XN000022-1994-06-08 — Page 3

HOUSING SUPPLY

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1

WEDNESDAY, JUNE 8, 1994

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60,000

INCREASE OVERALL SUPPLY FROM NEW LAND BY 45,000 FLATS IN THE NEXT SIX YEARS IN BOTH THE PUBLIC AND PRIVATE SECTORS TO MEET THE GROWING DEMAND FROM A LARGER AND MORE AFFLUENT POPULATION, OF THESE, AT LEAST 15,000 WILL BE FROM PRIVATE DEVELOPMENT, 20,000 FROM PUBLIC HOUSING (ON TOP OF HOUSING AUTHORITY'S PROPOSAL TO PRODUCE 13,000 UNITS FROM ITS IN-FILL DEVELOPMENT) AND 10,000 FROM EXPANSION OF THE SANDWICH CLASS HOUSING SCHEME. IN ADDITION, THE GOVERNMENT WILL CONTINUE TO IDENTIFY MORE SITES TO MEET THE HOUSING AUTHORITY'S OVERALL PRODUCTION TARGETS.

EXPEDITE REDEVELOPMENT OF OLD BUILDINGS AND UNDER-UTILISED SITES WHICH WILL FURTHER INCREASE HOUSING SUPPLY;

WELCOME THE POSSIBLE SUPPLY OF 24,000 FLATS FROM THE AIRPORT RAILWAY LAND, SUBJECT TO AGREEMENT OVER AIRPORT FINANCING WITH THE CHINESE SIDE AND FROM MILITARY SITES WHICH MAY BECOME AVAILABLE BEFORE 1997.

LAND SUPPLY

INCREASE LAND SUPPLY BY UP TO 15 HECTARES IN 1994/95 AND ANOTHER 55 HECTARES BEFORE 1997/98, BOTH SUBJECT ΤΟ AGREEMENT BY THE LAND COMMISSION, ΤΟ MEET HOUSING COMMITMENT;

ESTABLISH A LAND RESERVE UP TO 50 HECTARES

TO ENABLE THE

GOVERNMENT TO RESPOND MORE FLEXIBLY AND EFFECTIVELY TO DEMAND) ABOVE THE CURRENT PROJECTIONS;

章 SPEED UP INFRASTRUCTURAL DEVELOPMENT SO AS TO BRING FORWARD

RESIDENTIAL DEVELOPMENT OR REDEVELOPMENT.

IN ADDITION, THE GOVERNMENT HAS ALSO ACCEPTED THE TASK FORCE'S RECOMMENDATIONS ΤΟ STRENGTHEN CONSUMER PROTECTION BY IMPROVING INFORMATION ON PRE-SALE FLATS AND FUTURE SUPPLY, BY SPECIFYING THE DATE OF COMPLETION IN THE SALE AND PURCHASE AGREEMENT AS THE DATE OF ASSIGNMENT TO GIVE BUYERS GREATER CERTAINTY OVER THE DATE THAT THEY CAN TAKE POSSESSION OF THEIR PROPERTY AND BY PURSUING THE LICENSING AND REGULATION OF REAL ESTATE AGENTS.

THE GOVERNMENT WILL ALSO APPOINT A SECRETARY FOR HOUSING WITH OVERALL RESPONSIBILITY FOR THE PLANNING, DEVELOPMENT CO-ORDINATION AND MONITORING OF BOTH PUBLIC AND PRIVATE HOUSING POLICIES AND PROGRAMMES.

OTHER ADMINISTRATIVE MEASURES INCLUDE THE FORMATION OF A HIGH- LEVEL PROJECT ACTION TEAM TO SPEED UP THE PROCESSING OF MAJOR DEVELOPMENT PROJECTS. IMPROVEMENT OF THE PLANNING AND DEVELOPMENT PROCESSES AND MONITORING SYSTEMS TO ENSURE GREATER CERTAINTY OF HOUSING SUPPLY: APPOINTMENT OF A THREE-MEMBER TEAM FROM THE COMMUNITY ΤΟ REV LEW THE CONDUCT OF LAND AUCTIONS AND ESTABLISHMENT OF A COMMITTER UNDER THE LAND AND BUILDING ADVISORY COMMITTEE TO MONITOR THE PROGRESS OF IMPLEMENTING THE ABOVE MEASURES.

/MR EASON