship to Victoria Harbour and an environmentally sustainable design solution.


















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Old July 14th, 2012, 03:38 PM   #1410
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^ The pool was rebuilt here as the previous one had to be demolished for the MTR Island Line extension.
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Old July 16th, 2012, 06:25 AM   #1411
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Gardenia 景怡峯
Shek Kip Mei, Kowloon





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Old July 17th, 2012, 04:51 AM   #1412
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Cheung Kong well on target
The Standard
Tuesday, July 17, 2012

Cheung Kong Holdings (0001) has already met more than half its sales target for the year, having sold HK$17 billion worth of new homes so far.

The developer has sold 2,700 new residential units since January, executive director Justin Chiu Kwok-hung said.

"If the 400 remaining units at The Beaumount [are sold], altogether we could be cashing in HK$20 billion," Chiu said.

That will cover two-thirds of the 2012 sales target of HK$30 billion, which the company is confident of reaching.

It raised prices by about 5 percent for the 87 two-bedroom units of the Tseung Kwan O project, which go on sale from tomorrow. "Those flats are of better quality and are located on higher levels," Chiu explained.

Meanwhile, Wheelock Properties (0020) cashed in HK$4.5 billion from new flat sales and non-core projects in the first six months.

"[We] will focus on the Kadoorie Hill project in the second half and units will be available for sale in September," assistant general manager Ho Wing-yee said.

Units at the HK$2 billion Ho Man Tin project will likely be priced at about HK$20,000 per square foot, Ho said.

And executive director Ricky Wong Kwong-yiu said Wheelock may submit tenders for plots at Tseung Kwan O Area 66D1 and Tsuen Wan West.

Separately, the Lands Department received a total land premium of about HK$152 million from 15 lease modifications and one land exchange from April to June. Two of the modifications were of a technical nature and did not involve any land premium. Of the 16 transactions, six were on Hong Kong Island, three in Kowloon and the rest in the New Territories.

Meanwhile, a survey found that about 35 percent of private housing tenants fear home prices will fall under the new administration.

But overall, 58 percent of the 1,000 respondents polled by online property platform GoHome voiced optimism about the market and expect prices to rise steadily.
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Old July 17th, 2012, 03:40 PM   #1413
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4 Cheung Kong/长江实业
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我爱北京天安门,天安门上太阳升。
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Old July 17th, 2012, 05:48 PM   #1414
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Tender awarded for site in North Point
Wednesday, July 11, 2012
Government Press Release

The Lands Department today (July 11) announced that the tender for a site, Inland Lot No. 9027 at Java Road and Tin Chiu Street, North Point, Hong Kong, has been awarded to Choice Win (H.K.) Limited on a 50-year land grant at a premium of $6,910 million.

"Authority from the Central Tender Board was given to the Lands Department to award the site to the highest tenderer," a Government spokesman said.

The other tenderers in alphabetical order were:

(1) Able Brilliant Limited
(2) Crown Treasure Investments Limited
(3) Ever Merits Investments Limited
(4) HLP Asia Limited
(5) iCare.com Limited
(6) United Best Hong Kong Limited

  Inland Lot No. 9027 has a site area of about 23,400 square metres and is designated for non-industrial (excluding godown, hotel and petrol filling station) purposes. The minimum gross floor area and the maximum gross floor area are 56,203 square metres and 83,675 square metres respectively, of which not less than 32,208 square metres and not exceeding 53,680 square metres are for private residential purposes. The total number of residential units to be built shall not be less than 700.
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Last edited by hkskyline; July 17th, 2012 at 06:00 PM.
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Old July 18th, 2012, 02:01 PM   #1415
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HONG KONG IS MY FAVORITE CITY EVER <3
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Old July 18th, 2012, 08:36 PM   #1416
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Award winners in our urban jungle
The Standard
Wednesday, July 18, 2012

Few cities have an urban landscape like Hong Kong's. For better or worse, the densely packed box-shaped towers and crowded streets affect how we live and work and influence our culture as a city.

Increasingly, people are determined to improve on this environment and better their quality of life.

One effort in this direction is the Quality Building Award, which recognizes outstanding work by architects, contractors and engineers.

Some of this year's winners were the International Commerce Centre, a new clinical and trauma block at Prince of Wales Hospital and Tung Chung swimming pool.

The redevelopment of Pak Sui Yuen, formerly staff apartments of the Hong Kong Polytechnic University in Tsim Sha Tsui East, was also given a prize.

