8
work
Planned developments of all types of property, in
terms of total usable floor area on building plans in respect
of which consent to commence
was given (7), declined by
46% in
in the first nine months of 1983 compared with the same
period last year. This reflects the influence of the present state of over-supply for almost all types of property and of
political uncertainty upon the investment intentions of developers. The reduction was more substantial for industrial
and commercial property than for residential property.
Usable floor area of building plans with consent to commence work
('000 m2)
Third quarter
1982
Third quarter
Jan Sept
Jan
Sept
1983 change 1982
1983 change
('000m2)
('000m2)
('000m2)
('000m2)
Residential
161
199
24
534
455
-15
Commercial
172
123
-28
587
335
-43
Industrial
338
156
-54
1 432
490
-66
Others
47
67
43
114
149
31
Total
718
545
-24
2 666
1 430
-46
Source: Buildings Ordinance Office
/ Building
(7) The figures on consents to commence work include re-applications submitted after modifications were made to previously approved but not yet executed building plans. Thus, at a time when there are a large number of re-applications, particularly for permission to reduce flat sizes, the extent of double-counting may be significant.
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