According to the latest figures released by the Differential Valuation Department (DVD), 3,178 units were completed in January this year, representing a two-fold increase month-on-month and a record high in the past year.

Of these, 1,570 units, or 49%, were Class A sub-divided flats of less than 431 square feet. Some agents expect the future supply of private property to remain stable, at 20,000 units per year from this year onwards.

According to the Hong Kong Property Review (Monthly Supplement) published by the Census and Valuation Department, a total of 3,178 units were completed in January this year, a two-fold increase from 1,060 units in December last year, and a near one-year high since January 2022, when 4,607 units were recorded.

Among the private sector units completed in January, 1,570 units, or 49%, were Class A sub-divided units of less than 431 sq ft. This was followed by Class B units of 431 to 752 square feet, involving 1,345 units, or about 42%.

Only 2 units were completed for larger units over 1,722 sq ft. In other words, small and medium-sized flats in categories A and B accounted for over 90% of private property completions in January.

By district, 1,676 private flats were completed in the New Territories in January, accounting for 53% of the total, while 1,302 flats were completed in Kowloon, accounting for 41%, and 200 flats were completed on Hong Kong Island, accounting for 6%.

According to a report released by Centaline Property Research's Senior Associate Director Wong Leung-sing earlier, a selection of 84 projects are expected to be completed this year, and the estimated total number of private residential completions is 20,377 units, a year-on-year decrease of 791 units or 3.7%. Taking into account the 21,168 units last year, the average number of completed units in the past two years is over 20,000.

He expects the future private sector supply to remain stable at 20,000 units per year from this year onwards, moving away from the fluctuating completion figures of around 14,000 or 21,000 units per year in the past five years (2018 to 2022).

On the other hand, the Lands Department announced that two new developments were granted pre-sale consent in February, namely Star Land's Yuen Long Yu Hau (335 units) and Wheelock's Cha Kwo Ling KOKO HILLS Phase 3B (444 units), involving a total of 779 units, a decrease of 991 units or 56% month-on-month. As at the end of February, there were 19,486 units for pre-sale in Hong Kong, a decrease of 357 units or 1.8% month-on-month.

Only one new application for pre-sale of uncompleted flats was received in February, for the Housing Society's Anderson Road Home Ownership Scheme project, involving 422 units, up more than eight times from 45 units in January, while there were no applications for private properties in the month, the first time in a year. The HKHS project is the first subsidised sale project in the HKHS area, the Anderson Road HOS (R2 Area 3) project in Kwun Tong, which will last for about 33 months.