23 February 2019
The new flats include 330 units at Chui Ling Court in Tseung Kwan O and 290 at Chui Ming Court in Tuen Mun. Photo: HKEJ
The new flats include 330 units at Chui Ling Court in Tseung Kwan O and 290 at Chui Ming Court in Tuen Mun. Photo: HKEJ

Housing Society to release 620 HOS flats by October

The Hong Kong Housing Society (HKHS) will release 620 units under the Home Ownership Scheme (HOS) for application by the end of October this year.

The new flats include 330 units at Chui Ling Court in Tseung Kwan O and 290 at Chui Ming Court in Tuen Mun, reports.

Sources at HKHS said the per-square-foot price for the units at Chui Ling Court, which is near the Tiu Keng Leng MTR station, would be under HK$10,000, assuming the price would be 30 percent off the rates of private residential units in the same district.

The largest flat at Chui Ling Court, a three-bedroom unit, would have a price tag of around HK$5 million.

It is said that the income and asset limits for applicants for this round of sale have yet to be decided by the government.

The existing household monthly income limit is HK$52,000 while the asset limit is HK$1.7 million, but it has not been decided yet whether this will be adopted again for this round, the sources said.

The HKHS is inclined to follow the previous practice of assigning half of the available flats to “green form” applicants and another half to “white form” applicants, while the same quota for single-person applicants will also be kept.

(Green form applicants are those living in a public rental housing estate who must abandon their unit once they buy an HOS flat, while white form applicants are those living in private flats who do not receive a housing subsidy.)

According to market analysis, Chui Ling Court can be considered somewhere between an HOS housing project and a private housing estate in terms of quality, and that the expected psf price would therefore be around HK$9,000 after factoring in a 30 percent discount from equivalent private property projects.

Meanwhile, the Chui Ming Court in Tuen Man is estimated to be priced at HK$8,000 psf.

Chui Ling Court offers units ranging from 280 sq ft to 600 sq ft in size, with prices starting at HK$2.5 million and the most expensive at around HK$5 million.

Chui Ming Court has units ranging from 300 to 600 sq ft and buyers have to fork out HK$2.4 million to HK$5 million.

The 1,020 units at Greenhill Villa in Sha Tin were sold by the HKHS last year for an average price of HK$7,700 psf. Market insiders believe the latest flats would fetch higher prices.

With a relatively small number of flats available, it is unlikely that single applicants will be able to get their hands on the subsidized units.

Some applicants said the prices of private housing units are too high, and should their children be able to secure a unit, they plan to subsidize them by paying for the down payment, Apple Daily reported.

Mrs. Chan said she has set aside more than HK$700,000 for her 26-year-old son’s down payment for a unit, which she hopes will be in Choi Hung or somewhere near the urban areas.

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