XN000022-1994-02-22 — Page 8

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TUESDAY, FEBRUARY 22, 1994

PRELIMINARY FINDINGS OF PROPERTY REVIEW 1994 RELEASED

* *

THE RATING AND VALUATION DEPARTMENT TODAY (TUESDAY) THE PRELIMINARY FINDINGS OF THE PROPERTY REVIEW 1994.

RELEASED

THE EXERCISE TO REVIEW PRODUCTION AND ACTIVITY IN THE PROPERTY MARKET LAST YEAR AND TO FORECAST SUPPLY FOR 1994 AND 1995 IS NEARING COMPLETION.

THE PRELIMINARY FINDINGS ON SUPPLY, FORECAST', TAKE-UP AND VACANCY FOR PRIVATE DOMESTIC,

COMMERCIAL AND FLATTED FACTORIES ARE:

OFFICES,

PRIVATE DOMESTIC SQUARE METRES)

SMALL/MEDIUM UNITS (SALEABLE AREA LESS THAN 100

THERE WERE SOME 26,700 UNITS COMPLETED IN 1993, WHICH 18 ABOUT 6 PER CENT MORE THAN IN 1992.

ALTHOUGH THIS IS WELL SHORT OF THE 35,600 FORECAST IN LAST YEAR'S REVIEW, SOME 6,000 UNITS ORIGINALLY INCLUDED IN THE 1993 FORECAST WERE VIRTUALLY COMPLETED AT THE YEAR END AND 5,100 HAVE ALREADY RECEIVED OCCUPATION PERMITS AS AT TODAY'S DATE.

OF

THESE

YUEN LONG, TUEN MUN, NORTH AND SHA TIN IN THE NEW ACCOUNT FOR 55 PER CENT OF THE TOTAL YEAR'S SUPPLY.

TERRITORIES

TAKE-UP WAS HIGHER THAN IN 1992 BUT WAS MATCHED BY THE SUPPLY. VACANCY RATE AT THE YEAR END DROPPED SLIGHTLY TO 3.9 PER CENT

OF

THE STOCK.

THE NUMBER OF UNITS FORECAST TO BE COMPLETED IN 1994 IS AROUND 32,000. AGAIN, MUCH OF THE FORECAST WILL BE IN THE NEW TERRITORIES. A FURTHER 29,000 UNITS ARE EXPECTED TO BE COMPLETED IN 1995.

PRIVATE DOMESTIC OVER)

-

LARGE UNITS (SALEABLE AREA 100 SQUARE METRES AND

THE SUPPLY OF LARGE DOMESTIC FLATS IN 1993 DROPPED FURTHER FROM 1,080 UNITS IN 1992 TO 980 UNITS. THIS IS THE LOWEST SINCE 1976. FORTY-THREE PER CENT OF THE NEW UNITS ARE IN MID-LEVELS. THE OTHERS ARE MAINLY IN THE DISTRICTS OF HAPPY VALLEY, SHA TIN AND SAT KUNG.

3.

OF

9 PER ABOUT

ALTHOUGH THE SUPPLY FIGURE MATCHES THAT FOR TAKE-UP, VACANCY AS A PERCENTAGE OF STOCK DROPPED SLIGHTLY FROM 4.5 PER CENT TO CENT AT THE END OF 1993. THIS IS MAINLY DUE TO DEMOLITION 360 UNITS DURING THE YEAR.

SUPPLY IN 1994 AND 1995 IS FORECAST TO INCREASE TO 3,100 RESPECTIVELY. A VERY SIGNIFICANT PROPORTION WILL BE IN THE TERRITORIES - 60 PER CENT IN 1994 AND 75 PER CENT IN 1995. MAINLY IN DISCOVERY BAY AND IN YUEN LONG DISTRICT.

1,450

AND

NEW

THESE

ARE

/OFFICES