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Eight pre-sale consents issued in the fourth quarter of 2008
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     The Lands Department issued eight consents to sell units in uncompleted developments in the fourth quarter of 2008, of which four consents were for the sale of units in residential developments and four were for the sale of commercial units.

     The Lands Department announced today (January 7) that the four consents to sell residential developments involved a total of 2,127 uncompleted units located in various districts of Hong Kong. One development in Tsim Sha Tsui comprising 825 residential units was completed in December 2008. Three developments in Tai Kok Tsui, Yuen Long and Sha Tin comprising 1,302 residential units are estimated to be completed in 2009, with the earliest in August and the latest in December.

     As at the end of December 2008, 20 applications for consent to sell uncompleted residential units and four applications for consent to sell uncompleted commercial developments are being processed.

     The 20 applications for consent to sell uncompleted residential units being processed involved a total of 8,713 units. Among them, nine developments involving 1,436 units are estimated to be completed in 2009, and 11 developments involving 7,277 units are estimated to be completed in 2010.

     In addition, two applications for consent to assign involving 2,921 completed residential units are being processed.

     Members of 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 December 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 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/Wednesday, January 7, 2009
Issued at HKT 17:00

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