Cheung Kong

Developers build 22,131 flats in first nine months

PUBLISHED : Wednesday, 08 December, 1999, 12:00am
UPDATED : Wednesday, 08 December, 1999, 12:00am

Developers completed 22,131 private housing units in the first nine months, accounting for nearly two thirds of the year's forecast supply, according to preliminary government statistics.

Figures from the Rating and Valuation Department show that completed flats in the first nine months represent 61.4 per cent of the forecast completion of 36,057 for the whole year.

As usual, small and medium-sized flats constituted the bulk.

Analysts said there was a 50 per cent chance the Government's forecast completion would be achieved. Some expected full-year supply to be slightly short of the prediction.

Initial forecasts put next year's completion of private-sector flats at about 31,300.

In the first nine months, New Territories completions contributed to 81.1 per cent of total supply, with 17,954 units.

There were 2,526 completed flats in Kowloon areas, or 11.4 per cent of the total. On Hong Kong Island, completions were 1,651, accounting for 7.5 per cent.

In the office sector, developers completed 3.1 million square feet during the nine months, representing 61.7 per cent of the forecast completion of 5.02 million sq ft for the whole year.

Most supply was from new buildings on Hong Kong Island, which provided 1.88 million sq ft, or 60.8 per cent, of total completion in the first three quarters.

Major new buildings completed include Gateway II in Tsim Sha Tsui, Cheung Kong Center and One International Finance Centre in Central, as well as Oxford House and 1063 King's Road in Quarry Bay.

New buildings in Kowloon contributed about 990,000 sq ft of office space while those in the New Territories provided 226,000 sq ft.

Office supply for next year was expected to drop to 1.87 million sq ft, initial government forecasts showed.

Retail property completions amounted to about 990,000 sq ft, representing 46.9 per cent of forecast supply for the full year.

About 366,000 sq ft of industrial-office properties were completed, accounting for 85 per cent of expected supply.

Completion of storage properties amounted to 1.64 million sq ft, or 99.4 per cent of the year's forecast. About 260,000 sq ft of specialised factory space was completed from January to September, or 53.3 per cent of the prediction.