THURSDAY, APRIL 1, 1976
MORE DOMESTIC UNITS TO BE COMPLETED THIS YEAR ******
THE NUMBER OF DOMESTIC UNITS TO BE COMPLETED IN THE URBAN AREAS IS EXPECTED TO RISE AGAIN AFTER A DROP IN THE LAST TWO YEARS.
THIS FORECAST WAS CONTAINED IN THE 1976 PROPERTY REVIEW PREPARED BY THE RATING AND VALUATION DEPARTMENT.
THE COMMISSIONER OF RATING AND VALUATION, MR. RAYMOND FRY, COMMENTING ON THE REVIEW SAID TODAY THAT ITS MOST SIGNIFICANT FEATURE WAS THE FORECAST OF DOMESTIC ACCOMMODATION TO BE BUILT THIS YEAR AND IN 1977.
SUPPLY FOR LAST YEAR WAS DOWN TO 13,000 FROM 19,000 IN 1974 AND 24,000 IN 1973.
HOWEVER, THE NUMBER OF COMPLETIONS THIS YEAR IS EXPECTED TO REACH 17,000 WHILE THAT OF 1977 IS ANTICIPATED TO APPROACH THE 21,000 MARK.
+THIS IS AN AVERAGE OF NEARLY 19,000 UNITS PER YEAR FROM 1973 TO 1977, NOT INCLUDING THE NEW TERRITORIES OUTSIDE THE TSUEN WAN AREA, WHERE AN AVERAGE OF 1,500 UNITS PER ANNUM IS EXPECTED DURING THE PERIOD 1976-77,+ MR. FRY SAID.
ACCORDING TO THE REVIEW, VACANT DOMESTIC UNITS WERE DOWN BY ABOUT 25 PER CENT ANOTHER WELCOME SIGN - WITH TOTAL VACANCIES PUT AT AROUND 9,500.
GENERALLY, RENTALS RECORDED BY THE DEPARTMENT FOR FRESH AND NEW LETTINGS SHOWED DECREASES OVER THE YEAR, DESPITE A HARDENING OF RENTS AT THE LOWER END TOWARDS THE END OF LAST YEAR. SIMILARLY, THERE WERE SOME VERY SLIGHT DECREASES IN PURCHASE PRICES WHICH WERE MORE PRONOUNCED FOR BIGGER FLATS.
THERE WAS ONLY A VERY SLIGHT INCREASE IN THE VACANCY POSITION FOR SHOPS, AND MUCH OF THIS WAS IN THE RATHER POORER SECONDARY LOCATIONS. VERY LITTLE ACCOMMODATION WAS VACANT IN THE PRIME TOURIST POSITIONS DEMAND FOR SPACE CONTINUED AT A FAIRLY HIGH LEVEL AND INCREASED PERCEPTIBLY IN THE SECOND HALF OF THE YEAR.
AS WITH DOMESTIC ACCOMMODATION, RENTALS RECORDED FOR FRESH LETTINGS SHOWED A SMALL DECREASE OVER THE YEAR.
SOME 2,7 MILLION SQUARE FEET OF NEW OFFICE ACCOMMODATION WAS COMPLETED DURING THE YEAR AND A SIMILAR AMOUNT WAS VACANT AT THE END OF THE YEAR, THIS WAS VERY NEARLY 2-1/2 TIMES THE AMOUNT VACANT A YEAR AGO, DESPITE AN INCREASED DEMAND FOR SUCH SPACE.
THERE IS ................