The Hong Kong Housing Society (HKHS) has begun accepting applications for two housing estates under the Subsidized Sale Flats (SSF) project, causing a scramble among tens of thousands of citizens hoping to be lucky enough to pay for a unit at well below market prices.
The flats are in Mount Verdant in Tseung Kwan O and Terrace Concerto in Tuen Mun, Apple Daily reports. The former offers 330 units while the latter has 290 units.
The 620 apartments range from 271 to 684 square feet and their prices are set between HK$1.92 million and HK$6.23 million, or about 30 percent less than market prices.
As many as 87,971 applications have been received in the past two weeks, or an oversubscription of about 140 times. More than 55,000 of the applications were from single individuals, according to the society. The deadline for applications was 7 p.m. on Monday.
It is estimated that the total number may exceed 100,000 after applications sent by email and submitted through estate offices have been accounted for.
Housing Society chairman Marco Wu Moon-hoi said the overwhelming number of applications proves there is great demand for subsidized sale flats.
But he said such demand is hard to meet because of difficulties in allocating land for housing development.
A raffle draw will be held for the two projects in early January next year. The winners will be allowed to select the flats based on the ballot results from Feb. 28. The estimated completion date of both projects is March 2021.
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