RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong

Private flat supply pegged at 93,000 for the next four years

This is 3,000 less than the previous estimate.

Around 93,000 private residential units will be made available in the next three to four years, according to a government release. This represents 3,000 less than the previous government estimate.

This includes 9,000 unsold units in completed projects as well as 84,000 units that remain under construction. The total figure will also include 17,000 units from disposed sites where construction is set to start at anytime.

Also read: Government unveils 5 sites up for tender from July-September

Similarly, the Subsidised Housing Committee has approved a total of 34,800 public rental housing (PRH) flats to be available for allocation in 2018-19. Of this number, 23,100 new flats and 11,700 refurbished flats, will be available to the public. 

The Lam administration is working overtime to ease Hong Kong's housing crunch after rolling out a series of initiatives including a tax on properties that have been vacant or have not been rented out for more than half of the past 12 months as well as revising the affordability mechanism for the Home Ownership Scheme. 

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