The Lands Department approved a total of three consents for the transfer of residential projects in the last quarter, involving a total of 1095 units, a decrease of 65.4% from the second quarter
The three projects were approved in the last month (ie, they have been able to pay for the building) to Victoria Harbour in North Point, Park Yoho Napoli in Yuen Long, and Areas 1a and 1b in Discovery Bay, Lantau.
In fact, the first two have sold out or sold most of the units, and the Discovery Bay project has never been released. In addition, as of the end of last month, the department is processing 4 applications for consent to transfer of residence, involving a total of 2,421 residential units.
The four applications were Jinhai and Jinhai II, Tseung Kwan O, and the first phase of 18 Stubbs Road, Discovery Bay, Lantau Island
In addition, statistics from the Rating and Valuation Department show that there were 205 private residential units approved for occupation in August this year, a decrease of about 61% on a monthly basis.
As for the first eight months of this year, only 6465 people were completed, accounting for only about 32% of the estimated 20,215 people at the beginning of this year
The above data may be related to the government’s first-hand residential vacancy rate, which will delay developers from applying for occupation permits and reduce the pressure on selling flats.