2024-05-17 28Hse Editor
(Lai Tsz-tin) Hong Kong’s Development Bureau only launched a tender for one residential plot in Cheung Sha, Lantau Island in the third fiscal quarter, involving about 110 units, setting a record for the lowest supply of such homes in a single quarter in recent years. In addition, the city faces a backlog of new units, and land for sale is close to losing bids. Residential land in Kai Tak, Kowloon and Kennedy Town, Hong Kong Island, are over 9 and a half years old and 21 years old respectively, and hit new lows this year, as prices per square foot sunk to HK$5,392 and HK$7,070.
Revenue only accounts for about 10% of full-year target
Centaline Properties surveyor Cheung King-tat noted that the property market was in a downward spiral, with a dismal economic outlook, and high interest rates also affected developers' desire to invest in land. Moreover, the revenue from land sales during the year have only reached just over 10% of the full-year forecast.
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