Hong Kong's Wen Wei Po (Reporter Ngan Lun Lok)Although the government has set a goal of 10-year supply of 470,000 units,but market have a large resistance,finally doubtful whether compliance.The latest documents of Planning Department show that the residential land which located in the north of Kowloon Tong Dynasty Heights(has been incorporated in the land sale program),originally an area of 2.84 hectares,due to the large resistance from the public,the government finally listen to public opinion,the latest revision will reduce the site by 28.2% to 2.04 hectares,the number of units are reduced to only 980 units,the annual land supply by nearly 385 units.
The Planning Department have first proposed rezoning of the parcel occupies 2.84 hectares of Yin Ping Road north of land for housing development in February,but then was objected by the nearby residents and related organizations,opposed the amendment is too hasty,there was no prior consultation,nor submit technical assessment,such as traffic assess,slope safety etc.There are more directed comments the land should be rezoned to 'Green Belt' contrary to established planning principles for residential and procedures.
Rezone of 'Green Belt' have big debate
The authorities in the April 15 meeting with Beacon,Dynasty Heights residents and concerned groups,etc.,to explain the planning details.After considering the comments received,the government finally proposed to reduce the scale of development and in the latest document detailing the assessment results,including transportation,environment, drainage,slope safety,air circulation,visual impact and so on.However,the district councilors Chan Wai Ming still have reservations on the new plan,thinking that the construction of residential housing involves felling of trees,it will affect the environment and affect the lives of nearby Dynasty Heights residents.
It is understood that the Planning Department recommended the land in the north of Yin Ping Road,keep a distance with the artificial hillside north of the Dynasty Heights and try to avoid including streams,so the site will remove approximately 0.8 hectares of the south from the original 2.84 hectares,decreased by 28.2% to 2.04 hectare,the plot ratio remained unchanged of 2.88 times,increased from 880,000 feet of gross floor before,reduced to the latest 632,400 feet.
Savills Valuation and Professional Services Director General Manager Chan Chiu Kwok said that although the government hopes to increase the supply of land through rezoning,but the people who are living in the district have their personal thoughts,while increasing the development density,it is bound to affect the interests of residents,under the strong public opinions,the government's concessions will affect the timetable for the land.Although the government's target of 10 years supply 470,000 units,but due to the large resistance of the people in the region,whether it can reach the standard target,still remains challenging.
In fact,in recent years,the government often encountered resistance when developing the lands,the examples are abound.Such as the recent development of the Outline Zoning Plan amended Northeast New Territories district,have received 42,000 representations,plans to develop 152 hectares of land along the South of Kam Tin,there are also over a hundred public demonstrations,2012 Pro site before going to the development of Maanshan Marbella,but under the opposition from residents fizzled,most classic is the south land of the former Kowloon Tong Lee Wai Lee,originally proposed the development of mansion,the ultimate in social opposition to return for educational purposes.
It is worth noting that the Government in reducing the scale of development,while the estimated land still can be built 980 units,or with an average area of only 645 feet per unit,the construction of small and medium units,the construction site with the outside world has been anticipated luxury units both large impression appears considerable gap.
Cushman & Wakefield : The land price should have 'at least 70% off'
Cushman & Wakefield Greater China Appraisal and Consulting Director Cheung Kiu chooi said that the land was originally expected to supply more than a thousand feet of luxury flats,the land price of about HKD $8,000 per square foot,even reduce the size of the premium pro rata basis up to the original estimated that HKD $7.0 ten billion reduced to HKD $5.0 ten billion.However,if there are limited supply in the future and serves only small and medium flats,the price should have 'at least 70% off' and the floor price will be dropped to HKD $5,600.
