Policy Address

First-Year Progress

90. Measures put forward in my last Policy Address to enhance the quantity, speed, efficiency and quality of public housing supply are making good progress, as follows:

  1. the average waiting time for public rental housing (PRH) has been capped and reduced from the peak of around six years to 5.3 years. We are on track to meet the target of reducing the composite waiting time to 4.5 years by 2026-27, reversing the rising trend of many years;

  2. under the PRH Advance Allocation Scheme, more than 2 000 PRH units will be completed in the first half of 2024, advancing the completion by about five to eight months and enabling PRH applicants to move in earlier;

  3. the first batch of about 2 100 Light Public Housing (LPH) units will be completed in 2024-25, and about 30 000 units will be completed by 2027-28, to alleviate the severe shortage of supply in the coming five years. The supply of PRH in the second five-year period will increase significantly as a result of the Government's efforts to speed up and expand housing production, shortening the waiting time substantially; and

  4. the Private Subsidised Sale Flat − Pilot Scheme has been launched. Starting from 2023-24, three sites will be put up for tender for private developers to develop subsidised sale flats (SSFs), with the first two tender sites providing at least 2 000 units.