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Hong Kong government signals record HK$170B land sales over 2 fiscal years

The Hong Kong government unveiled its fiscal 2018-2019 land sale program, under which four commercial and 27 residential land parcels will be put up for public tender, marking the possible start of a series of record-breaking site acquisitions amounting to an estimated HK$170 billion, the South China Morning Post reported.

The city's Lands Department separately quoted Secretary for Development Michael Wong as saying the residential properties to be offered can yield approximately 15,200 flats, while the commercial/hotel sites can provide 531,300 square meters of gross floor area and about 1,770 hotel rooms.

Within the 2018-2019 financial year, the local government is expecting private housing land supply that can accommodate about 25,500 flats to come online. These land plots will come from projects undertaken by the Urban Renewal Authority and MTR Corp. Ltd., among other sources.

The SCMP report, citing valuations from property consultant Centaline Surveyors Ltd., noted that 10 of the 27 residential plots are worth more than HK$10 billion each.

Centaline Managing Director Victor Lai Kin-fai told the paper that the upcoming series of land plots to be offered will represent the highest number of housing sites to be placed on the market in Hong Kong.

Lai added that Kai Tak Area 4A Site 2, with a gross floor area of 1.2 million square feet, could become the priciest among the sites, with an estimated valuation of HK$21.6 billion, or HK$18,000 per square foot.