Shek Mun residential site to yield 960 flats

In this quarter, the government will put out a residential site in Shek Mun for tender, anticipating approximately 960 new flats, according to the Development Bureau. Secretary for Development Bernadette Linn explained that the site, situated at the crossroads of Tai Chung Kiu Road and On Sum Street, sits near the Shek Mun MTR station, surrounded by a well-developed community featuring both commercial and residential buildings, along with comprehensive transportation and amenities.

Linn expressed confidence in the site's market reception, given its fully developed surroundings. In fact, she expects the third quarter to deliver about 3,845 flats from private housing land, which includes the Urban Renewal Authority's To Kwa Wan Road project with roughly 1,050 units, and seven private development or redevelopment projects that will finalize land exchange or lease modification procedures, resulting in around 1,835 flats.

The government projects that private housing land supply for the first three quarters of this financial year will reach 15,680 flats, exceeding the annual goal of 12,600. Nonetheless, Linn emphasized that surpassing the supply target would not hinder the government's land sale momentum, as the annual target is not a rigid benchmark.

Some projects overseen and developed by the government, whether related to the Northern Metropolis's advancement, railway properties development, or urban redevelopment initiatives, have specific timelines aligned with governmental policy requirements and the overall area development. Linn clarified that the government will not merely slow down its pace merely because it has met particular numerical targets.

She also noted the market's positive sentiment this year and developers' optimism about the outlook, pointing out the demand for mature urban sites. Furthermore, the bureau announced that a dedicated student hostel project under the Hostels in the City scheme will be tendered in Sha Tin this quarter. The site in Siu Lek Yuen, near City One and Shek Mun MTR stations and close to several tertiary institutions, is initially estimated to yield about 600 hostel places.

Linn stated that the government will monitor the outcome before deciding on releasing two additional reserved sites in Tung Chung and Kai Tak.