Subsidized units to be cheaper than expected

Business | Imogene Wong 12 Feb 2016

The 3,700 subsidized homes to be launched soon are likely to be cheaper than earlier expected due to recent "market adjustments," Stanley Wong Yuen- fai said yesterday.

Wong is the chairman of the Housing Authority's subsidized housing committee.

The price tag of the units, developed by the authority and Hong Kong Housing Society, were originally based on prices 30 percent lower than same-district transactions last September. This ranged from HK$1.5 million to more HK$3 million, or roughly HK$4,000 per square foot. The base price now is likely to change if the prevailing prices vary more than 5 percent from last September, Wong said.

The authority will provide 248 and 2,409 flats sized 376 to 574 per salable square feet under the Home Ownership Scheme in Tai Wai and Yuen Long respectively.

The society is to offer roughly 1,000 flats of Greenhill Villa in Sha Tin, ranging from 320 to 574 psf. An index tracking major estates in the New Territories by Centaline Property Agency saw price drop more than 7 percent from September.

Wong said the applicants' income cap will stay unchanged.

The 3,700 flats will be put out for sale later this month at the earliest. Half of the flats will be allocated for "green form" holders, who are qualified to rent public housing units, and the rest for "white form" applicants who are not.

A quota of 200 will be assigned for singles.

The projects are expected to completed earliest by 2018. Another 860 subsidized flats in San Po Kong, the first project under the Green Form Subsidised Home Ownership Pilot Scheme, with heavier discounts than the HOS, is expected to be launched in the third quarter this year. Some 2,600 subsidized units forming five projects are planned for sale next year.

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