Bulky brochures worry developers
Developers have expressed reservations over the proposed legislation requiring the inclusion of detailed information in sales brochures for unfinished residential projects.
They claimed the proposed regulation was asking for the incorporation of too much information and would make sales brochures documents as bulky as a prospectus for an initial public offering of stocks.
Some developers doubted whether the brochures which, they claim, would become as thick as dictionaries under the law, would be useful to buyers.
They urged the Government to consider allowing developers to release information through other types of media, not necessarily in written documents as proposed. This would make brochures more user-friendly.
The Sales Descriptions of Uncompleted Residential Properties Bill, prepared by the Housing Bureau, is open for consultation until July 7. It proposes various requirements for sales brochures and advertisements regarding public sale of unfinished local residential flats.
Information which must be released includes the location plan, floor plan, floor area, fittings and finishes, government lease and deed of mutual covenant.
A property company executive pointed out that the requirement to incorporate a copy of the master layout plan for the project in the brochures could, in some cases, make the brochures too complicated or unreadable.
He suggested the Government consider allowing the use of other media, such as models, to replace some written materials. Otherwise, it might be only wasting time and paper, he said.
Developers also pointed out that the requirement to show in a plan the surrounding developments within 500 metres from the project for sale should be clarified to streamline the process.
Only statutory plans such as the Outline Zoning Plan and Development Permission Area Plan should be considered valid for inclusion, they said.