City's unsold private flats hit record high in March

Hong Kong’s stock of unsold completed private flats climbed to a record high of 28,000 units by the end of March, even as the projected housing supply for the next 3-4 years declined for a fourth straight quarter, according to Housing Bureau data.

The number of potential first-hand private housing units to be completed in the next three to four years fell by 2,000 from the previous quarter to 105,000 – a seven-quarter low.

The decline was mainly driven by a reduction of 3,000 unsold units under construction, bringing the total to 65,000.

The stock of unsold completed private flats climbed by 1,000 units in the first quarter, while the number of units on ready-to-build sites with approved land remained unchanged at 12,000.

Housing Bureau told media it expects four residential sites to be ready for development in the coming months, providing around 1,100 units. The bureau added that, with the government steadily increasing land supply, the private housing supply over the next three to four years is expected to remain at a relatively high level.

STAFF REPORTER