Govt Says 96,000 New Private Flats On The Way

The government said on Friday that 96,000 new private flats are likely to come onto the market in the next three to four years – a thousand fewer than its previous estimate.

The figure includes completed units that remain unsold, those under construction in already approved private residential development projects, and those at sites where construction may start anytime.

The latest figures from the Transport and Housing Bureau found only 1,200 flats were completed in the first quarter of this year – 76 percent fewer than in the last three months of 2017.

It added that the construction of 5,600 flats had begun as of March – down from 7,700 in the last quarter of 2017.