REDA Welcomes Policy Address, Five-Year Plan for Improved Future Land Supply
Thestandard · 1 SOURCESabout 2 hours ago2 MIN
Summary
The Real Estate Developers Association (REDA) has expressed support for the government's Policy Address and inaugural Five-Year Plan, describing the documents as outlining a clear development blueprint for Hong Kong's future. REDA chairman Stewart Leung Chi-kin welcomed the four key initiatives proposed by the association, including urban renewal strategies, Northern Metropolis development, innovative implementation tools, and measures to consolidate Hong Kong's status as an international financial center. The Policy Address sets a target of 900 hectares of "spade ready sites" in the Northern Metropolis, providing greater certainty for future land supply.
Key Points
- REDA chairman Stewart Leung Chi-kin expressed satisfaction that the government adopted the four key initiatives proposed by the association
- The four initiatives include urban renewal with new strategy, developing the Northern Metropolis, promoting development through innovative tools, and consolidating Hong Kong's international financial center status
- The Policy Address targets 900 hectares of "spade ready sites" available in the Northern Metropolis, providing greater land supply certainty
- REDA hopes the Development Bureau will coordinate with various land supply units in the Northern Metropolis to manage supply timelines according to market conditions
- The Five-Year Plan serves as a concise development blueprint for the city's future, aligning government policy with industry recommendations
Why It Matters
The alignment between REDA's recommendations and government policy signals a coordinated approach to addressing Hong Kong's land supply challenges. With the Northern Metropolis targeted as a major growth engine, the 900-hectare development-ready land target provides clarity for developers planning long-term investments. This partnership between the government and real estate developers could accelerate infrastructure development and support Hong Kong's economic diversification.
The alignment between REDA's recommendations and government policy signals a coordinated approach to addressing Hong Kong's land supply challenges. With the Northern Metropolis targeted as a major growth engine, the 900-hectare development-ready land target provides clarity for developers planning long-term investments. This partnership between the government and real estate developers could accelerate infrastructure development and support Hong Kong's economic diversification.