Real Estate

Hong Kong plans artificial island to cope with housing shortage


Hong Kong chief executive Carrie Lam on Wednesday announced a plan to build an artificial island a third of the size of Kowloon that could provide up to 400,000 homes to help tackle the city’s severe housing shortage.

The government’s plan to reclaim 1,700 hectares lands to the east of Lantau Island hopes to provide 260,000 to 400,000 residential units, with 70 per cent dedicated public housing, accommodating 700,000 to 1.1m citizens over the coming 20 to 30 years. 

Chief executive Carrie Lam said in her latest policy address that the project, named the “Lantau Tomorrow Vision”, would be a “double gateway to the world and other Greater Bay area cities [in China]”. 

The government expect to start the first phase of reclamation in 2025 and the first batch of residential units to be available in 2032.

In her policy address, Mrs Lam also announced a series of policies to increase housing supplies and pledged 70 per cent of newly developed government land for public housing. 

The measures include a scheme to allow housing developments on private agricultural lands, which the government said was previously blocked by “planning consideration”, local opposition and “inadequate infrastructure support”. 

Hong Kong’s residential property market has been the least affordable in the world for eight consecutive years, according to a survey by Demographia, the urban public policy group.



READ SOURCE

Read More   Coronavirus outbreak will halt 520,000 UK house sales in 2020

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.