2024-05-10 28Hse Editor
Affected by the fifth wave of the epidemic and the increase in interest rates, some new projects originally scheduled to be launched last year have been postponed to this year. In addition to the new projects that have gradually matured this year, Chen Haichao, director of the Ricage Real Estate Research Department, recently predicted that there will be about 119 new projects in Hong Kong this year. First-hand private housing projects can become potential supply, providing a total of about 40,291 units, an increase of 18.3% compared with the forecast of 34,046 units in 2022, the highest in 19 years since 2005, and the first time to cross the 40,000 unit mark during the period. However, the actual launch depends on the developer's deployment and market conditions. The preliminary estimate is that the number of launches that is closer to reality is about 20,000 units. ◆reporter Liang Yueqin
Chen Haichao pointed out that this year, the railway station superstructure project continues to be the largest source of supply, involving 7 stations, a total of 16 projects throughout Hong Kong, Kowloon and the New Territories, providing a total of 12,227 units, accounting for 30.3% of the total number of units in Hong Kong.
16 railway discs can provide 12,200 units
Divided by region, the potential supply in Kowloon rarely exceeds that of the New Territories, exceeding 17,000 units, which is nearly 10% more than that in the New Territories. In 2023, there are 48 potential private housing projects for sale, with a total of 17,086 units. The main reason is the Kai Tak runway There are as many as 11 projects (including subdivided phased projects) in the district that have the opportunity to enter the market, providing a total of 6,362 units, accounting for nearly 40% of the potential supply in Kowloon.
Kowloon City becomes the busiest area
It is worth mentioning that, in addition to the above-mentioned Kai Tak runway area, there are 3 projects in other areas of Kai Tak with a total of 2,230 units, that is, there are as many as 8,592 units of supply in Kai Tak as a whole, making Kowloon City City the new property of the 18 districts in Hong Kong The busiest area has as many as 33 projects with a total of 10,944 units.
As for the potential supply projects in the New Territories, there are only 28 projects involving 15,594 units. The focus is on Yuen Long and Sai Kung districts, with a total of 9,925 units, accounting for nearly a quarter (24.6%) of the total in Hong Kong.
The Yuen Long District is mainly supported by three large-scale projects, including the third largest single large-scale project this year—1,393 units in the first phase of the Tin Wing Station superstructure project in Tin Shui Wai, followed by the total of 1,025 units in the first and second phases of Hongshui Bridge Metropolis Together with the 939 units in Phase C of The YOHO Hub at the Yuen Long Station South Site, 11 projects in Yuen Long provided a total of 5,356 units, making it the district with the second largest potential supply in Hong Kong.
There are 43 potential projects on Hong Kong Island, involving 7,611 units, and nearly 77% of the projects are small new developments with 200 units or less. The largest supply in the district comes from 4,082 units in the Southern District (accounting for 53.6% of Hong Kong Island as a whole). Chuk Hang Station is expected to provide 3,050 potential units of supply within this year, accounting for 40% of the total supply on Hong Kong Island.
Large residential projects available for sale this year
real estatenumber of units
Lohas Park Phase 13 2,550 units
Ma Wo Road Project, Tai Po 1,500 units
Tin Wing Station superstructure project in Tin Shui Wai 1,393 units
Units 1,100, 1-27 Vic Street, Shek Kip Mei
Wong Chuk Hang Station Phase 5 1,050 units
Unit 1,017, Phase 1, No. 15 Shing Fung Road, Kai Tak
Source: Rica Court
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