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Standardised definition of "saleable area" for uncompleted first-hand residential properties takes effect today

     The Transport and Housing Bureau announced today (October 10) that the standardised definition of "saleable area" will become a requirement under the Lands Department's Consent Scheme with immediate effect.  Uncompleted first-hand residential properties which are approved for pre-sale by the Lands Department from today onwards must adopt the standardised definition of "saleable area" in their sales brochures.

     The standardised definition of "saleable area" includes only the area of the unit, the balcony and the utility platform, if any.  Other areas of the unit, such as bay windows, should be separately listed out item by item but should not be included as part of the "saleable area".

     "Standardising the definition of 'saleable area' will further enhance the transparency and clarity of information presented in the sales descriptions for uncompleted first-hand residential properties.  This will enable flat purchasers to get hold of comprehensive information on the floor area of units for comparison," a spokesman for the Transport and Housing Bureau said.

     In the past few months, the Transport and Housing Bureau has consulted various relevant parties, including the Real Estate Developers Association of Hong Kong (REDA), the Hong Kong Institute of Surveyors (HKIS), the Hong Kong Institute of Architects, the Law Society of Hong Kong, the Consumer Council (CC) and the Estate Agents Authority (EAA) on their views on the standardised definition of "saleable area".  The standardised definition of "saleable area" tallies with the HKIS' Code of Measuring Practice and the Supplement to the Code issued in August 2008.

     To tie in with the implementation of the standardised definition of "saleable area", the REDA will issue a set of new guidelines and a standardised price list template to its members today, requiring them to adopt the standardised definition and presentation of "saleable area" in the sales brochures and price lists of uncompleted first-hand residential properties approved from today.

     Moreover, the EAA will issue a practice circular to estate agents today, requiring them to provide prospective buyers with comprehensive and accurate information on the floor areas of units.  Also, the CC and EAA will step up education for consumers and estate agents to promote and enhance their understanding of the standardised definition and presentation of "saleable area".

     As some of the uncompleted first-hand residential properties to be launched for sale on or after today were granted pre-sale consent by Lands Department before today, the sales brochures and price lists of these properties may present the floor area information in the old format.  It is believed that after a transitional period, such a situation will not recur.

Ends/Friday, October 10, 2008
Issued at HKT 16:00


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