"Hong Kong Property" Li Ka Court: Only 92 private residential units completed in January, the lowest in at least 33 years; 1,679 units started construction, the highest in eight years

Chen Haichao, head of the research department at Lijia Ge Real Estate, stated that over a thousand large projects commenced construction in the first month of this year, driving an increase in the number of private residential units started at the beginning of the year. According to the latest data released by the Buildings Department yesterday (18th), there were a total of 2 private residential projects in January, with a total of 1,679 units under construction, representing a 55% increase compared to 1,081 units in January last year, reaching an eight-year high for the same period and also the highest for any single month; among these, the projects started in January include Yau Tong East Yuen Street (YTIL 46) (1,339 units) and 173 to 199 Tai Kok Tsui Road (340 units).

In addition, regarding the completion of private residential units, there were a total of 3 projects completed in January, with a total of 92 private residential units completed, which not only represents a 95% decrease compared to 1,886 units in the same period last year but also the lowest number for any single month in 20 years, setting a new low for the same period (the first month of each year) since records began in 1994, at least over the past thirty-three years.

According to the data, there were officially 3 private residential projects completed in January, among which the largest is "FINNIE" in Quarry Bay, involving 90 units; additionally, 120 Dong Po Ting Road in Kowloon Tong (1 unit) and 9 Oxford Road (1 unit) were also completed during the period.

By region, in the first month of this year, there was 1 project in the Hong Kong Island area, with a total of 90 units completed, accounting for approximately 97.8% of the overall total; in Kowloon, there were 2 projects completed, involving 2 units, accounting for about 2.2% of the total private residential completions during the same period; no private residential projects were completed in the New Territories in the first month.

Chen Haichao pointed out that the progress of private residential completions in the first month of this year is lagging behind, but it is expected that many projects will gradually obtain occupancy permits throughout the year, including "Park Avenue III" in Tai Wai (892 units), "Sierra Sea" Phase 2A in Tai Po (727 units) and Phase 2B (775 units), "Shangran" Phase 1 (403 units), Phase 2 (682 units) and Phase 3 (565 units), along with other small and medium-sized projects, with an initial estimate of the completion volume this year to be around 17,000 to 18,000 units