A rental housing project for the elderly will be launched later this year by the Hong Kong Housing Society.
Tenants will pay a lump-sum entry fee and will never have to pay rent again.
The project, with 588 flats, is at Tanner Hill, North Point.
It is the first unsubsidized project under the society’s Joyous Living scheme for the retired elderly, Metro Daily reported Wednesday.
Construction is expected to be completed in the fourth quarter.
Retirees above 60 years old are eligible to apply for a flat, without any restrictions on income and assets.
Successful applicants can settle in a flat for the rest of their life.
If occupants die before a preset deadline, their beneficiaries can get a refund. But there is no additional rent if they live beyond the deadline.
The fee was estimated at HK$3 million (US$387,000) for a 74-year-old tenant when the project was announced in 2012.
However, society chairman Marco Wu Moon-hoi said the rent will differ according to a tenant’s age and expected lifespan as well as the size of the flat and its location.
Occupants will need to pay monthly management and service fees.
They will also be charged each time they visit care facilities such as a rehabilitation center and a day-care center.
Wu said Hong Kong Sanatorium & Hospital will help run a healthcare center at the complex and the School of Chinese Medicine at the Hong Kong Baptist University will have a Chinese medicine clinic.
Charges per visit may range from HK$280 to HK$1,200, depending on the type of service provided.
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