URA jacks up prices of subsidized homes

Top News | Samantha Wong 20 Apr 2017

The Urban Renewal Authority will put 16 unsold flats on sale from its subsidized De Novo project in Kai Tak next Thursday, with prices raised by 14 percent to more than 20 percent from its previous price list in January last year.

According to the agreement between the government and URA, the authority can sell available units as private homes at market price.

Ranging in size from 442 to 562 salable square feet, the unsold flats will be priced at HK$6.977 million to HK$8.98 million, or HK$15,043 to HK$16,450 per square foot.

The 442-sq-ft one-bedroom units will have the highest rate of increase, as the latest selling price is set at HK$6.967 million, or HK$15,762 psf, up 20.3 percent from the previous year. A 558 sq ft two-bedroom unit will cost HK$7.5275 million, or HK$13,490 psf.

De Novo offers a total of 338 units, including eight studios, 213 one- bedroom flats, and 117 two-bedroom homes.

Singles may apply for the studio and one-bedroom flats, while the two- bedroom units are reserved for families.

Meanwhile, Chinachem Group has launched its latest luxury project - Parc Inverness - in Kowloon Tong.

It will provide a total of 129 flats and five independent houses, with salable areas ranging from 509 to 4,380 sq ft.

About one-third of the units will be three-bedroom homes.

Sun Hung Kai Properties received 2,500 subscriptions for 118 units at Eight Regency in Tuen Mun. Seventy- four of the flats up for sale this week are one-bedroom units, while the other 44 are two-bedroom apartments, with salable areas ranging from 328 to 497 sq ft and average asking prices of HK$12,844 per salable sq ft.

According to a report by Morgan Stanley, Hong Kong home prices will decline in the coming few years, first falling 5 percent this year. Merrill Lynch expects home prices to be stable this year.

In contrast, Singapore's home prices will rise 5 percent in the coming year, Morgan Stanley said. It said Singaporeans take 7.2 years of annual median income to purchase a home, compared to 15 years in Hong Kong.

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