Some 10,000 units will flood the market in fourth quarter, hurting resale sector Almost half the new housing units being built in Hong Kong this year will be completed in the fourth quarter, putting downward pressure on prices, particularly in the secondary market where prices could drop 5 per cent, property analysts said. 'About 7,590 units will receive occupancy permits from the Buildings Department in the fourth quarter, equal to about 44 per cent [of this year's total],' said Patrick Chow, head of research at Ricacorp Property. With more than 10,000 units going on the market simultaneously: 'The boost in supply will definitely have a negative impact on the secondary market.' With buyers opting for new flats rather than resales, 'individual homeowners ... may lower their asking prices to lure buyers', Mr Chow added. The Rating and Valuation Department estimates that total completions this year will total only 17,197 units, the lowest since 1993. Only 39 residential projects with 9,607 units received occupancy permits in the first eight months of the year, according to Ricacorp Properties research data. When Grand Promenade came on the market in Sai Wan Ho earlier this year, resales in the area dropped significantly, said DTZ Debenham Tie Leung consulting and research department director Alva To Yu-hung. 'It will happen again in the first quarter of next year [in other areas],' he said. Sun Hung Kai Properties plans to begin flat sales at its 1,101-unit Manhattan Hill project in Mei Foo in the fourth quarter while Cheung Kong (Holdings) intends to begin pre-sales at its 1,030 unit Sausalito project in Ma On Shan in the same period. 'Developers will face price pressure,' said Shih Wing-ching, chairman of Centaline (Holdings), parent of Centaline Property. He expects the property prices will be flat in the fourth quarter of this year.