The Completion of Private Housing Is Below-Standard; Only 14,400 Units Last Year.
Wenwei  2020-02-15  Transaction 
The first phase of the trade agreement reached by China and the United States at the end of 2019 has rebounded the market. The property construction number increases. According to the Buildings Department, the private housing construction number rebounded in December last year. It was recorded of 3,475 units, a monthly increase of more than 12 times, and a single-month new high since October 2017. There were nearly 12,700 units in the whole year, similar to that in 2018. However, five private housing projects were approved for occupation in December last year, supplying 1,048 units, a monthly increase of about 40%. The completion throughout the year was about 14,400 units, down over 30% yearly compared to nearly 21,000 units in 2018, and a new low in the past four years. ■ Hong Kong Wen Wei Po Journalist: Lai Chi-tin The Research Department Director of Ricacorp, Chen Hoi-Chiu points out that the completion rate last year was only about 67% based on 20,415 units predicted by RVD, failing to reach the expectation. This year, some large-scale projects are expected to gain occupation certificates successively. They include The Horizon II (1,408 units) in Pak Shek Kok, Tai Po, Le Point (1,154 units) in Tuen Mun, Solaria (1,122 units) in Pak Shek Kok, St Martin (phase 2, 640 units), etc. The completion in the whole 2020 would be close to 20,000 units by initial estimates, plus with units from other small and medium-sized projects. Wong Chuk Hang Phase 2 is permitted to build two residential buildings. The Buildings Department announced yesterday that they approved seventeen building plans in December last year, including four from Hong Kong Island, seven from Kowloon, and six from the New Territories. The above-approved plans include eight residential and commercial projects, three commercial projects, two factory and industrial projects, and four community service projects. Among them, the MTR Wong Chuk Hang Station Phase 2 project, developed by Sino and Kerry, was approved for reconstruction into two 25-story and 30-story residential buildings with a total floor area of ​​more than 528,300 sq ft, which includes commercial use floor area of over 46,000 sq ft. And the former residence of the late martial arts superstar Bruce Lee was also approved for reconstruction into a 2-story residential building involving 5,343 sq ft of floor area. There are fourteen construction projects approved to start. These projects will provide a total of 66,600 square meters of floor area for residential use after completion, involving 1,872 units. The non-residential building floor area will be ​​30,900 square meters. Besides, the Buildings Department has also received construction notices of on top projects from eight construction projects. Among them, MTR Wong Chuk Hang Station Phase 2 project, developed by Sino and Kerry, was approved for reconstruction into two 25-story and 30-story residential buildings involving three-layer platform, with a total floor area of ​​more than 528,300 sq ft, which includes commercial use floor area of over 46,000 sq ft; The reconstruction of Bruce Lee's former residence was approved. The house at No. 41, Cumerland Road, Kowloon Tong, which is owned by the Jyu Pang-Ning family, also the former residence of the late martial arts star Bruce Lee, gained the construction certificate from the Buildings Department in December last year. According to the Buildings Department, it was approved to build a two-story residential building last year with a floor area of ​​5,343 sq ft. According to the data, Jyu Pang-Ning purchased it for HKD850,000 in 1974, and it became a "Roman Hotel." Jyu Pang-Ning had planned to donate it and rebuild it into the Bruce Lee Memorial. But the plan was eventually lost in 2011 due to the government's unwillingness to agree to some restoration conditions.
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