The venture redevelopment can provide 450 units.
The government is planning to launch the Starter Homes pilot project in a non-joint venture redevelopment site at Ma Tau Wai Road from the Urban Renewal Authority which can yield up to 450 units.
The project can be completed by Q2 2019 but presale exercise can launch as soon as December.
The Starter Homes programme is targeted for the city’s middle-income families who earn too much to qualify for public housing but too little to afford private housing in Hong Kong’s overheated property market. An average Hong Konger earning $50,000 in annual income would need around $900,000 to purchase a home, according to annual Demographia International Housing Affordability Survey, which puts the median house prices in Hong Kong divided by annual median household income at 18.1.
The discount for Starter Home units should be up to 20% less than the preceding Home Ownership Scheme sale exercise. Eligible applicants are those who have lived in Hong Kong for seven years or more without previously owning property.
The programme also stipulates that owners cannot sell or rent out their units in the first five years after purchase.
Nine private housing sites in Kai Tak and Anderson Road Quarry will be further reallocated, capable of providing 10,600 flats for public housing.
Photo from WiNG - Own work, CC BY 3.0
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