Business
Hong Kong Government Greenlights Presale Consent: 18,000 New Flats Coming to Market Amid Developer Rush to Clear Inventory
Developers in Hong Kong are set to provide almost 18,000 new apartments for potential homeowners. The government has given the green light for the pre-selling of various projects, as developers are keen to shift units that have yet to be sold.
The real estate project in Manhattan Realty, which consists of 135 properties located in Tai Po, was set to be finished in the previous month. Meanwhile, the 40-unit development in Sai Kung by Chinachem is anticipated to be completed by November 30. Furthermore, the Tai Cheung project in Ap Lei Chau, comprising of 38 units, is projected to be finished in December 2025.
Presale consent implies that creators are allowed to distribute marketing pamphlets for projects they plan to sell.
During the second three-month period, the government granted approval for the advance sale of four properties, encompassing 2,142 housing units. As of June's conclusion, it reported that 30 requests for such advance sale approvals, concerning 13,578 units, were under consideration.
The Department of Lands also revealed that, up until September 30, they were in the process of handling 31 applications for the early sale of residential properties, which altogether amounted to 17,642 units.
Out of these, three are planned for completion this year, seven are set for next year, 11 are expected to be finished by 2026, and 10 are due in 202
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