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The Lands Department issued eight consents to sell units in uncompleted developments in the third quarter of 2006, of which five consents were for the sale of residential units and three were for the sale of uncompleted commercial units. The department also issued one consent to assign units in a completed residential development in this period.
The Lands Department announced today (October 6) that the five consents to sell involved 4,743 uncompleted residential units located in various districts of Hong Kong. Four developments in Wan Chai, Tung Chung and Ma Wan comprising 2,647 residential units are estimated to be completed in 2007, with the earliest in April and the latest in October, 2007. One development in Tseung Kwan O comprising 2,096 residential units is estimated to be completed in February, 2008. The consent to assign completed units involved 1,576 units in a Tuen Mun development.
As at the end of September, 2006, 12 applications for consent to sell residential units and seven applications for consent to sell commercial developments, were pending approval.
The applications for consent to sell uncompleted residential units being processed involve 3,831 residential units. Among them, one development involving 11 residential units is estimated to be completed in 2006. The 11, involving 3,820 units, are estimated to be completed in 2007 and 2008.
In addition, there were two applications for consent to assign involving 2,217 completed residential units pending approval.
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, 2006, by dialling Legal Advisory and Conveyancing Office's Hotline No. 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. They 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 6, 2006
Issued at HKT 17:00
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