******************************************************
The Lands Department issued eight pre-sale consents for residential developments and two pre-sale consents for commercial developments in the third quarter of 2014.
The eight pre-sale consents for residential developments involved a total of 4,528 uncompleted residential units. Two developments in Sha Tin and Tai Po, comprising a total of 299 residential units, are expected to be completed in 2015. The remaining six developments on Hong Kong Island, in Sai Kung and Sha Tin, comprising a total of 4,229 residential units, are expected to be completed in 2016.
As at the end of September 2014, 26 applications for pre-sale consent for residential developments and eight applications for pre-sale consent for commercial developments were being processed.
The 26 applications in respect of residential developments being processed involved a total of 6,485 units. Details are set out as follows:
No. of Year in which No. of residential
applications developments are units involved
expected to be
completed
1 2014 33
8 2015 531
15 2016 5,339
2 2017 582
In addition, three applications for consent to assign involving a total of 2,115 residential units were being processed.
Members of the public can obtain up-to-date information on pre-sale consents for residential developments issued for the past quarter, and cases pending approval as at the end of September 2014, by calling the Legal Advisory and Conveyancing Office's hotline (2147 5475) or visiting the Lands Department's website (www.landsd.gov.hk).
Intending purchasers are advised to study carefully 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 also contains a summary of the provisions of the Deed of Mutual Covenant, including information on common parts, number of undivided shares assigned to each unit, term of years for which the manager is appointed, basis on which the management expenses are shared among the owners of the units, basis on which the management fee deposit is fixed and retained areas (if any), as well as a summary of the provisions of the government land grant, which intending purchasers are recommended to read carefully.
Ends/Wednesday, October 8, 2014
Issued at HKT 17:01
NNNN