Date
14 December 2017
Housing estates are a part of the redevelopment initiatives at the site of Hong Kong's former Kai Tak airport. Photo: Reuters
Housing estates are a part of the redevelopment initiatives at the site of Hong Kong's former Kai Tak airport. Photo: Reuters

Urban Renewal Authority to provide subsidized flats for sale

Hong Kong’s Urban Renewal Authority (URA) plans to deliver 300 housing units at subsidized rates to qualified residents next year in a bid address the demand of the so-called sandwich class, Apple Daily reported Thursday.

The 300 units are located in Kai Tak, and are part of a project which originally had been designed for old apartment owners to exchange their homes for new units, the report said.

The project is expected to be completed early next year. Selling prices will be set at below the levels prevailing in private housing in the same district — which are now in the HK$13,000-HK$15,000 per square foot range — but above that for Housing Authority’s Home Ownership Scheme (HOS) flats, according to the report.

The units will target groups that cannot afford private housing, but also are ineligible to apply for HOS, it said.

The initiative was announced during Chief Executive Leung Chun-ying’s policy address on Wednesday. Hours after the speech, URA representatives met Secretary for Development Paul Chan Mo-po and all agreed to earmark part of the Kai Tak development, named De Novo, for the scheme.

Some board members of the URA want to normalize the sales of subsidized housing, and are calling for government funding support, the report added.

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