Wheelock says its proposal to build homes under the land sharing scheme is a ‘win-win’ solution for all

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Private flats to be built under the Land Sharing Pilot Scheme will not necessarily cost more and is a ‘win-win’ solution for all stakeholders, managing director Ricky Wong says

Wheelock and Henderson submitted a joint proposal last month to build 12,120 flats in Lam Tsuen, Tai Po, with 70 per cent to be set aside for public housing

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A general view of Lam Tsuen, Tai Po. Wheelock and Henderson have submitted an application to the government to build over 12,000 flats under the Land Sharing Pilot Scheme. Photo: Winson Wong

Sandy Li

Published: 7:30am, 21 Sep 2021Updated: 7:48pm, 21 Sep 2021

Private flats to be built under a plan to tap Hong Kong developers’ land reserves will not necessarily cost more and is a “win-win” solution for all stakeholders, even though most of the land is earmarked for public housing under the proposal, according to Ricky Wong Kwong-yiu, managing director of Wheelock Properties.

Under the Land Sharing Pilot Scheme initiated in May last year, owners of farmland can apply to the government to increase the development density of their sites, but they must set aside at least 70 per cent of the increased floor area for affordable public sector housing. In return, the government will improve the infrastructural development to enhance the development intensity of the private lots and speed up various planning and project approvals.

Chief Executive Carrie Lam Cheng Yuet-ngor announced the plan in 2019 to help solve the city’s housing crunch, which she said was partly responsible for fuelling the social unrest that broke out that year. She appealed to developers to share their “social responsibility”.

“The project will only be economically viable when the government carries out infrastructure development like building roads, drainage and sewage systems to support a higher building density,” said Wong.

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The government has so far received three applications from developers under the Land Sharing Pilot Scheme aimed at unlocking farmland for housing. Nan Fung Development, which was the first to submit its plan in July, said it plans to build 1,149 public housing and starter homes in Tai Po by 2025, while providing 493 private flats by 2028. Sun Hung Kai Properties’ proposal, submitted last month, calls for 2,616 public housing and 1,474 private flats on a site on Ho Chau Road in Yuen Long.

Wheelock and Henderson’s plan, also submitted last month, is the biggest submitted under the Land Sharing Pilot Scheme so far. It calls for 12,120 units to be built on 19.3 hectares (2.08 million square feet) of farmland in Lam Tsuen, Tai Po, with 70 per cent or 8,484 units to be set aside for public housing and the remaining 30 per cent, or 3,636 units for private buyers.