City hits housing milestone with 13,300 new private homes in Q4

The number of private residential units completed in the last quarter jumped 2.5 times from both three and 12 months ago, hitting a record 13,300 between October and December and adding to an annual total of 24,300 new homes, data from the Housing Bureau showed.

Unsold units in completed projects also reached their highest at 27,000, up by 7,000 units from 2023 and 6,000 from the third quarter.

Units under construction less units sold by presale dropped to 68,000 as of the end of December. The number of units from disposed sites, where construction may start anytime, was 12,000.

Private residential units that commenced construction in the fourth quarter amounted to 1,800 homes, down by 67.3 percent from a year ago.

The data revealed that some 107,000 units may become available in the next three to four years, knocking down the previous year's forecast by 2,000 units.

STAFF REPORTER