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Average selling prices for surplus HOS flats under Phase 4 and other sales arrangements approved

The following is issued on behalf of the Housing Authority :

     The Housing Authorityˇ¦s (HA) Subsidised Housing Committee (SHC) today (August 1) approved the average selling prices for 3,221 surplus Home Ownership Scheme (HOS) flats to be put up for sale next month under Phase 4.

     Phase 4 comprises 2,268 unsold flats (640 flats in Tung Tao Court Stage II, Shau Kei Wan; 344 flats in King Hin Court, Wong Tai Sin; and 1,284 flats in Kam Fung Court, Ma On Shan) and 953 scattered flats in various HOS courts.

     ˇ§In fixing the sale price of the surplus HOS flats, reference has been made to the sale transactions of properties in various comparable developments in the vicinity of the HOS courts and what eligible buyers can afford as measured by their mortgage repayment ability,ˇ¨the Chairman of SHC, Professor Anthony Cheung Bing-leung said.

     ˇ§In arriving at the assessed market values of the flats, apart from making reference to the market trend, due regard has been given to the fact that the surplus HOS flats have been completed for some time, and that some of them have been occupied before, as well as various characteristics of the concerned estates such as location, traffic convenience and views, etc,ˇ¨he said.

     By offering a discount of 30% to the assessed market values, the average prices for Tung Tao Court Stage II, King Hin Court and Kam Fung Court are respectively $41,630, $31,150 and $28,700 per square metre of saleable area (or $30,920, $24,610 and $20,980 per square metre of gross floor area). Please see table 1 for details.

     For the scattered flats in various HOS courts, their selling prices, also based on a price discount of 30% to assessed market values, range from the lowest of about $450,000 in Kwun Hei Court, Homantin, to the highest of over $2,390,000 in Ka Keung Court, Wong Tai Sin.  Prices for those courts with a larger number of scattered flats for sale are highlighted in table 2.  

     Other sales related arrangements considered at the meeting included maintaining the existing quota allocation between Green Form (GF) and White Form (WF) applicants at 80:20, with any unfilled GF quota being passed to WF applicants or vice versa. Family households will continue to be given priority to select flats before one-person households.

     Show flats will be made available in Tung Tao Court, King Hin Court, Kam Fung Court and Tin Fu Court for viewing by prospective purchasers during application and flat selection periods.

     For the returned flats, the HA will upload photos showing the internal conditions of individual flats onto the HA website and display the photos at the Customer Service Centre in Lok Fu for prospective purchasersˇ¦ reference starting from the application stage. Arrangements will be made for applicants to view the particular returned flat they have selected to buy before the signing of the agreement for sale and purchase.

     For all unsold flats, a one-year defects liability period from the date of assignment of individual flats will be provided. However, no defects liability period will be provided to the returned flats as they are sold on an "as-is" basis.

     Applications for the purchase of the surplus HOS flats under Phase 4 will be invited in September. Selection of flats by successful applicants is scheduled to start from end October. Further application details will be announced later.  

Ends/Friday, August 1, 2008
Issued at HKT 13:35


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