******************************************************
The Lands Department today (March 5) announced that it had issued two pre-sale consents for residential units in February 2009.
The two pre-sale consents involve a total of 854 uncompleted residential units located in Tai Kok Tsui and Yuen Long, which are estimated to be completed in September this year and August 2010 respectively.
As at the end of February 2009, 20 applications for pre-sale consent for residential units and six applications for pre-sale consent for commercial developments were pending approval.
The applications for pre-sale consent for residential units being processed involve a total of 9,252 units. Among them, five developments involving 645 units are estimated to be completed this year. Fourteen developments involving 8,277 units are estimated to be completed in 2010. One development involving 330 units is estimated to be completed in 2011.
In addition, two applications for consent to assign involving a total of 2,596 residential units are being processed.
People can obtain up-to-date information on consents to sell units in uncompleted residential or commercial developments issued for the last six months, and cases pending approval as at the end of February, by calling the Legal Advisory and Conveyancing Office's hotline at 2147 5475 or on the Lands Department website (www.landsd.gov.hk).
Intending purchasers are advised to carefully study details of the development and the sale procedures, through information available from the 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/Thursday, March 5, 2009
Issued at HKT 17:00
NNNN
