- The 4,871 flats from six estates was largest number of subsidised homes put on the market since the Home Ownership Scheme was restarted in 2011
- But only 54 of 80 randomly selected buyers turned up – a low turnout rate that would have been unheard of in the past
A three-bedroom Kowloon flat with harbour views " the biggest and most expensive of a new batch of available subsidised homes " was snapped up on Monday just 30 minutes after sales started.
The 4,871 flats from six Housing Authority estates in different districts was the largest number of homes put on the market since the authority restarted its Home Ownership Scheme (HOS) in 2011.
Eighty applicants " selected by lucky draw " were on Monday the first group of buyers for the newly available homes. But only 54 showed up, a turnout rate of 67.5 per cent, and 53 bought a property.
The selected buyers picked between housing estates in Ho Man Tin, Cheung Sha Wan, Tsuen Wan, Tseung Kwan O, Ma On Shan and Fo Tan. The sale will be continue until all of the flats are sold.
Kwun Tak Court, an estate in Ho Man Tin with 603 available flats in two sizes " 445 to 483 sq ft and 562 to 568 sq ft " was the most popular with buyers with 42 flats sold by the end of the day, followed by eight flats in Hoi Tak Court in Cheung Sha Wan.
The biggest flat in Kwun Tak Court " a 26th-floor unit priced at HK$5.29 million (US$675,770), or HK$9,396 per sq ft " was the most expensive home among all the estates, and was sold within 30 minutes of the opening of the sale.
The protests may affect property prices on a short-term basis, but in the long term, I'm not worriedSuen Kam-shing, a 70-year-old homebuyer
Kwun Tak Court was described as the most favourable location because of its proximity to a good school system and its urban location.
Suen Kam-shing, 70, who lives with his wife and two sons, who are 26 and 33, bought a three-bedroom unit in Kwun Tak Court. Suen, a former resident of a public rental housing estate in Sham Shui Po that is being redeveloped, said bought the flat because of its accessibility, quiet environment and nice scenery.
"I feel quite lucky. If not for the redevelopment (of his former estate) we probably wouldn't have the chance to move to a bigger flat," said Suen.
He added that his previous flat, where his family lived in for more than 40 years, was only about 300 sq ft and had disintegrating concrete.
He said he would provide the down payment but his elder son would make the monthly mortgage payment. Suen said he planned to let his son and his girlfriend eventually move in to the flat.
He said he was not worried about a fall in property prices because of the ongoing protests.
"Hong Kong has experienced so many ups and downs since 1997. The protests may affect property prices on a short-term basis, but in the long term, I'm not worried because this city has limited land and a big population " so property prices always go back up."
The new batch of flats from the six estates, ranging from 276 sq ft to 568 sq ft, were priced at 41 per cent less than the market rate, or between HK$1.56 million and HK$5.29 million. The discount offered for HOS flats last year was 48 per cent. The authority received over 300,000 applications for the current batch. Most residents would be able to move in by 2020.
Michael Wong, a 22-year-old computer science student, bought a 522 sq ft flat in the Cheung Sha Wan estate for about HK$4.3 million.
He said he would be able to pay half the monthly mortgage, about HK$17,000, because he collects rent from a property on the mainland " and his family would pay the other half.
The cheapest flats were in Ma On Shan, where a 275 sq ft flat was priced at HK$1.56 million, or $5,634 per sq ft.
The Housing Authority has raised the monthly income limit for a two-member household to HK$58,000, while the total net household asset value limit was raised to HK$2.01 million.
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