Question of supply
In his final question-and-answer session of the Legislative Council year, Chief Executive Donald Tsang Yam-kuen spoke about property and gave some indication of what lies ahead. 'I believe the government should not be too heavy-handed towards the property market in using policy to attack property prices. Since the government acted last time, the property market has stabilised,' he said. At a time when many believe the government is working overtime to stabilise prices, his statement was somewhat surprising. He said the priority was to increase supply.
Recent statistics show that more supply is coming to market. New flats being built in the second quarter reached 4,700 units, up 67 per cent from the first quarter, but only 1,200 units were completed in the quarter, the lowest in three years. Hence, there is still a city-wide supply gap in the near term.
One area of Hong Kong with short supply is Kowloon Tong. Despite its low profile, demand in this area is strong and prices are firm. In this issue of LuxeHomes, we have a district story on the property scene in this wealthy, low-density neighbourhood. We also introduce you to something that could change every home, and we show you why LED might just throw some light on your future.