The New Home Ownership Scheme starts accepting applications today

Citizens have started submitting their application forms to the Housing Authority as the new phase of the Home Ownership Scheme (HOS) commenced today (Oct 3).

The new phase will provide 7,132 units, which include Kai Ying Court in Kai Tak, Ko Hei Court in Yau Tong, On Pak Court in Kwun Tong, Yu Hing Court in Tung Chung, and Siu Wu Court in Tuen Mun.

The units have a floor area ranging from 186 to 510 square feet, of which larger units over 442 feet account for about a quarter.  

These HOS flats will be available at 70 percent of the assessed market value, ranging from HK$1.43 million to HK$4.67 million. The average price is about HK$2.7 million. 

A new arrival from the mainland stated that their family of four is living in a relative's public housing unit and hopes to buy a unit in Kai Tak or Kwun Tong to allow their son to have a good living and learning environment.

They also pointed out that the financial costs of private housing units and subdivided housing rents are too high, and if they are not able to get the units, they are planning to continue staying at the current location.

A citizen who had applied four times stated that their first choice is Kai Ying court and said that they were optimistic about the development prospects of Kai Tak, along with it being close to family, which makes it easier for them to visit.

They were hoping to buy a two-person unit to start a family and have a budget of HK$3 million. If they fail again, they might switch to private housing.