Centaline Property Research Senior Associate Director Wong Leung Sing pointed out that more than 65% of the private residential units to be completed in 2022 have been sold.

The percentage of sales is slightly lower than the previous 75% to 80%, due to the impact of the property market adjustment, the sales progress last year was slightly behind.

As the property market starts to improve in 2023, it is believed that developers will accelerate the sale of new units after the Chinese New Year holiday, and the sales of the remaining units will be accelerated as well, which is expected to catch up with the lagging sales progress.

In the first quarter of this year, it is estimated that about 70% of the private flats to be completed in 2022 will be sold.

As at the fourth quarter of 2022, the estimated number of private residential units to be completed in 2022 is 21,168.

Of these, 1,634 units are not yet available for sale and 5,430 units are under sale.

The total number of units for sale was 7,064, a decrease of 3,363 units quarter-on-quarter. Pending sales accounted for 33.4% of estimated annual completions and 66.6% of sales.