Hong Kong developers will complete fewer residential units this year, but supply will remain abundant for years and competition keen, according to the Centaline Property Agency. Senior research manager Wong Leung-sing said a survey showed about 30,000 private flats were likely to be completed this year, down 11.8 per cent from last year's 34,035. Finished units would include 26,494 flats in 90 projects, with the remainder from smaller-scale developments and New Territories village houses, he said. Despite the anticipated decline, supply of new flats would remain abundant in coming years, he said. The agency predicted completions would also stay at the 30,000 level next year. Developers completed 26,260 units in 2001, 25,790 in 2000 and 35,320 in 1999. Last year's 34,035 finished units were more than the government's original forecast of 30,400. Mr Wong said the higher than expected completions were partly due to a smoother construction process last year when fewer typhoons hit Hong Kong. Kowloon is expected to see 28 projects completed this year involving 11,664 units, a substantial increase from last year's 6,145 units. They are mostly in Cheung Sha Wa and West Kowloon. The New Territories will see 15,000 unit completions including village houses, compared with last year's 25,725. Among them are 7,432 units in Tseung Kwan O. On Hong Kong Island, there will be 2,723 units in 40 projects to be completed, compared with 558 units last year. According to Centaline, Sun Hung Kai Properties will be the largest provider, completing 4,719 units in four projects, followed by Nan Fung Development's 4,144 units in three projects. Cheung Kong (Holdings) has 3,803 units in five projects due for completion, Hang Lung Properties has 2,926 units in three projects, Swire Properties 2,718 units in three projects and Henderson Land Development 2,124 in three projects. Meanwhile, the Land Registry recorded 7,293 property transactions last month, up 19.3 per cent month on month but down 21 per cent from a year ago. The total consideration increased 12.8 per cent to HK$14.6 billion from December but decreased 29.3 per cent year on year. The registration figures better reflect December's market activity due to a time lag between transactions and registration. FLATS IN ABUNDANCE A survey showed about 30,000 private flats are likely to be completed this year, down 11.8 per cent from last year's 34,035 Developers completed 26,260 units in 2001, 25,790 in 2000 and 35,320 in 1999 Kowloon is expected to see 28 projects completed this year involving 11,664 units, a substantial increase from last year's 6,145 units
