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The Lands Department issued six consents to sell units in uncompleted developments in the third quarter of 2007, of which five consents were for the sale of units in residential developments and one was for the sale of commercial units. The department also issued one consent to assign residential units in a completed development in this period.
The department announced today (October 5) that the five consents to sell involved a total of 2,724 uncompleted residential units in various districts of Hong Kong. Three developments in Cheung Sha Wan, Tai Kok Tsui and Tin Shui Wai comprising 2,140 residential units are estimated to be completed in 2008, with the earliest in January and the latest in June. Two developments in Cheung Sha Wan and North Point comprising 584 residential units are estimated to be completed in 2009, with one in February and the other in May. The consent to assign the residential development involved 783 units in Tung Chung.
As at the end of September 2007, 10 applications for consent to sell uncompleted residential units and six applications for consent to sell uncompleted commercial developments are being processed.
The 10 applications for consent to sell uncompleted residential units involved a total of 9,874 residential units. Among them, six developments involving 4,482 residential units are estimated to be completed in 2008. The other four, involving a total of 5,392 units, are estimated to be completed in 2009.
In addition, there are two applications for consent to assign involving 953 completed residential units being processed.
People can obtain up to date information on consents to sell units in uncompleted residential developments issued for the last six months and cases pending approval as at the end of September 2007 by dialling Legal Advisory and Conveyancing Office's hotline 2147 5475 or on the Lands Department website at www.landsd.gov.hk.
Intending purchasers are advised to carefully study details of the development and the sale procedures, through information available from public advertisement, sales brochure and price lists released by the developer before making a deposit for a purchase. The sales brochure for a development (normally including a Chinese version) also contains the main points of the Deed of Mutual Covenant, including the definition of common areas, terms of appointment of manager, the basis of calculating management fees, amounts of any deposits and other relevant details, as well as any special features of the Government land grant, which intending purchasers are recommended to read carefully.
Intending purchasers should also note that developers may hold sales of units by private sale direct with purchasers, for which, under the Consent Scheme, price lists are not required to be produced.
Ends/Friday, October 5, 2007
Issued at HKT 17:01
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