23,000 units still await building plan approval in Hong Kong

23,000 units  still await building plan approval in Hong Kong

 Building plan approval for 23,000 units in Hong Kong could take up to  2.5-3 years.

In the past three years, the Hong Kong Government sold more than 70 land sites, among which 42 have not received the approval for building plans, representing a potential supply of about 18,000 units.

If including railway projects of the 2,384-unit TW West Bayside site and the 894-unit TW West Cityside site, a total of about 23,000 units await building plans to be approved.

The processing time for a building outlay plan could currently take 2.5 to 3 years after a developer submits an application. The Building Department has proposed to simplify the process, which could reduce the overall processing time by three months to six months.

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