Maintenance Fund for TPS owners to carry out estate
maintenance works
**************************************************** The following is issued on behalf of the Housing Authority:
The Housing Authority (HA) will launch the last phase of the Tenants Purchase Scheme (TPS) in stages starting from September 1. TPS owners will be able to exercise their rights to manage the estate by forming Owners' Corporation (OC) and capitalise on a Maintenance Fund injected by the HA to carry out major maintenance works in their estate.
"The HA will inject $14,000 for each residential unit into the Maintenance Fund of each TPS estate, which should be able to cover the expenses arising from major maintenance works in common areas and facilities of the estate in 10 years time after the sale," the Deputy Director of Housing (Allocation and Commercial), Mr Fung Ho-tong, said today (August 28).
"While enjoying the ownership and management rights, TPS owners should be responsible for maintaining good condition of both their own flats and the common areas and facilities of their estate. Owners can make use of the Maintenance Fund in accordance with the provisions of the Deed of Mutual Covenant (DMC) to pay for major maintenance works in the common areas and facilities," he said.
Mr Fung said there were provisions under the DMCs of TPS estates regulating the use of Maintenance Fund and setting out the major maintenance works, e.g. structural repairs, repairs and replacement of building services and repairs of slopes and retaining walls etc., in respect of which the Maintenance Fund could be used.
More than 100,000 tenants had successfully become owners since the launch of TPS in January, 1998. This phase, TPS Phase 6B, comprises five estates. Some 1,898 flats in Nam Cheong Estate will be put up for sale first. Copies of sales brochure and related documents will be available at the TPS Enquiry and Application Team Office in the estate on August 30. Interested tenants can submit their Letter of Offer from September 1. Tenants are welcome to contact the estate office for more information.
The remaining four estates - Cheung Fat Estate (2,478 flats), Fu Shin Estate (5,499 flats), Long Ping Estate (8,483 flats) and Tsui Lam Estate (4,932 flats) will be put up for sale in the ensuing few months once the necessary repair works are completed.
maintenance works
**************************************************** The following is issued on behalf of the Housing Authority:
The Housing Authority (HA) will launch the last phase of the Tenants Purchase Scheme (TPS) in stages starting from September 1. TPS owners will be able to exercise their rights to manage the estate by forming Owners' Corporation (OC) and capitalise on a Maintenance Fund injected by the HA to carry out major maintenance works in their estate.
"The HA will inject $14,000 for each residential unit into the Maintenance Fund of each TPS estate, which should be able to cover the expenses arising from major maintenance works in common areas and facilities of the estate in 10 years time after the sale," the Deputy Director of Housing (Allocation and Commercial), Mr Fung Ho-tong, said today (August 28).
"While enjoying the ownership and management rights, TPS owners should be responsible for maintaining good condition of both their own flats and the common areas and facilities of their estate. Owners can make use of the Maintenance Fund in accordance with the provisions of the Deed of Mutual Covenant (DMC) to pay for major maintenance works in the common areas and facilities," he said.
Mr Fung said there were provisions under the DMCs of TPS estates regulating the use of Maintenance Fund and setting out the major maintenance works, e.g. structural repairs, repairs and replacement of building services and repairs of slopes and retaining walls etc., in respect of which the Maintenance Fund could be used.
More than 100,000 tenants had successfully become owners since the launch of TPS in January, 1998. This phase, TPS Phase 6B, comprises five estates. Some 1,898 flats in Nam Cheong Estate will be put up for sale first. Copies of sales brochure and related documents will be available at the TPS Enquiry and Application Team Office in the estate on August 30. Interested tenants can submit their Letter of Offer from September 1. Tenants are welcome to contact the estate office for more information.
The remaining four estates - Cheung Fat Estate (2,478 flats), Fu Shin Estate (5,499 flats), Long Ping Estate (8,483 flats) and Tsui Lam Estate (4,932 flats) will be put up for sale in the ensuing few months once the necessary repair works are completed.
Ends/Sunday, August 28, 2005
Issued at HKT 14:00
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