23,000 units await building plan approval in Hong Kong

It might take 2.5-3 years.

According to Barclays, 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.

Here’s more from Barclays:

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.