A Housing Authority document showed that out of the 2,000 flats reserved under the Special Sales Exercise for Wang Fuk Court residents, only 500 are comparable in size to existing Wang Fuk Court units, about one quarter of the total allocation.
The government announced last month that it will acquire the ownership rights of a total of 1,736 flats across seven blocks at Wang Fuk Court. Flat owners may opt for a cash payment or a flat-for-flat exchange.
Under the latter, owners can purchase units from designated Housing Authority Home Ownership Scheme (HOS), Green Form Subsidised Home Ownership Scheme (GHS), or the Housing Society projects through the Special Sales Exercise.
According to a document released by the Housing Authority, the 2,000 flats are distributed across six housing projects. Five HOS projects provide a total of 1,390 flats. More than half – 750 units – are at Kai Yeung Court in Kai Tak, where about 21 percent (160 flats) are large units similar to those in Wang Fuk Court.
Ying Fai Court in Tseung Kwan O offers 220 units, including 60 large flats. Wui Hei Court in Kam Tin, Yu Fung Court in Tung Chung, and Long Fung Court in Ping Shan each provide 140 units, with 30 to 60 larger units respectively.
The Special Sales Exercise also includes Shing Chi Court in Kowloon Bay, a GHS project that offers 610 flats, of which 150 are larger units – roughly one-quarter.
Prices for the 2,000 flats range from HK$1.5 million to HK$4.8 million. Wang Fuk Court flats measure about 431 to 483 square feet, so residents seeking similarly sized units through the Special Sales Exercise will be competing for those 500 larger flats.
Those 500 comparable flats range from 443 to 560 square feet, while the maximum size of the remaining 1,500 units is only 407 square feet.
Reserving these flats for displaced residents will reduce the number available to the general public. The Housing Authority, however, said HOS supply over the next five years will be adequate, with nearly 59,000 units, a 50 percent increase over the previous five-year period, improving prospects for eligible buyers.
The Housing Authority added that Wang Fuk Court owners who sell their ownership and receive compensation retain Green Form eligibility for two years after payout, allowing them to purchase subsidized flats in the secondary market.
