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RESIDENTIAL PROPERTY | Cesar Tordesillas, Hong Kong
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Pre-sale consent applications for residential developments await approval

Twenty applications for pre-sale consent for uncompleted residential units and three applications for pre-sale consent for uncompleted commercial development were pending approval by end of July.

 

The 20 applications for pre-sale consent for uncompleted residential units being processed involved a total of 8,338 units. Among them, two developments involving a total of 81 units are estimated to be completed this year, while 12 applications involving a total of 5,205 units are estimated to be completed in 2012 and five applications involving a total of 3,003 units are estimated to be completed in 2013. For the remaining development involving 49 units, the estimated completion date is to be updated by the developer.

In addition, two applications for consent to assign involving a total of 2,784 residential units and one application for consent to assign for commercial development are being processed.

No pre-sale consent or consent to assign for residential or commercial development was issued in July.
     Members of the public can obtain up-to-date information on pre-sale consents for uncompleted residential developments issued for the last six months, and cases pending approval as at the end of July, by calling the Legal Advisory and Conveyancing Office's hotline (2147 5475) or on the Lands Department website (www.landsd.gov.hk).

     Intending purchasers are advised to carefully study details of the development and the sales 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.

 

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