The new building, while retaining units for staff, also includes a teaching hotel, the Icon (the university is famous for its hotel and tourism management school).

It is a good example of a modern Hong Kong building design at its best. As is often the case in our space-short city, the new structure combines two quite different functions - staff housing and rooms for tourists - and meets the needs of both well.

The site has been opened up physically and visually, with open space at several levels around the block and a public area to one side. Some of these areas have green roofs and walls.

In short, Poly U has given Hong Kong a new building that improves our overall urban environment.

Bernard Charnwut Chan, chairman of the Antiquities Advisory Board, sees culture from all perspectives.
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Old July 19th, 2012, 10:55 AM   #1417
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Two land sites coming on the market
The Standard
Thursday, July 19, 2012





Land in Tseung Kwan O and on Peng Chau opens for sale by tender next month, with experts expecting them to fetch a total of nearly HK$2.5 billion.

The gross floor area for the Tseung Kwan O site, Plot 66C2, can provide a gross floor area of just over 486,000. That would be good for 520 to 546 flats, and the land is expected to fetch about HK$2.2 billion, or HK$4,500 per square foot.

Vincent Cheung Kiu-cho, director for valuations at Cushman & Wakefield, believes the plot, which has a sea view, will attract big developers.

Most nearby plots have already been bought by Sun Hung Kai Properties (0016), so it is seen as almost certain to be chasing the site.

Cheung estimates that five blocks of 19-story buildings can be built on the site, with a height cap of 65 meters.

Victor Lai Kin-fai, managing director of Centaline Surveyors, said flats sized between 700 and 800 sq ft could be priced at HK$7,000 to HK$8,000 psf. Asking prices for flats in nearby Park Central are currently at around HK$6,500 psf.

The plot on Peng Chau is pegged for a gross floor area of up to 14,370 square feet and should fetch HK$22 million, or HK$1,600 psf. An adjacent site went in May for HK$15.01 million, or HK$1,628 psf. Cheung expects it to be taken for nine or 10 villas priced at HK$6.3 million each.

Findings on new flat inventories for the second quarter were also revealed by Centaline Property senior associate research director Wong Leung-sing.

The unsold inventory for Sino Land (0083) rose to 941, while for New Wold Development (0017) the figure went up to 833.

Others saw decreases on unsold lists. Cheung Kong Holdings (0001) fell to 105, Henderson Land (0012) to 125 and SHKP to 424.
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Old July 19th, 2012, 08:07 PM   #1418
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Eyes on hotel conversion
The Standard
Thursday, July 12, 2012

Bolstered by the sustained increase in visitor arrivals to Hong Kong, the demand for hotel rooms continues to outstrip supply - prompting owners to convert industrial buildings for hotel use.

With a 19.4 percent year-on-year growth in the number of mainland tourists, total arrivals climbed 12.7 percent in May over the previous year.

This high traffic boosts demand for hotel rooms, given that the overall occupancy rate was 87 percent for the first five months, close to the average level of 86 percent since January 2004.

However, the occupancy rate for medium-tariff hotels hit 91 percent during the same period.

The robust demand in the hotel sector has pushed up overall room rates by 12.2 percent in the first five months, year-on- year, to HK$1,475 per night.

Therefore, in line with buoyant inbound tourism and rental difference between hotel and industrial properties, more property owners are applying for a nil waiver fee to convert their eligible industrial building for hotel use.

In March, the first case was recorded since implementation of the revitalizing industrial building scheme - the conversion of the Tak Sing Industrial Building, at 28A Hung To Road, Kwun Tong, into a hotel, providing up to 98 rooms.

Recognizing the hotel potential, investors are also actively seeking en bloc industrial buildings for conversion purposes.

For example, in February, Far East Consortium and Kosmopolito Hotels jointly acquired the Big Orange-Kwai Chung self-storage facility, at 119 Wo Yi Hop Road, that includes total gross floor area of 157,000 square feet, paying HK$210 million.

The consortium then applied a month later to convert the existing industrial building into a 427-room hotel - at an estimated cost of between HK$100 million and HK$150 million.

Lured by prospective rental growth after wholesale conversions, more owners are expected to jump on the bandwagon to provide more hotel rooms.

