Lowest five-year start in November of last year

The Buildings Department announced yesterday that the number of private housing starts fell to a low level in November last year, with only 265 units starting work, a 80% decrease from October

In the same period, the number of completions also fell by about 63.9%, with only 749 units completed, a monthly decline of 63.9%. In summary, the total number of units completed in the first 11 months was 12,923 units, which is 63.3% compared with the 20,415 units predicted by the Bureau of Estimates for the whole year of 2019.

In November, 265 units started to drop by 80% from the previous month

The Buildings Department released the latest data yesterday. In November last year, a total of 5 private housing projects in Hong Kong started, involving 265 units, which was a decrease of nearly 83% from 1,558 units in October, which was the least in the past three months. As for the cumulative start-up of 9,218 units in the first 11 months of last year, a decrease of nearly 27% compared with 12,622 units in the same period of the previous year, a record low for the same period of five years since 2015.

The number of completions is similarly low. According to data from the Buildings Department, two private home projects were completed in November last year, involving 749 units, which fell 63.9% month-on-month and hit a three-month low.

The cumulative completion amount has temporarily reached the standard of 63.3%

Completed projects include Xilinpan Hanlin Peak (645 units) and Jiutu Junlinghui (104 units). As the number of completions fell further, the total number of units completed in the first 11 months of last year was only 12,923 units, compared with 20,415 units predicted by the Bureau of Estimates for the whole of 2019, accounting for approximately 63.3%.

Zhang Beilei, senior manager of the Real Estate Data and Research Center of Midland Realty, pointed out that the number of completions in the first 11 months of last year was about 17.7% less than that of 15,703 units in the same period of the previous year, and hit a new low in the same period in three years. It is worth noting that about 10,078 units of units completed were sold, accounting for 78% of units completed.

The Buildings Department announced the approval of the plans at the same time. In November, 21 building plans were approved, including 5 residential and commercial developments, and 5 commercial developments. Among them, Swire Properties’ 46-56 Queen’s Road East in Wan Chai, 2-12 Yanton Street, and 1-11 Landu Street were approved to build a 28-storey commercial building (above the 4-storey basement). It covers 214,686 square feet.

Taichi Wan Chai Commercial Building Plan Approved

In addition, Wang Zuan, founder and chief executive officer of Tenacity, purchased 299 Queen’s Road Central, Sheung Wan for approximately 2.1 billion yuan in 2018, and has also been approved to build a 26-storey office building (built on a 1-storey basement). About 94,281 square feet.

As for the veteran investor “King of the Kings”, the Tang Chengbo family’s 3 to 13 Qiancheng Road, Kowloon City, has been approved to build a 26-storey (above 2-storey basement) high commercial and residential property with a residential floor area of ​​49,091 square feet. Non-residential buildings involve 12,805 square feet.


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