Sites for flats under home ownership scheme identified

Flats to be offered under the new Home Ownership Scheme, sized at about 400 or 500 square feet, will be built at six sites.

They include a former industrial building in Tai Wo Hau that is being demolished, three sites in Sha Tin including one in Hin Tin and two on either side of the Shing Mun River, a Yuen Long site in Tung Tau, near an industrial area, and a former school site in Kwai Ching.

The new Home Ownership Scheme aims to help more sandwich-class families afford to buy a flat of their own, Secretary for Transport & Housing Eva Cheng says.
 
In a briefing to provide details on the scheme and other property measures, Ms Cheng said the new HOS flats will be priced at an affordable level.
 
“Our idea is that if the applicant pays 10% of the price as a down payment, and pays a monthly mortgage over 20 years, it will not be more than 40% of monthly income,” she said.
 
“This is the desirable way forward. We listened to a wide variety of views before developing this improved HOS.”
 
The first 2,500 flats under the scheme are expected to be ready for pre-sale in 2014 or 2015.
 

 
All the sites are zoned as residential, she said, and the bureau has liased with relevant departments to telescope the planning and design process.

 
Ms Cheng also said the bureau is now considering the recommendations of the Steering Committee on the Regulation of the Sale of First-hand Residential Properties by Legislation.
 
They include requirements on the sales brochure, price lists, sales arrangements, sales order and show flats; prohibition of misrepresentation; the nature and levels of penalties; and the proposed set up of an enforcement agency.
 
A White Bill will be released next month for consultation, she said.
 
“This represents a vitally important part of our work in the coming year. It is our aim to submit the draft bill in the first quarter of 2012 and seek to have it enacted in 2012. And we look forward to the full co-operation of lawmakers.”