Cynthy Tang is a research and advisory analyst at Colliers International. The real estate consultancy has integrated teams of specialists to speed up success for institutional and private clients by developing solutions to give their properties a competitive business advantage.
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Old July 21st, 2012, 02:53 PM   #1419
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Rising costs eat into flats profit, moans Uncle Four
The Standard
Friday, July 20, 2012

It is unlikely Hong Kong home prices will fall much from current levels amid rising construction costs, Henderson Land Development (0012) chairman Lee Shau- kee believes.

"A decade ago, it cost HK$600 per square foot to construct The Sherwood in Tuen Mun [one of Henderson's mass market projects completed in 2006]. But it would cost up to HK$3,000 psf now," Lee said yesterday.

Also, the supply of construction workers is stretched due to several ongoing infrastructure projects in Hong Kong and Macau, he said, echoing the views Li Ka-shing, chairman of Cheung Kong (Holdings) (0001).

Lee stressed that local property development is less profitable than before.

"We work like an ox ... we are not a [oligopoly]. We are just powerless."

But analysts noted while construction expenses have risen in recent years, they are manageable.

Eva Lee, from UBS, said it could cost as much as HK$3,500 psf to build individual houses, but HK$1,500 to HK$2,000 psf would suffice for more modest apartments.

Developer Lee said new flat prices would also be tempered by an expected hike in land supply by the government.

"Developers are less tempted to put up high prices in land tenders," he said.

Known as "Uncle Four," Lee still prefers stocks over property to ensure capital appreciation of his investments.

Meanwhile, Wang On Group (1222) will launch at least 30 of the 97 units at The Met Sublime in Sai Ying Pun early next month.

Most of the flats are one-bedroom units, ranging from 400 to 500 square feet, said sales director Gary Wong Yiu-hung.

Nearby units at Henderson's High West are listed at about HK$14,000 psf.

Yesterday, Cheung Kong launched another 72 two-bedroom units of The Beaumount in Tseung Kwan O at HK$5,945 psf - less than 1percent higher than the 87 similar-sized units launched the previous day.

As for upmarket developments, Knight Frank expects luxury home prices to fall by up to 10percent in the next 12 months, while mass market prices may fall 15 percent at most due to increased land supply.

Thomas Lam Ho-man, head of research for Greater China, said Chief Executive Leung Chun-ying has not introduced any radical policy changes.

"Home prices are unlikely to fall dramatically in the next few years - unless there is a serious downturn in demand," Lam said.
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Old July 23rd, 2012, 02:26 PM   #1420
hkskyline
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LCQ1: The Government's new housing policy
Wednesday, July 11, 2012
Government Press Release

Following is a question by the Hon Miriam Lau and a reply by the Secretary for Transport and Housing, Professor Anthony Cheung Bing-leung, in the Legislative Council today (July 11):

Question:

The Chief Executive (CE) mentioned time and again before his assumption of office that the prime task after his assumption of office would be to take forward a new housing policy, whilst his governing team also advocates that the new Government should promote a "supply-led" strategy and increase the supply of public rental housing flats and Home Ownership Scheme flats, so as to cope with the shortfall of supply in private housing flats. The former Secretary for Transport and Housing also advised the new Government before her departure from office that it might be very risky for the new Government to enhance its intervention in property prices, and it should do so according to its ability. Regarding how a balance can be struck between providing members of the public opportunities of home ownership and avoiding drastic fluctuations in property prices, will the Government inform this Council:

(a) of the annual housing construction target of the new Government during its term of administration in the next five years; whether it has any concrete construction programme; of the ratio between public and private housing flats; whether public housing flats will be put on sale on the market; if so, of the details and the quantity of such flats; if not, the reasons for that;

(b) whether the new Government will change the plan of selling sites with restrictions on flat number and flat size which has already been implemented by the Government of the last term; if so, of the details; and

(c) regarding the introduction of a "Hong Kong property for Hong Kong residents" policy put forward by CE in his election platform, of the circumstances based on which the Government decides when such policy should be introduced, and of the types of housing to which such policy will apply?

Reply:

President,

Members of the community wish to have a happy home and housing currently tops the list of livelihood issues of public concern. The present Administration has listed housing as one of its key tasks. We are aware that there are a number of housing issues of general concern to the public which require careful and pragmatic handling. These include the housing needs of the grass roots and non-elderly singletons; and the difficulty faced by the lower- and middle-income families in home purchase.

Housing is not simply meeting the basic needs of the public. It also affects the economy. Hence the Government will adopt a balanced approach to increase the supply of public housing on the one hand, and maintain the stability of the private market on the other. The key rests with increasing land supply for public and private housing as appropriate to provide sufficient flats to meet the public demand for housing.

