Press Release



Tenants Purchase Scheme Phase 2 launched


The following is issued on behalf of the Housing Authority:

Public housing tenants living in the six estates of the second phase of the Tenants Purchase Scheme (TPS) can make application to buy their rental units at favourable prices, staring from 19 March 1999.

The six estates, comprising 27,161 units to be sold, are Chuk Yuen North, Tak Tin, Tsui Wan, Yiu On, Wah Ming and Tin King. Sitting tenants who wish to buy their rental units can opt for list prices at 55%, 45% or 35% off the full market value. An additional credit, which represents a further 60% off the already discounted list prices, will be offered to all purchasers other than market rent payers in the first year up to March 31, 2000.

All these estates have recently gone through the CARE maintenance cycle and are in good condition as confirmed by structural and general condition surveys. About 98% of the flats are priced below $300,000 with the first year full credit.

The TPS was first introduced early last year to provide more choices to public housing tenants and give them an extra rung on the home ownership ladder. Speaking at the Launching Ceremony of TPS Phase 2 today (Wednesday), the Chairman of the Housing Authority's Home Ownership Committee (HOC), Mr Walter Chan and the Director of Housing, Mr Tony Miller both reiterated the contribution of TPS towards wider home ownership in Hong Kong.

They confirmed that over 70% of the tenants living in the estates of the first phase of the TPS have chosen to buy their units and become owners.

"Overwhelming support is recorded in the TPS Phase 1, I believe that Phase 2 will also be well received by the tenants," Mr Chan added.

Starting today, exhibitions on the details of the TPS Phase 2 will be held at the six Phase 2 estates until the end of April 1999. TPS Ambassadors will be stationed at the exhibition venues and respective estate offices to handle tenants' enquiries regarding the Scheme.

Table :  Flats to be sold in TPS Phase 2

Estate               Gross          Saleable     Full
                  Floor Area          Area       Credit
                (Square metre)   (Square metre)  Price ($)

Chuk Yuen North     17.7 -            13.7 -      66,700 -
                    63.6              49.3        321,600

Tak Tin             15.3 -            11.8 -      53,200 -
                    73.3              55.6        341,000

Tsui Wan            25.3 -            19.3 -      84,900 - 
                    72.9              55.6        345,600

Yiu On              15.9 -            11.8 -      42,900 -
                    72.3              55.6        295,700

Wah Ming            17.7 -            13.7 -      41,400 -
                    68.4              52.6        217,600

Tin King            40.8 -            32.4 -      70,400 -
                    68.2              52.6        184,300
End/Wednesday, 17 March 1999