Discount homes shave HK$1b off of URA sales

Tuesday, June 18, 2019

The Urban Renewal Authority expects to generate about HK$1 billion less in its "starter homes pilot project'' eResidence, which offers 450 units.

The eResidence has sold out the one room and two-room units, but has only sold 22 out of 114 studios, since the discounts make larger units more attractive.

Managing director Wai Chi-sing, estimates URA would generate about HK$1 billion less as had been expected.

Meanwhile, the URA will continue to interview remaining qualified applicants to understand if they wouold be interested in studios.

Wai said the URA might consider offering more two room and three-room units in Starter Homes projects in the future.

As for the Facilitating Services for Civil Servants' Co-operative Building Society Scheme, Wai said that the URA has identified 132 sites and selected 37 sites of the CSB buildings to be redeveloped into two redevelopment projects.