New Home Supply Hits Record
The projected private flat supply for the coming three to four years is 92,000, a record high since quarterly supply statistics were first released in September 2004. The latest published quarterly figures by the Transport and Housing Bureau said up to 5,000 more new homes are expected to be made available, compared to its estimate in the previous quarter.
The projection includes 65,000 units under construction (which excludes those pre-sold by developers); 21,000 units from disposed sites where construction may start any time and 6,000 unsold units in completed projects.
Among the 92,000 units, around 63,600 units or 69% are small or medium sized flats with saleable area below 70 square metres, which represents 3,600 units more than that of the previous quarter.
Meanwhile, the number of flats under construction in the first quarter surged five-fold to 13,300 from 2,800 in the previous quarter.