Govt keeps 10-year housing target steady at 430,000

The government has kept its housing supply target for the next decade unchanged for the third straight year, at 430,000 flats, stressing that the number is based on estimated market demand.

The target is part of the Transport and Housing Bureau’s long-term housing strategy annual report.

According to the report, officials have earmarked 350 hectares of land to build 330,000 public units for the next 10 years. About one-third of those flats are expected to be completed in the next five years, with around two-thirds to be ready in the following five.

The public housing target meanwhile stands at 301,000.

While the average waiting time for public housing has reached a record of almost six years, housing minister Frank Chan said officials came up with the latest target figure based on housing demand.

“We have to estimate how much public housing demand there is, from firstly the number of new households to be formed, the number of households to be displaced by redevelopment and also the number of households living in inadequate housing, and also other reasons,” he told a press conference.

As for private sector supply, Chan said the government is confident that 129,000 flats can be made available in the next decade.

Meanwhile, Chan said the government welcomed plans by a private developer to offer 300 flats at discount prices.

The minister said he couldn’t give more details – such as the amount of land premium, if any – as talks between the government and New World Development are ongoing.