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Kenneth Ko

The supply of private flats in Tseung Kwan O and Tsuen Wan will rise considerably and provide the largest number of new units in the coming years, the Rating and Valuation Department has forecast.

 In its latest Hong Kong Property Review , the department says 7,718 units will be completed in Tseung Kwan O and Sai Kung this year and 4,080 units next year, up from 1,125 last year.

 In Tsuen Wan, 5,533 units will come on the market this year and 2,804 next year, up from 2,283 last year.

 In Tuen Mun, 2,562 flats are due for completion this year and the number will rise to 3,611 next year, compared with last year's 2,469.

 Sha Tin will also see the completion of more units, with 3,598 to come on the market this year, up from 1,857 last year. The number is expected to be 2,334 next year.

 Last year, Tai Po recorded the largest number of new units, with 3,442 completed.

 According to the property review, the total supply of private flats will rise sharply from last year's 22,280 to 36,100 this year and 31,300 next year.

 About 77 per cent of the total number of units built this year will be in the New Territories, and 55 per cent next year.

 On Hong Kong Island, 3,382 units will be completed this year and 6,772 next year, compared with just 878 last year.

 The supply in Kowloon and New Kowloon areas will reach 4,989 units this year and 7,179 next year, compared with 4,530 last year.

 Vacancies at the end of last year stood at 43,820 units, representing 4.5 per cent of supply, up from 3.8 per cent a year earlier. The report said nearly a third of units left vacant were in buildings completed last year.

 The bulk of new supply would be smaller flats. The property review forecast that the number of completed small and medium-sized flats would grow to 33,700 this year and 29,100 next year.

 The supply of large flats was expected to reach 2,400 this year and 2,200 next year.

 The vacancy rate for small and medium-sized flats at the end of last year rose to 38,420 units, or 4.3 per cent of stock, up from 3.8 per cent a year earlier.

 The vacancy rate for large flats increased to 5,400 units, or 7.6 per cent, the highest rate recorded since 1983, compared with 4.9 per cent in 1997.

 The department said there was a negative take-up of 170 units in the large flat sector last year, the first negative figure recorded, although the fall was not great in absolute terms. Completions for last year stood at 2,010 units.

 About 63 per cent of the large flats due for completion this year would be provided in the New Territories, with the largest concentration in Tuen Mun.

 Next year, the emphasis would shift back to the urban districts, which were expected to account for 87 per cent of the completions. More than 20 per cent of the total would be in Yau Ma Tei.

 By area, the largest number of vacant units was in the New Territories. Tsuen Wan had 2,307 units unoccupied, with a vacancy rate of 2.8 per cent.

 Yuen Long's vacancy rate stood at 6.3 per cent, or 4,160 unoccupied units. Sha Tin's was 7.7 per cent, with 4,805 vacant units. The highest vacancy rate was in Tai Po at 11.9 per cent, with 4,322 units unoccupied at the end of last year. In Island South, the vacancy rate was 10.7 per cent, with 812 vacant units, while in Mid-Levels the rate was four per cent.

Vacancy for large flats increased to . . . 7.6 per cent, the highest rate . . . since 1983 



Tseung Kwan O and Tsuen Wan to attract greatest attention in official forecast