Hong Kong developers to make nearly 18,000 new flats available to homebuyers

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The government has approved presale consent for several projects, with developers eager to offload unsold inventory

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Construction workers on a residential site in North Point. Photo: Elson Li

Cheryl Arcibal

Published: 9:21am, 8 Oct 2024

Hong Kong developers intend to make nearly 18,000 new flats available to homebuyers as sentiment improves ahead of more interest rate cuts, according to the latest government data.

On Monday, the Lands Department said that in the third quarter, it had approved presale consent for three projects – in Tai Po, Sai Kung and Ap Lei Chau – consisting of 213 units. The developers are Manhattan Realty, Chinachem Group and Tai Cheung Properties.

The Manhattan Realty project, with 135 units in Tai Po, was scheduled to be completed last month, while Chinachem’s Sai Kung development with 40 units is expected to be done on November 30. Tai Cheung’s project in Ap Lei Chau with 38 units is expected to be completed in December 2025.

Presale consent means that developers can issue sales brochures to promote projects that are intended for sale.

In the second quarter, the government issued four presale consents covering 2,142 residential units. At the end of June, it said 30 applications for presale consents involving 13,578 units were being processed.

The Lands Department also said that as of September 30, 31 applications for the presale of residential developments with a total of 17,642 units were being processed.

Of these, three are scheduled to be completed this year, seven next year, 11 in 2026 and 10 in 2027.