2025-02-21 28Hse Editor
Seven private developers have received approval for their applications to exchange sites in the Northern Metropolis, according to Secretary for Development Bernadette Linn Hon-ho. Among these developers, discussions regarding land premiums are underway with six of them.
The sites located in Kwu Tung North and Fanling North are expected to accommodate approximately 9,000 private homes, as stated by Linn during a radio program. While she did not disclose the names of the developers, she mentioned that over 10 applications were received from private builders for the developments in these areas, out of which seven were deemed eligible.
Of the seven approved developers, the government is currently engaged in negotiations with six of them regarding land premiums. However, Linn emphasized that the December 31 deadline will not be extended. If agreements are not reached by then, the government will assume control of the land, as the Northern Metropolis is a government-led project.
Linn encouraged private builders to participate in the development, as their involvement can expedite construction and save government resources. She further stated that the government is willing to relax certain restrictions if developers can complement the development scheme.
Under the new regulations, landowners can apply for site exchanges as long as they possess 90 percent ownership, with the remaining 10 percent reverting back to the government. Additionally, the exchanged sites can be utilized for government-approved industrial and community purposes, in addition to residential and commercial buildings as previously required.
Linn assured that careful consideration will be given to land use. For instance, in San Tin, the government may allow industry leaders, rather than property developers, to develop sites for innovation and technology. The government has already identified potential industrial giants for this purpose.
The authority plans to disclose the approved sites eligible for exchange and guarantees that there will be no collusion between developers and the government.
Regarding the Northern Metropolis, the government intends to finalize the usage of all sites next year and commence land resumptions no later than 2027.
Addressing the recent unsuccessful land tenders in the city, Linn stressed that it is imperative for the government to continue land creation despite sluggish market sentiment. The creation of new land is essential to meet long-term demands for housing, economic growth, and community facilities.
Like 1
