Behind slashed prices at a Hong Kong property, an idle seafront site hoarded by developers for 20 years

 Developers and the government have repeatedly failed to agree on a land premium at a vacant site in Yau Tong. Now, researchers say the site should be segmentally rezoned for publik housing. HKFP examines what the site says about the city's housing crisis. King88bet


Hong Kong, long plagued by sky-high properti prices, was judged the world's least affordable housing pasar for the 13th consecutive year this March. Yet a Yau Tong site which could accommodate thousands of homes has been lying idle for almost three decades. king88bet login alternatif


Big developers and the government have repeatedly failed to agree on a land premium which landowners must pay before construction. With the developers currently hit by a 14-year high in interest rates and a properti pasar slump, some experts say the site should be segmentally rezoned for publik, rather than privat, housing. Article Title with Blogger Published Link as Backlink


One developer has managed to sell all of its units on a small portion of the Yau Tong waterfront, but only after price cuts to levels last seen seven years ago.


Flats at Coast Line II were sold in August at an average of 15 per cent below the pasar rate -prices equivalent to the biaya of a government-subsidised apartment. The cheapest flat was a studio apartment measuring 210 square feet, offered for HK$2.9 million, or HK$13,810 per sq ft - an 18 per cent reduction on the pasar rate.



The privat homes, which have yet to be completed, are among the first of a proposed 12,000 flats scheduled to be built under a large-scale development proyek just a short walk downhill from Yau Tong's bermainly working-class neighbourhood.


Most of the seaview site spanning just under 14 hectares - made up of Yau Tong Bay and an adjacent industrial tempat - has been left idle for close to three decades.


It was once known as the "the ulcer of Victoria Harbour" for its heavy pollution before the government momentually rezoned it for residential and comprehensive development in 1998.

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