THURSDAY, FEBRUARY 25, 1993
ON OFFICE ACCOMMODATION, MR CHENG SAID THE DEMAND WAS EXPECTED TO CONTINUE WITH VACANCY RATES IMPROVING, BUT SECONDARY LOCATIONS WERE EXPECTED TO EXPERIENCE HIGH VACANCY LEVELS DUE TO OVER-SUPPLY IN THE FORESEEABLE FUTURE.
HE SAID THE SUPPLY IN THE INDUSTRIAL SECTOR, PARTICULARLY THE OLDER CONVENTIONAL FACTORY/GODOWN ACCOMMODATION, WAS LIKELY TO REMAIN STABLE.
** STRONG DEMAND WILL CONTINUE FOR 'HI-TECH' QUALITY INDUSTRIAL ACCOMMODATION WITH A HIGH PROPORTION OF OFFICE USE, MR CHENG SAID.
"I
MR CHENG EXPECTED THAT THE OVERALL PROPERTY MARKET WAS EXPECTED TO CONSOLIDATE IN THE SHORT TERM AND REMAIN RELATIVELY FIRM THROUGHOUT THE YEAR.
REVIEWING THE PROPERTY MARKET IN 1992, MR CHENG SAID BUYERS IN GENERAL HAD BEEN MORE CAUTIOUS IN RECENT MONTHS OWING TO THE CONTINUING UNCERTAINTIES ON THE NEW AIRPORT FINANCING,
U.S. TRADE- RELATED ISSUES, AND DISCUSSIONS BETWEEN CHINA AND BRITAIN ON CONSTITUTIONAL REFORMS IN HONG KONG.
"IT IS LIKELY THAT BUYERS WILL CONTINUE TO ACT CAUTIOUSLY UNTIL THESE MATTERS ARE SATISFACTORILY RESOLVED, HE SAID.
||
HE SAID LAND OFFICE STATISTICS FOR THE SECOND HALF OF 1992 CONTINUED TO INDICATE A MARKED DROP IN THE NUMBER OF AGREEMENTS что PURCHASE IN THE NEW TERRITORIES OF 7.9 PER CENT WHEN COMPARED WITH THE PRECEDING SIX MONTHS WHILE THE AVERAGE DROP FOR THE SAME PERIOD IN THE URBAN AREA WAS 25.9 PER CENT.
IN VALUE TERMS DURING THE SAME PERIOD, THERE WAS A DROP OF 9.4 PER CENT IN THE URBAN AREA BUT A MARGINAL INCREASE OF 3.9 PER CENT IN THE NEW TERRITORIES, HE SAID.
MR CHENG SAID DEMAND WAS STILL EVIDENT FOR RESIDENTIAL FLATS IN THE SMALL-MEDIUM RANGE AND THE LUXURY RESIDENTIAL SECTOR CONTINUED ΤΟ PERFORM WELL.
WHILE THE OFFICE SECTOR, STILL FACED WITH A PROJECTED OVER- SUPPLY, REMAINED ACTIVE ALTHOUGH RELATIVELY STABLE, HE SAID THE INDUSTRIAL SECTOR HAD SEEN BUOYANT GROWTH PARTICULARLY FOR HIGH QUALITY INDUSTRIAL BUILDINGS CATERING FOR A HIGHER PERCENTAGE OF OFFICE USE.
"OVERALL, THE PROPERTY MARKET GENERALLY CONSOLIDATED AND STABILISED DURING THE LATTER PART OF 1992, MR CHENG SAID.
"I
THE NUMBER OF NEWLY COMPLETED UNITS FELL BELOW THE AVERAGE OF 33,700 TAKEN OVER THE LAST SIX YEARS TO AN ESTIMATED 26,200 UNITS.
THE PROVISIONAL VACANCY AND TAKE-UP RATES FOR THIS YEAR WERE ESTIMATED TO BE 34,000 UNITS AND 22,700 UNITS RESPECTIVELY, HE ADDED.
/AT TODAY'S