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The earlier-than-expected completions of two large projects contributed to the recent catch-upWhen delving into the details of completions in 2020, it should be noted that the better-than-expected completions are primarily due to a catch-up in obtainment of Occupation Permits (OPs) in the last two months of the year. In November and December 2020, 4,392 and 2,811 units obtained their OPs, respectively. Compared to the monthly average of only 1,369 units from January to October, the figures for the last two months of 2020 were at least doubled. The late catch-up was mainly due to two large-scale private housing projects, namely Emerald Bay and Wetland Seasons Park, obtaining OPs in November and December. Emerald Bay, which offers 1,982 units in two phases, and Wetland Seasons Park, which provides 1,727 units in three phases, were both completed at least four months ahead of the estimated material dates stated on the sale brochures. Together, the two projects account for 51% of November and December completions, raising the completion numbers significantly. JanFebMarAprMayJunJulAugSepOctNovDec1,982 unitsEstimates material dates1,727 unitsEstimates material datesPhase 1 31 Mar 2021Phase 2 15 Jul 2021Phase 3 30 Nov 2021Phase 1 31 May 2021Phase 2 13 Aug 2021Sources: Company data from various developers, Our Hong Kong FoundationFigure 2. Reasons behind the better-than-expected completions in 2020Figure 3. Number of private housing units obtaining OPs in 2020Two large-scale projects were completed ahead of schedule, obtaining their Occupation Permits (OPs) at least four months ahead of the announced material dates.Why were completions in 2020 better than expected?OPobtainedin Dec 2020Emerald BayOPobtainedin Nov &Dec 2020Number of units 1,5002,0002,5003,00005001,0003,5004,0004,5005,000WetlandSeasons Park4,392units2,811units8