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2026-09-16 11:50:16 The government unveiled the "Hong Kong's First Five-Year Plan", targeting cumulative output of "ready sites" in the Northern Metropolis to surge 7.5x to 900 hectares during FY2026/27-FY2030/31, compared with 120 hectares during FY2021/22-FY2025/26. Residential completions in the Northern Metropolis are expected to reach 70,000 units over the five-year period, representing cumulative growth of about 6.4x compared with 11,000 units during FY2021/22-FY2025/26. Chief Executive John Lee said that through the formulation of the Northern Metropolis Development Ordinance and the adoption of diversified development models, the government can accelerate the release of development space. Measures including the establishment of industrial park corporations, implementation of the pilot scheme for standard land premium assessment, and adoption of the two-envelope tendering approach will drive integrated development. Authorities will allow low-density facilities to be developed first to stimulate pedestrian flow and revenue generation, supporting long-term large-scale development. The government will increase housing and economic land supply in the Northern Metropolis. Output over the next five years is expected to provide land for more than 70,000 units and 1 million square meters of economic gross floor area. Higher living standards will also be achieved in the Northern Metropolis, with new projects gradually optimizing area allocation for public housing and raising minimum size requirements for private residential units to create favorable conditions for improving per capita living space. For public housing, the authorities are preparing to gradually increase the internal floor area of rental and subsidized sale public housing units to be completed over the next decade, including units in the Northern Metropolis. The proportion of larger units in newly built subsidized sale housing projects, including those in the Northern Metropolis, will also be increased. ~ AASTOCKS Financial News Website: www.aastocks.com | |