RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong

HA stamps sale arrangements of flats under HOS 2020 and WSM 2020

A total of 7,047 flats will be put up for sale.

The Hong Kong Housing Authority (HA) Subsidised Housing Committee (SHC) approved the provisional average selling prices and sales arrangements for the sale of Home Ownership Scheme (HOS) Flats 2020, according to an announcement.

The authority also approved the arrangements for the White Form Secondary Market Scheme (WSM) 2020, as well as the White Form (WF) income and asset limits for the two exercises.

A total of 7,047 flats will be put up for sale under HOS 2020 on four new HOS developments, which are composed of 806 flats in Choi Wo Court, Sha Tin, 3,222 flats in Shan Lai Court, Fanling, 2,079 flats in Kam Chun Court, Ma On Shan, and 940 flats in Kai Cheung Court, Diamond Hill.

The 18 rescinded flats previously put up for sale in HOS 2018, as well as any rescinded flats from HOS 2018 and HOS 2019 identified up to about one month before the commencement of flat selection, will also be included for resale.

The discount applied will be based on the affordability benchmark and will be applicable to both new flats and unsold or rescinded flats put up for sale. HA said they will finalise the discount rate and average selling prices when the median monthly household income of non-owner occupier households is available and will adjust accordingly.

According to HA’s spokesman, SHC endorsed that the average selling prices of the flats under HOS 2020 are provisionally set at 37% discount from the assessed market values. The provisional selling prices of the flats on the four new developments are said to range from $1.23m to $5.13m, averaging at about $2.84m.

Further, the SHC decided to revise the ratio of allocation quota between Green Form (GF) and WF applicants to 40:60 to balance the home ownership aspirations of GF and WF applicants.

Absolute priority will be given to both family and one-person applicants living in public rental housing estates who are affected by the HA's announced clearance programmes. In addition, a quota of 2,100 flats will be set aside for families applying under the priority scheme for families with elderly members who have priority over other family applicants.

The SHC also agreed to set aside 700 flats for one-person applicants, allowing them a reasonable chance to purchase the flats.

The application period is expected to start in July and balloting will be held in October. Eligible applicants of HOS 2020 will be invited to select HOS flats starting from March 2021. Application fees for the schemes remain to be unchanged at $250 for HOS 2020, $160 for WSM 2020, and $410 for both.

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