HOS race sees buyers home in on Kai Tak units

The most expensive subsidized flat going in the latest round of Home Ownership Scheme sales, a Kai Tak unit, was sold for HK$4.94 million in under 30 minutes of sales commencing despite the current downward trend in the market.

That came as six projects under the new phase of the scheme started flat selection yesterday: Kai Yuet Court in Kai Tak; On Ying, On Lai and On Wah courts in Kwun Tong; Siu Tsui Court in Tuen Mun; and Long Tin Court in Yuen Long.

All 9,154 flats would be sold at 70 percent discounts to the market price, with the tags starting from about HK$1.49 million.

The most expensive flat was a high-rise unit in block B of Kai Yuet Court that faces Kai Tak Sports Park and went to a 20-year-old university student and his mother, Tong.

"We were initially worried we might not be able to get a spacious unit and would have to settle for a smaller one," she said. "We were lucky this time."

Tong said she would come up with the down payment and bear the mortgage until her son started working.

The flat will be home for the son when he marries, and they will apply for a 30-year mortgage repayment period.

A father from a family of three, Cheung, is also planning to select a mid-rise flat in Kai Yuet Court with a view of Victoria Harbour and Kai Tak Sports Park.

"The most important thing is a good location and convenient transportation," he said, adding that "the Chinese value the orientation of a home."

He would not consider other projects as Kai Tak is a new development area with ideal transportation and facilities.

Other owners who also successfully secured Kai Yuet flats said their flats were well partitioned and conveniently located.

They also said that it was difficult to predict the future of the market so they took the plunge when they found a suitable flat.

According to the Housing Department, 101 applicants visited Lok Fu's customer service center to select flats, with 91 flats selected, 73 of which were at Kai Yuet Court.

Another 160 applicants will be invited to select flats today.