URA's eResidence Tower 3 flats attract 7.7 times over-subscription

The Urban Redevelopment Authority said there were 2,270 applications as of Saturday (Oct 14) for a total of 260 apartment units of eResidence Tower 3 in Hung Hom.

The URA's flats will be put up for sale at 22 percent off market prices, ranging between HK$4.08 million and HK$9.64 million. Applications will close at 7pm on Wednesday (Oct 18).

Around 90 percent of applicants were aged 40 or below, said the managing director of URA Wai Chi-sing on Sunday. Over two-thirds were one-person applicants, and 30 percent were family applicants, most of whom were from two-person families.

Wai pointed out in his blog that, considering the recent economic and property market situation in Hong Kong, as well as the fact that mortgage interest rates are still relatively high, the public's response to the Starter Homes project was expected to be not overwhelming when compared to Tower 1 and 2 of the eResidence.

He added that the homes were much more attractive to single young people and young families, which fits the government's goal of allowing young people to purchase their first homes through the program.

The managing director stated that they will continue to analyze the data and release different types of housing to fit various family compositions.