Prices of private residential, office, shop and industrial properties continued to increase, by 8.3%, 8.1%, 3.0% and 3.2% respectively in the 3rd Quarter 2007, bringing the overall increase from end-2006 to the end of 3rd Quarter 2007 to 22.9%, 22.7%, 9.5% and 15.8% respectively.
Rentals of private residential, office, shop and industrial properties increased by 11.4%, 14.8%, 8.1% and 8.7% respectively in the 3rd Quarter 2007, bringing the overall increase from end-2006 to the end of 3rd Quarter 2007 to 32.2%, 40.7%, 17.5% and 22.4% respectively.
While demand for properties have generally increased, more supply is in the pipeline. For example, as at 3rd Quarter 2007, there were about 65,400 private residential units in the pipeline, comprising the supply from projects that are already under construction and those that have been granted planning approval but are not under construction yet. This was a 16.4% increase over the potential supply of about 56,200 units as at 2nd Quarter 2007. For office space, 1.4 million sq m Gross Floor Area (GFA) of office space can be potentially realized from various Government and private land sources. Of these, about 44,500 private residential units and 0.61 million sq m GFA of office space are expected to be completed between 4th Quarter 2007 and 2010.
