Sea-view flats up for grabs at HOS project

Sea-view flats that may come as low as HK$2.5 million can be had in a rare prime site in North Point - and those will be among almost 9,000 units to be offered at a 49 percent discount next year under the Home Ownership Scheme, sources said.

Most of the seven HOS estates expected to be sold next year are in urban areas, including the golden option Kei Wah Court in North Point, Hong Kong Island.

Prices of the 8,926 flats will range from HK$1.24 million to HK$5.31 million. But the cheapest flats - in Kai Tak - are only 186 square feet.

The Housing Authority will also host an extra meeting today to discuss the sales of the next batch of HOS flats, as well as possible tightening of restrictions on selling such units to curb speculations.

The authority has not sold new HOS flats this year and if 8,926 units are introduced in 2022, it will be the largest number since the scheme's resumption in 2014.

Kei Wah Court is being constructed at the intersection of Java Road and Tin Chiu Street, which is a four-minute walk from the North Point MTR station.

The single-block estate will be right next to the North Point Ferry Pier and a considerable number of units are expected to enjoy a Victoria Harbour view. The 34-story building will offer 284 units from 280 to 457 sq ft. Prices are expected to be between HK$2.48 million and HK$5.31 million. Most of the flats will come with one bedroom but the priciest and biggest ones will have two.

That would mean the average price per sq ft at Kei Wah Court will be less than HK$10,000, much lower than that up to HK$60,000 at the adjacent luxurious private estate named Victoria Harbour.

On the six other HOS estates, three will be in Kowloon, two in the New Territories and one on Lantau Island.

Kai Yan Court in Kai Tak - with 1,800 units between 186 and 448 sq ft priced at HK$1.24 million to HK$4.79 million - is the first HOS estate with flats smaller than 200 square feet.

Kwun Yan Court in To Kwa Wan will offer 500 units. The estate - a three-minute walk from To Kwa Wan station - will come with apartments between 281 to 447 sq ft that will be sold from HK$1.88 million to HK$3.64 million.

Sau Court in Kwun Tong will come with 1,900 units from 279 to 479 sq ft that will be priced between HK$1.53 million and HK$3.25 million.

The biggest flats to be offered next year will be in Yu Nga Court, Tung Chung, where the 3,300 units measure from 272 to 555 sq ft. Since the estate is on Lantau Island, the price range will be lower - between HK$1.3 million to HK$3.55 million.

The two New Territories options are Yu Tak Court, Sha Tin, with 500 flats and Siu Ming Court, Tseung Kwan O, with 600.

It is understood that the authority will keep the ratio between green forms for public housing tenants and white forms for other applicants at 40 to 60. It will also reserve 900 flats for single applicants.

The income limit for household applicants using white forms will be kept at HK$66,000, with a HK$1.85 million asset limit. The caps will be halved for single applicants.

Sources said the new batch of HOS units will be open for application in the first quarter, while ballots will be drawn in the second quarter. Successful applicants can choose the flats in the fourth. The expected commission dates for the estates fall between September next year and December 2024.

To curb speculations, the authority is said to be mulling tightened regulations such as allowing the reselling of flats in the HOS secondary market after five years, instead of the current two. The period will also be extended to 15 years from 10 before owners can sell the units in the open market.

jane.cheung@singtaonewscorp.com