Posted by
merlin1969
17 yrs ago
Hi,
I am looking for some advice regarding buying a flat in Tung Chung. I am interested in buying a unit in either La Rossa or possibly Le Bleu 2 and been informed by the agent that all properties in Tung Chung are purchased on a leasehold basis with a term until 2047. I am concerned that this will affect any resale value of the unit as I am looking to purchase and hold the property for the long term. Please could someone let me know if these leasehold terms are correct.
Many thanks,
Merlin
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Yes, the Tung Chung North development properties is on lease from government until 2047. Nobody knows what will be the government decision by that time, so I don't think it has significant impact on prices in 5 to 10 years time.
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Although the government has the sole discretion to repossess the land after the term of the lease ends, the current practice of the government is to renew the lease with or without the payment of additional premium. It may affect the value of the property but since the term remaining is about 40 years, the impact is mimimal at this stage.
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