Unveiling relevant measures in his Policy Address on October 25, Chief Executive John Lee said while public housing demand from 2024-25 to 2033-34 is estimated at 308,000 units, the government has identified sufficient land to develop about 410,000 public housing units.
As for overall land supply, it is estimated there will be more than 7,000 hectares available in the 30-year period to 2048. After taking into account projected demand, there will be a land reserve of at least 1,000 hectares.
“Land production” is progressing on schedule, with all such supply coming from government-led projects, including the Northern Metropolis, he added.
According to the Housing Bureau’s Long Term Housing Strategy, the supply target for private housing in the next decade is projected at 132,000 units. Mr Lee said sufficient land will be made available in the next five years to provide about 80,000 units.
Releasing development potential
The use of existing land will be optimised to unleash development potential. This includes the revitalisation of Hung Hom Station and nearby sites, repurposing the former Lamma Quarry site and optimal development of green belt areas.