I would like to take this opportunity to emphasise that we will handle the issue of housing which is of wide public concern in a prudent manner. We will strive to increase the overall supply of housing and facilitate the stable and healthy development of the property market through increasing land supply so as to avoid high volatility in the market. Only when people are living in contentment will the society be stable and harmonious. We will adopt a realistic and pragmatic approach in handling housing matters and will reach out to the districts to listen broadly to the views of the public in a humble manner.

My reply to the question raised by the Hon Miriam Lau in three-part is as follows:

(a) We consider that the provision of public and private residential flats should dovetail with the prevailing trend of housing demand. Hence we will reactivate the long-term study on housing and, based on our past experience, formulate a long-term housing strategy. We will conduct a comprehensive assessment of housing demand so as to gain a better understanding of the public's demand for different types of housing.

On the public rental housing (PRH) side, we will start with improving the land planning process and increasing PRH supply to meet the growing demand. The current annual average PRH production of 15 000 units is not a fixed target, and we will increase the supply having regard to the circumstances and subject to the land situation.

On the New Home Ownership Scheme (New HOS), our current plan is to provide some 17 000 flats over the four years from 2016/17 onwards. When more sites are identified in future, our target is to provide some 5 000 flats on average per year.

On the private housing side, making land available for an annual production of 20 000 flats on average over the next few years is not a fixed target. Our aim is to allow the Government to build up land reserve in a certain period of time so as to ensure steady land supply for the property market.

There is no fixed ratio between the supply of public and private flats as mentioned above. The housing supply of these flats can be adjusted according to the supply and demand conditions under the prevailing circumstances.

We will continue to increase land supply by adopting a multi-pronged approach, including releasing industrial land, exploring the options of reclamation on an appropriate scale outside the Victoria Harbour and development of caverns; looking into the use of green belt areas that are devegetated, deserted or formed; examining the uses of "Government, Institution or Community" sites; and exploring the possibility of converting into housing land those sites in the North District and Yuen Long currently used mainly for industrial purposes or temporary storage, or which is deserted, so as to open up land resources and actively build up land reserve. This will help enable the Government to meet the demand for housing during different times and to resolve the problem at source.

(b) The Government announced for the first time in 2010 that it would specify in the land sale conditions the minimum number of residential flats to be built and restrictions on the flat size. This measure aimed to increase the supply of small and medium-sized flats in the market. In addition, the Government introduced a measure in 2011/12 to impose restrictions on certain residential sites requiring developers concerned to provide no less than a certain number of flats on the sites in order to ensure the supply of residential flats.

Owing to the resumption of the HOS and the launch of the West Rail property development projects, which include the successfully tendered Nam Cheong Station project and Tsuen Wan West Station TW5 (Cityside) project, the Tsuen Wan West Station TW5 (Bayside) project which just started to invite tender yesterday, as well as the proposed development at Long Ping Station (North) which is scheduled for tender in the second quarter of 2012/13, the supply of small and medium-sized flats in the market will increase notably in the coming years.

President, land is a precious resource in Hong Kong and the development of land requires much effort in planning and the support of infrastructure. We have to ensure that the land so developed could supply a good number of flats. We will continue to monitor closely the development of the property market and, may consider specifying in the land sale conditions such requirements as the number of flats to be built having regard to the prevailing circumstances to meet market needs.

(c) The rationale of the policy of "Hong Kong property for Hong Kong residents" put forward by the Chief Executive is to accord priority to cater for the housing needs of local residents.

Local public housing providers including the Housing Authority (HA) and the Housing Society (HS) have been catering for the needs of Hong Kong residents on home ownership at different times from various angles and levels. The Home Ownership Scheme launched by the HA in the 1970s last century; the Flat-For-Sale Scheme and the Sandwich Class Housing Scheme launched by the HS in the 1980s and 1990s, and the newly introduced My Home Purchase Plan undertaken by the HS are all mainly targeted at Hong Kong residents.

We will ascertain the public policy objectives of the relevant public housing providers, and will explore with them on ways to better meet the home ownership needs of Hong Kong residents with different affordability through their subsidised housing projects. We will also continue to closely monitor the development of the property market. If necessary, we will take appropriate measures to ensure a stable and healthy development of the property market and to strive to safeguard the opportunity for Hong Kong residents to purchase their own homes.
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