Location-friendly subsidized flats at 62pc of market price

Stacy Shi

Government-subsidized housing flats in Kwun Tong will be sold for 62 percent of the market price - between HK$2.55 million and HK$6.45 million.

The residential project, Hemma Amber on Anderson Road, to be completed by 2025, consists of two 14-story blocks with a clubhouse, offering 422 units with balconies ranging from 303 to 658 square feet.

The Housing Society reached an agreement with 16 banks to offer up to 90 percent of mortgage loans stretched over 25 years.

Hemma Amber, the sixth subsidized sale flats project, includes 35 one-bedroom, 339 two-bedroom and 48 three-bedroom units. Price per square foot will range from HK$8,212 to HK$9,812.

Eligible single applicants must have a monthly income of no more than HK$31,000 and household net assets must not exceed HK$735,000.

Families with two or more members must not exceed the household monthly income limit of HK$62,000, and a household net asset limit of HK$1.47 million.

Although the discount rate is the same as flats sold under the Home Ownership Scheme by the Housing Authority in the same district, with the psf price ranging from HK$7,030 to HK$7,370, Hemma Amber units are still 25 percent more expensive.

It is 17 percent more expensive than the Housing Society's last subsidized sale flats project, Greenhill Villa in Sha Tin, completed in 2020, with an average price of HK$7,700 psf.

But the society's general manager, Peter Or Oi-bon, is not worried about the sale despite higher prices and a downturn in the property market.

"Most people in Hong Kong continue to have a need to purchase homes," he said, citing 180,000 people had applied for HOS flats this year.

"There is still a lot of user demand, and our development is a very good one, in a new development area with a lot of facilities and [a good] environment."

The project's location and clubhouse are better than other nearby projects, Or said, adding he expects the demand to stay high.

Plus, there are more than 20 bus routes in the area.

Residents will be able to enjoy the woods and mountain views from their windows, he said, adding the units will be equipped with built-in stoves and hoods upon completion.

Natixis Corporate and Investment Bank senior economist Gary Ng Cheuk-yan expects the project to sell.

"For people who genuinely need to find a place to live, this is still extremely attractive because they have to consider: will the market prices fall another 30 percent?"

Applications can be submitted from next Thursday until December 13 at 7pm, with a fee of HK$270.

The lottery results will be announced in February, with flat selection scheduled in the second quarter of next year

The show flats located at the Housing Society's Cheung Sha Wan Office will be open to the public today, with no need for prior appointment.

Although the project will not be part of the "Families with Newborns Allocation Priority Scheme," the Housing Society may consider special arrangements for them in the future, Or said.

He said five more subsidized housing projects are in the pipeline, which may be announced at the end of next year.

stacy.shi@singtaonewscorp.com