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The Lands Department issued four consents for the sale of residential units in the second quarter of 2008. The department also issued one consent to assign units in a completed commercial development in this period.
The Lands Department announced today (July 7) that the four consents to sell residential developments involved a total of 2,076 uncompleted units located in various districts of Hong Kong. One development in Yuen Long comprising 28 residential units is estimated to be completed in August 2008. Three developments in Sham Shui Po, Sha Tin and Ho Man Tin comprising 2,048 residential units are estimated to be completed in 2009, with the earliest in February and the latest in July.
As at the end of June 2008, 17 applications for consent to sell uncompleted residential units and eight applications for consent to sell uncompleted commercial developments are being processed.
The 17 applications for consent to sell uncompleted residential units being processed involved a total of 7,951 units. Among them, one development involving 825 units is estimated to be completed in September 2008. Fourteen developments involving 6,139 units are estimated to be completed in 2009. The remaining two, involving a total of 987 units, are estimated to be completed in 2010.
The public 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 June 2008 by dialling the 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 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/Monday, July 7, 2008
Issued at HKT 17:00
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