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WEDNESDAY, FEBRUARY 10, 1993
PROPERTY REVIEW 1993
* * *
THE 1993 PROPERTY REVIEW EXERCISE, WHICH
EXAMINES PRODUCTION AND ACTIVITY IN THE PROPERTY MARKET DURING 1992 WITH FORECASTS OF SUPPLY FOR 1993 AND 1994, HAS LARGELY BEEN COMPLETED, A SPOKESMAN FOR THE RATING AND VALUATION DEPARTMENT SAID TODAY (WEDNESDAY).
THE PRELIMINARY SUPPLY, FORECAST, TAKE-UP AND VACANCY RESULTS ARE NOW AVAILABLE FOR THE MAJOR PROPERTY CATEGORIES AS FOLLOWS:
PRIVATE DOMESTIC
-
SMALL/MEDIUM UNITS (LESS THAN 100 SQ.M.)
COMPLETIONS IN 1992 AMOUNTED TO 25,140 UNITS, SOME 21% FEWER IN 1991, AND WELL DOWN ON THE 31,850 FORECAST IN LAST YEAR'S
THAN REVIEW.
HOWEVER, OF THE SHORTFALL, THERE WERE ANOTHER 5,000 UNITS WHICH APPEARED TO HAVE BEEN VIRTUALLY COMPLETED AT THE YEAR END.
TAKE-UP WAS MARGINALLY DOWN ON THE PRECEDING YEAR SO VACANCY AT THE YEAR END INCREASED SLIGHTLY TO 4.2% OF STOCK.
FORECASTS OF SUPPLY POINT TO AROUND 35,600 UNITS IN 1993, OF WHICH 21,100 SHOULD BE COMPLETED IN THE FIRST HALF OF THE YEAR. ABOUT 35,400 UNITS ARE EXPECTED TO BE COMPLETED IN 1994.
MUN.
MUCH OF THE TWO YEARS' SUPPLY WILL BE IN YUEN LONG AND TUEN NORTH AND SHA TIN WILL ALSO SEE SIGNIFICANT COMPLETIONS.
PRIVATE DOMESTIC
-
LARGE UNITS (100 SQ.M. AND OVER)
THE SPOKESMAN SAID THE SUPPLY OF LARGE DOMESTIC UNITS IN 1992 A LOW 1,080 UNITS, WELL DOWN ON THE 1,750 UNITS IN 1991 AND THE LOWEST ANNUAL SUPPLY SINCE 1976.
WAS
MID-LEVELS AND SOUTH DISTRICTS ON HONG KONG ISLAND ACCOUNTED FOR MORE THAN HALF OF THE UNITS IN THIS CATEGORY.
ALTHOUGH TAKE-UP WAS MARGINALLY DOWN, THE LIMITED SUPPLY CAUSED VACANCY, AS A PERCENTAGE OF STOCK, TO DROP FROM 5.9% TO 4.5% ᎪᎢ THE END OF 1992.
SUPPLY IN 1993 AND 1994 IS EXPECTED TO RISE AGAIN, TO AROUND 1,700 AND 3,000 UNITS RESPECTIVELY. OF THE TWO YEARS' SUPPLY, ALMOST 3,200 UNITS ARE EXPECTED TO BE COMPLETED IN THE NEW
TERRITORIES.
/OFFICES