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The Lands Department released today (October 8) its latest quarterly report on pre-sale consents. According to the report, the department issued seven pre-sale consents for residential developments in the third quarter of 2012, including five pre-sale consents issued in September 2012, after the Chief Executive announced a package of measures to expedite the supply of flats in the market. The department also issued a consent to assign for residential development in the third quarter of 2012.
The seven pre-sale consents for residential developments involved a total of 5,652 uncompleted units. A development at Grampian Road in Kowloon, comprising 28 units, is estimated to be completed this December. Another five developments in Tai Po, Tuen Mun, Prince Edward Road West in Kowloon, Ma On Shan and Yuen Long, comprising a total of 4,842 units, are estimated to be completed in 2013. The remaining development in Tseung Kwan O, comprising 782 units, is estimated to be completed in 2014. The consent to assign involved 164 residential units in a development in Discovery Bay.
As at the end of September, 20 applications for pre-sale consent for uncompleted residential developments and five applications for pre-sale consent for uncompleted commercial developments were being processed.
The 20 applications in respect of uncompleted residential developments being processed involved a total of 8,705 units. Around 75 per cent of these units are expected to have construction completed in 2014, while the rest are estimated to be completed later this year or in 2013.
In addition, an application for consent to assign involving 51 residential units is being processed.
Members of the public can obtain up-to-date information on pre-sale consents for uncompleted residential developments issued for the past quarter, and cases pending approval as at the end of September, by calling the Legal Advisory and Conveyancing Office's hotline (2147 5475) or by visiting the Lands Department's website (www.landsd.gov.hk).
Intending purchasers are advised to carefully study details of the development and the sale procedures, through information available from public advertisements, sales brochures and price lists released by the developer, before making a deposit for a purchase. The sales brochure for a development provided in both English and Chinese also contains the main points of the Deed of Mutual Covenant, including information on common parts, undivided shares, terms of appointment of manager, principle/basis of fixing management fee, apportionment of management expenses, management fee deposit, retained areas (if any) and other relevant details, as well as any special features of the Government land grant, which intending purchasers are recommended to read carefully.
Ends/Monday, October 8, 2012
Issued at HKT 19:59
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