Town Lot 55 in Area 106B is expected to provide 745 flats, Bernadette Linn Hon-ho, the secretary for development, said on Tuesday.
The government rolled out the same 37,268-square-metre (401,000 sq ft) plot in 2023 but withdrew it after bids did not reach the reserve price.
Revenue from land sales stands at HK$4 billion (US$514 million) for the financial year so far, Linn said. In the 2024-25 budget speech delivered by the financial secretary last February, revenue from land sales was estimated at HK$33 billion.
Offering the site during the quarter ending in March is “appropriate” given the recent market environment, views from stakeholders, the MTR Corp’s recent successful tender of a site nearby, and the “gradual completion of public housing in the area”, Linn said.
The revised site plan reflects the industry’s wish for smaller sites with fewer requirements regarding site formation and government facilities amid the current market conditions, she added.
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