ebulletin

April 19, 2023
6 land transactions in Q1
The Lands Department announced that it registered 16 lease modifications and one land exchange in the Land Registry during the quarter ending March 2023, of which eight were technical changes involving no premium. Six are located on Hong Kong Island, seven are in Kowloon and four are in the New Territories.
Another four lots were granted by private treaty during the period. Two were granted to the Urban Renewal Authority for residential development in To Kwa Wan and Sai Ying Pun, one was granted for an electricity substation in Yuen Long and the other one was granted for the development of a student hostel in Shek Kip Mei.
The transactions realised a total land premium of about $14.250 billion.

10 pre-sale consents issued in Q1
The Lands Department issued 10 pre-sale consents for residential and non-residential developments in the first quarter of this year. Among them, eight were issued for seven residential developments, involving a total of 4,031 residential units.
One development in Yuen Long, comprising 335 units, is expected to be completed this year. Four developments in Yuen Long, Kai Tak, Tuen Mun and Kwun Tong, consisting of 2,780 units, are expected to be done in 2024. Another two developments in Kai Tak and Ho Man Tin are expected to be finished in 2025, involving 916 units. The remaining two pre-sale consents belong to non-residential developments.
At the end of last month, 42 applications for pre-sale consent for residential developments with a total of 18,699 residential units and four for non-residential developments were being processed. In addition, the department is handling three applications for consent to assign, involving 2,748 residential units.