Hong Kong’s Urban Renewal Authority (URA) is offering more than 300 units in a housing development in the former Kai Tak airport at a 20 percent discount.
The flats are part of the URA’s self-developed De Novo housing project.
Buyers should be families with a household income not exceeding HK$60,000 (US$7,741) and assets of HK$3 million or less.
Applications from individuals will not be accepted, according to Metro Daily.
De Novo, which is scheduled for completion by the end of the year, will have 484 units in four residential buildings.
Prices on 338 flats are being marked down under the discount offer.
The remainder are reserved for a flat-for-flat swap scheme to compensate owner-occupiers affected by the URA’s development projects.
De Novo flats have a salable area of 332 square feet to 568 sq. ft.
Eight are studio flats and 213 are one-bedroom apartments while the remaining 117 have two bedrooms.
People who have owned a property in the past five years, live in a public housing estate or hold a white form under the Home Ownership Scheme are not eligible for the discount program.
Estimates put the price per square foot at HK$11,800 after discount, which translates to about HK$4 million for the smallest flat.
Comparable units in the district have an average price of HK$15,000 per sq.ft.
URA managing director Daniel Lam said the decision to exclude individuals from the offer is meant to discourage university students from applying for public housing even before graduation, which deprives families who are in greater need of a home.
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