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Sunday, Jul 03, 2022

New subsidized flats will likely open for sale in several months

New subsidized flats will likely open for sale in several months

The next batch of government-subsidized flats will likely open for sale early next year, offering up to 8,800 flats, sources said.
The Housing Authority will host extra meetings before the Christmas holiday next week to discuss where the next batch of Home Ownership Scheme flats should come from, they said.

The meeting will also cover the possible tightening of restrictions to sell HOS flats to curb speculations.

The authority has not introduced new HOS flats this year. But sources said the next batch of HOS projects to be introduced next year will cover around 8,800 flats in city areas, including Hong Kong Island.

According to the authority's housing construction program, some 20,000 HOS units will be commissioned in the coming four years.

Apart from those that have already been sold, such as Shan Lai Court in Fan Ling, Kam Chun Court in Tsz Wan Shan and Kai Cheung Court in Diamond Hill, seven estates remain unsold. If the authority sells them all next year, there will be 8,800 units available, the highest in a year since the resumption of HOS sales in 2014.

The biggest project among the seven is the 3,300-unit Yu Nga Court in Tung Chung, where construction has almost been completed. Even the external walls of the buildings have been painted, indicating buyers can likely move in right away.

The other projects will offer 1,800 flats in Kai Tak, 1,900 units on Anderson Road in Kwun Tong, 500 units in To Kwa Wan, 500 units on On Muk Street in Shek Mun, 600 units on Chiu Shun Road in Hang Hau and a rare Hong Kong Island option with 200 flats on Java Road in North Point.

On the authority's website, the next meeting for its Subsidized Housing Committee is set on February 14 next year, but sources said the committee will schedule additional meetings before the holiday next week to discuss sales of the next batch of HOS flats.

Meanwhile, the authority found 97 percent of HOS buyers purchased the flats with full pay, meaning 3 percent managed to make the purchase without full pay.

Among those buying with mortgage, 84 percent said their down payment came from personal savings, and 23 percent said they were sponsored by their parents. The proportions of buyers sponsored by their families include 12 percent in the “green form” category -- who are primarily public rental housing tenants switching to HOS flats, and 35 percent in the “white form” category -- those who are queuing for the flats and have higher thresholds of income.
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