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HONG KONG, Jan. 16, 2013 /PRNewswire/ -- Royal Institution of Chartered Surveyors (RICS) welcomes the Chief Executive’s Policy Address announced today to build up land reserve. The Policy Address has addressed the critical shortage of land and housing issues which are affecting the overall competitiveness of the SAR. In particular, there are a number of RICS recommendations being adopted, including the conversion of 36 pieces of GI/C sites, the incentives for industrial redevelopment and the Energising Kowloon East initiatives. RICS wishes to put forward the following recommendations to facilitate the smooth implementation of the policies.
Land Supply - Reclamation
RICS supports reclamation outside Victoria Harbour as it is an effective way to build up a sustainable land reserve to meet long-term demand and future needs of the city. In the forthcoming stage of public engagement, it is important for the administration to present to the public the vision as well as the overall development plan for North Lantau, Lung Kwu Tan in Tuen Mun, Southwest Tsing Yi and Ma Liu Shui.
Housing Supply – Redevelopment of Aged PRH Estates
While the Policy Address has set out an ambitious plan in building at least 100,000 public rental housing (PRH) units over the five years starting from 2018, there was no mentioning of the potential of releasing additional units from redevelopment of aged PRH estates. RICS is of the view that these estates are generally located in easily accessible districts, which may warrant an increase in plot ratio and secure public housing for those in need.
RICS is in addition happy to see the review of subsidised housing policies, including the My Home Purchase Plan (MHPP) and new Home Ownership Scheme (HOS), allowing more efficient use of land to cater for the needs of Hong Kong residents better and improve the living environment.
Industrial Redevelopment
In the latest Policy Address, CE introduces a number of initiatives related to industrial redevelopment. All of them need cross-bureau coordination as not all policies are joined up in facilitating redevelopment projects. RICS wishes the government to re-consider our suggestion of reactivating a centralised agency similar to the Development Opportunities Office (DOO) from the former administration.
RICS welcomes the government’s plan to further relax restrictions on wholesale conversion of industrial buildings as this provides financial incentives to landlords, which helps increase commercial and residential land supply shortly.
Mr Kenneth Kwan, Chairman of RICS Hong Kong Board, said, “RICS Hong Kong feels that this policy address is heading towards the right direction in addressing the shortage of commercial and residential space. With such an ambitious plan, it is important for the various bureaux and departments to be working together to achieve these goals, and that’s why RICS Hong Kong is in favour of a centralised agency to coordinate these projects.”
About RICS & RICS Asia
RICS is the world’s leading qualification when it comes to professional standards in land, property and construction. In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining RICS status is the recognised mark of property professionalism.
Over 100,000 property professionals working in the major established and emerging economies of the world have already recognised the importance of securing RICS status by becoming members.
RICS is an independent professional body that since 1868, has been committed to setting and upholding the highest standards of excellence and integrity – providing impartial, authoritative advice on key issues affecting businesses and society. RICS is a regulator of both its individual members and firms enabling it to maintain the highest standards and providing the basis for unparalleled client confidence in the sector.
The RICS Asia supports a network of over 11,000 individual professionals across the Asia Pacific region with an objective to help develop the property and construction markets in these countries, by introducing professional standards, best practice and international experience. It promotes RICS and its members as the natural advisors on all property matters. It also ensures that services and career development opportunities are provided to members.
The RICS Asia region covers national associations and local groups locating in Brunei, Malaysia, Singapore, Thailand, The People’s Republic of China and the SAR Hong Kong. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Japan, Kiribati, Laos PDR, Macao, Mongolia, Nepal, North Korea, South Korea, Taiwan region, The Maldives, The Philippines, Timor East and Vietnam. For more information, please visit: www.ricsasia.org
Media enquiry, please contact:
RICS Asia Public Relations Representative
Mr Andy Hung / Ms Polly Tsang
T: 2372 0090
F: 2372 0490
M: 9254 9250 / 6108 5435
E: andy@creativegp.com / polly@creativegp.com
