The government on Saturday said it had no plans to use the site of November's Tai Po fire at Wang Fuk Court for residential use.
Speaking on a radio programme, Deputy Financial Secretary Michael Wong - who heads the task force on emergency accommodation arrangements for the estate - said developing community facilities at the location would be more appropriate.
"It is not possible to rebuild residential units after such an unfortunate event, even if you look into experiences in other countries," he said.
"The place can be used to build facilities that are needed by the nearby communities in Tai Po and New Territories East.
"And there is no possibility that anyone will make a fortune from that piece of land in the future."
Wong also said redevelopment was not very practical as an option for the estate, which saw seven of its eight buildings consumed by an inferno amid a major external renovation, due to the longer duration needed compared to other relocation options.
The administration has distributed questionnaires to Wang Fuk homeowners to gauge their long-term rehousing preferences, which include relocation within Tai Po, a "house-for-house" option in which they give up their flat in exchange for another unit of similar value under the Home Ownership Scheme, and staying at the original location.
"If we rebuild at the location, that will take about nine to 10 years because we will first have to deal with property rights issues, and it will take a couple of years to resolve legal matters if cases in other countries and regions are taken as a guide," Wong said.
"After the government takes back all the property rights, then the site has to be cleared, and that would take three to four years if we take down seven buildings.
"Even if we carry out the planning work at the same time that we tear down these blocks ... it will still take at least nine years to complete the project, in which case residents will only be able to get their flats in 2035."
However, Wong reassured Wang Fuk Court owners that the government was willing to accommodate residents as much as possible in their preferences.
