Policy Address

4. Allow land owners in the Northern Metropolis to voluntarily surrender land planned to be resumed by the Government to offset the amount payable for in-situ land exchange or large-scale land disposal in NDAs. This will promote market participation in the development.

5. Adopt a "pay for what you build" approach to reduce the cost of land premiums in the Northern Metropolis. In lease modifications, subject to the condition of the land parcels involved, owners will be allowed to pay the required premium according to the actual built floor area and use, rather than the maximum floor area based on the maximum plot ratio under the current planning regime. We will also consider allowing developers to pay land premiums in phases, according to the development scale.

6. Commence a land use review for Au Tau, to capitalise on the development potential brought by the Northern Link. We will consider a larger proportion of private housing in the area around Sha Po at Au Tau Station for development into an NDA. We will engage the Mass Transit Railway Corporation Limited (MTRCL) to conduct the review, announcing its results next year.

47. Where appropriate, we may also apply the above administrative measures to areas outside the Northern Metropolis.