Lands Department issues 11 pre-sale consents in fourth quarter of 2016


Hong Kong (HKSAR) -      The Lands Department (LandsD) issued 10 pre-sale consents for residential developments and one pre-sale consent for commercial development in the fourth quarter of 2016.

     The 10 pre-sale consents for residential developments involved a total of 4,594 residential units. One of the pre-sale consents issued involved a development in Tuen Mun, comprising 14 residential units, scheduled for completion in 2016. Four developments in Kai Tak, Sha Tin and Yuen Long, comprising a total of 1,570 residential units, are expected to be completed in 2017.

Four developments in Kai Tak, Tuen Mun and South West Kowloon, comprising a total of 2,632 residential units, are expected to be completed in 2018. The remaining one development in North Point, comprising 378 residential units, is expected to be completed in 2019.

     Taking into account the pre-sale consents issued in the first three quarters in 2016, LandsD issued a total of 36 pre-sale consents for residential developments involving around 17,000 units in 2016, the highest in the past five years.

     The department also issued two consents to assign for residential developments in the fourth quarter of 2016. The two consents involved a total of 1,769 residential units in two developments in Yuen Long and on Lantau Island.

     As at the end of December 2016, 31 applications for pre-sale consent for residential developments and nine applications for pre-sale consent for commercial developments were being processed.

     The 31 applications in respect of residential developments being processed involved a total of 12,948 residential units.

Details are set out as follows:
 
No. of applications Year in which developments are expected to be completed No. of residential units involved
8 2017 1,602
15 2018 7,225
8 2019 4,121

     In addition, three applications for consent to assign involving a total of 1,345 residential units were being processed.

     Members of the public can obtain up-to-date information on consents issued for the past quarter and cases pending approval as at the end of December 2016 by visiting LandsD's website (http://www.landsd.gov.hk/" target="_blank">www.landsd.gov.hk).

     Intending purchasers are advised to study carefully the 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 purchase.

The sales brochure for a development also contains a summary of the provisions of the Deed of Mutual Covenant, including information on the common parts, the number of undivided shares assigned to each unit, the term of years for which the manager is appointed, the basis on which the management expenses are shared among the owners of the units, the basis on which the management fee deposit is fixed and the 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.



Published on: 2017-01-06

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