HA approves implementation arrangements for Sale of Green Form Subsidised Home Ownership Scheme Flats 2024
The following is issued on behalf of the Hong Kong Housing Authority:
The Hong Kong Housing Authority (HA) Subsidised Housing Committee today (June 12) approved the average selling prices and sales arrangements for the sale of Green Form Subsidised Home Ownership Scheme (GSH) Flats 2024 (GSH 2024).
"The HA is going to launch GSH 2024 in the third quarter of 2025 offering a total of 2 576 flats from the new GSH development, Wang Chi Court in Kowloon Bay (See Annex 1). With an aim to increase applicants' chances of success, GSH 2024 will implement the enhancement measure of allocating an extra ballot number to applicants who had failed to purchase a flat in GSH 2022 and GSH 2023," a spokesman for the HA said.
"Affected tenants of the HA's announced Public Rental Housing (PRH) clearance projects (i.e. Pik Hoi House, Kam Pik House and Tan Fung House of Choi Hung Estate; and Wah On House and Wah Lok House of Wah Fu Estate) who would like to purchase subsidised sale flats (SSF) in lieu of PRH will be accorded priority in flat selection over other applicants under GSH 2024. On the other hand, a quota of 1 050 GSH flats will be set for families applying under the Priority Scheme for Families with Elderly Members and Families with Newborns Flat Selection Priority Scheme (Priority Newborns Scheme) for GSH 2024. Family applicants with babies born on or after October 25, 2023, will be eligible for the Priority Newborns Scheme if their children are aged 3 or below on the closing day of the application of GSH 2024. Separately, a quota of 250 GSH flats will be set for one-person applicants," the spokesman said (see Annex 2).
Details of the implementation arrangements for GSH 2024 are as follows:
Flats for sale
The HA will offer under GSH 2024 a total of 2 576 new GSH flats from Wang Chi Court, rescinded or unsold flats which were first put up for sale under GSH 2020/21 and GSH 2022, and a new batch of recovered Tenants Purchase Scheme flats.
The new GSH development Wang Chi Court provides flats with saleable areas ranging from about 17.9 square metres to about 43.3 sq m (about 193 square feet to about 466 sq ft). Large flats, with saleable areas ranging from about 41.8 sq m to about 43.3 sq m (about 450 sq ft to about 466 sq ft), which are more popular among applicants, will account for more than a quarter of the total number of flats (See Annex 1).
Pricing
Under the prevailing pricing mechanism, GSH flats will be sold at a discount of 10 per cent more than that of the preceding Home Ownership Scheme (HOS) sale exercise. Since the discount rate for Sale of HOS 2024 Flats was set at 30 per cent, the average selling prices of all GSH flats for sale under GSH 2024 would be set at a 40 per cent discount from the assessed market values (i.e. for sale at 60 per cent of the assessed market values). The selling prices of the flats in Wang Chi Court range from about $1.15 million to about $3.49 million, with an average selling price of about $2.47 million (See Annex 1).
"Based on the average flat selling price at about $2.47 million (saleable area of about 34 sq m or about 366 sq ft), the mortgage payment is about $10,500 per month, assuming that he/she takes out a mortgage at 95 per cent of the flat price for a term of 30 years at an interest rate of 3.5 per cent. For one to two-person flats, the average selling price is about $1.28 million and the mortgage payment is about $5,500 per month," the spokesman said.
Restrictions on ownership of domestic property
Both White Form and Green Form applicants of SSF are subject to restrictions on ownership of domestic property in Hong Kong during the period from 24 months preceding the closing date for submitting the application and up to the time of signing the Agreement for Sale and Purchase for a flat under the current sale exercise. Applicants or any family members listed in the application who have entered into agreement(s) (including preliminary agreement) to purchase any domestic property in Hong Kong during the period from 24 months preceding the closing date for submitting the application, but the agreement(s) has/have subsequently been cancelled or rescinded, are still eligible to apply for SSF.
