Hundreds of vacant office land value 38 billion
The long-term supply of housing is insufficient, and it is imperative to build houses in abrupt manner. The Government has 98 vacant lots that can be used for residential development in the long run. The land price is expected to exceed $38 billion, and a rough estimate can be made for more than 10,000 people.
The Government currently has 98 vacant plots that can be used for residential development in the long term, of which Yuen Long District has the largest number of 35 sites.
According to the information of the Lands Department of the newspaper, the land lots are concentrated in the northwest New Territories, and a rough estimate can provide a total of more than 5.6 million square feet of floor space. When the Yuen Long District took up 35 places, it was the largest in all regions, with a total area of approximately 318,200 square miles. It is expected that the building will have a floor area of approximately 501,000 square feet and the estimated total market value of land will exceed RMB 2.08 billion.
Tuen Mun to provide 3.58 million sqm
As regards the northern part of the New Territories, it is also one of the regions with the most potential for development. There are 8 similarly-constructed residential lands in the area, covering a total area of approximately 98,800 sq. ft., and due to the use of mostly “residential (Group A)”, high density can be built. For residential properties, it is estimated that the total floor area will be approximately 548,300 square feet. In Kwai Chung and Sai Kung, each of the six vacant lands is conditionally converted into housing supply, and the total area of the relevant land parcels in the two districts is estimated to be approximately 180,100 and 84,900 ha respectively.
However, if the development plan is based on the largest scale in Tuen Mun District. With 24 similar lands in the area, the area covers an area of approximately 1.3520,000 sq.ft. Even though the development density is low, it is expected to provide a total of 3.589 million square feet of floor space, accounting for more than 60% of the total. The market value is expected to be nearly 20 billion yuan.
Siu Lam has a land value of approximately 11.2 billion
An area of over 620,000 square metres of land in Xiaolan District is located in the north of Hai Qin Xuan and is surrounded by slopes. Assuming a plot ratio of 3.6 times, the entire construction site will provide nearly 2.24 million square feet of floor space. With an area of approximately 700 square feet per site, approximately 3,200 units can be built. It is expected that the price of each floor will be 4,000 to 5,000 yuan, and the valuation will be close to 11.2 billion yuan.
Zhang Shengdian, Director, Corporate Development Department, Valuation Group ( Valuation and Property Management) believes that Hong Kong has already developed about 30% of the land, while the remaining 70% is now a relatively remote area such as roads and country parks. The urban areas have long been used up. Therefore, it is not difficult to understand why vacant land is concentrated in the New Territories. He believes that while the government plans to increase the supply of land for housing in the long-term plan, it must also take into consideration the surrounding facilities and economic activities.