Nearly three months after the Wang Fuk Court fire in Tai Po, the government is set to announce a long-term rehousing plan on Saturday, with indications it will buy out owners’ titles at higher-than-expected prices rather than rebuild on the original site.
A questionnaire sent to affected residents showed very few chose on-site reconstruction only, reflecting a strong preference for quicker resolution.
The government has ruled out rebuilding the seven heavily damaged blocks, citing structural issues, a likely ten-year timeline, and the burden on elderly residents.
Acquisition prices are expected to rise above earlier surveyor estimates of HK$6,000 per sq ft for unsubsidized flats and HK$8,000 for subsidized ones, with reports suggesting around HK$8,000 and over HK$10,000, respectively, to better enable replacement purchases in the district.
Deputy Financial Secretary Michael Wong Wai-lun will hold a press conference tomorrow to detail the plan.
The Support Fund for Wang Fuk Court in Tai Po has about HK$30 billion left, but full acquisition could require an additional HK$20 billion or more from public funds, especially with higher offers and uncertain insurance payouts (capped at HK$20 billion but likely lower).
If owners agree to a unified sale to the government, insurance claim rights transfer to the government, removing complex and lengthy claim processes for residents.
One block, Wang Chi House, unaffected by the fire, is excluded from the current acquisition proposal due to legal considerations.
The quickest rehousing option is Shing Chi Court in Kowloon Bay, with intake possibly from September this year. Other Tai Po sites on Chung Nga Road West and Kwong Fuk Park offer units from 2029 and 2033 respectively.
New Home Ownership Scheme flats include projects in Kam Tin Wui Hei Court, Tung Chung Yu Fung Court, Ping Shan Long Fung Court, Kai Tak Kai Yeung Court, and Tseung Kwan O Ying Fai Court, with Kam Tin’s Wui Hei Court available by late August 2027.
A flat-for-flat swap option allows exchange for a comparable Home Ownership flat without extra payment.
