Flat selections for Sale of Green Form Subsidised Home Ownership Scheme Flats 2024 to commence from November 26
The following is issued on behalf of the Hong Kong Housing Authority:
Flat selections for the Sale of Green Form Subsidised Home Ownership Scheme (GSH) Flats 2024 (GSH 2024) of the Hong Kong Housing Authority (HA) will commence from November 26. The HA will invite eligible applicants in batches to select flats for sale under the GSH 2024 via mail or email according to the priority under the respective application category at the designated time at the office of the HA's GSH Sales Unit in Kwun Tong (GSH Sales Office).
"The HA has long been striving to enhance the housing ladder through the provision of various types of subsidised sale flats (SSFs) and continuous enhancement of relevant arrangements in order to assist Public Rental Housing (PRH) tenants with better financial capabilities to achieve upward mobility by purchasing SSFs. Given that flat selections of the GSH 2024 will commence shortly, we encourage capable PRH tenants to seize the opportunity and fulfil their home ownership aspirations early," a spokesman for the HA said today (November 18).
Flats for sale
Flats for sale under the GSH 2024 include a total of 2 576 new GSH flats from Wang Chi Court in Kowloon Bay, 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). Over 25 per cent of the total number of flats are 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) (see Annex 1). In addition, about 270 resale GSH flats and a new batch of about 350 recovered Tenants Purchase Scheme (TPS) flats are also included for sale under the GSH 2024.
"Sales brochures (and sales pamphlets for recovered TPS flats) and price lists will be made available for public collection at the GSH Sales Office and for viewing on the HA/Housing Department's designated website (www.housingauthority.gov.hk/gsh/2024)starting from seven days before commencement (i.e. November 19) up to the end of the flat selection period for the GSH 2024," the spokesman said.
Project models of the new development and doll houses of GSH typical flats, virtual videos of samples of GSH flats, virtual reality tours of the interiors of samples of GSH and recovered TPS flats, exhibition panels/electronic panels and other information on GSH developments and TPS estates will be available for public viewing at the GSH Sales Office and on the designated website.
During the flat selection period, video clips of the interiors of all recovered TPS flats for sale will be provided at the GSH Sales Office and on the designated website. Arrangements will be made with relevant stakeholders to facilitate the viewing of the recovered TPS flats put up for sale under the GSH 2024 as far as practicable.
Pricing
The HA continues to price GSH flats at an affordable level. The discount rate for the GSH 2024 is set at 10 per cent more than that determined for the recently completed Sale of Home Ownership Scheme Flats 2024 (HOS 2024). The discount for HOS 2024, set at 30 per sent from the assessed market values (for sale at 70 per cent of the assessed market values), was based on the affordability of the applicants, i.e. at least 75 per cent of the flats for sale can allow non-owner occupier households earning the median monthly household income to spend no more than 40 per cent of their monthly income on the mortgage payment. Following the affordability-based pricing policy, the discount for GSH flats offered under the GSH 2024 is 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 $3.49 million, with an average selling price of about $2.47 million.
"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 the buyer takes out a mortgage at 95 per cent of the flat price for a term of 30 years at an interest rate of about 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.
Applications received
During the application period, the HA received a total of around 36 000 applications for the GSH 2024. Among the applications received, around 30 000 came from family applicants, of which around 16 000 applied under the Priority Scheme for Families with Elderly Members (Priority Elderly Scheme) and Families with Newborns Flat Selection Priority Scheme (Priority Newborns Scheme). In addition, around 6 000 applications were received from one-person applicants.
It is the first time the HA has allocated an extra ballot number to applicants who failed to purchase an SSF in the last two consecutive sale exercises of the same type of SSF, with the aim of increasing their chances of successfully purchasing SSFs. Approximately 12 000 applications for the GSH 2024 have been allocated an additional ballot number.
Sequence of priority for flat selections (see Annex 2)
The sequence of priority for flat selections by eligible applicants is determined by the application category, quota allocation and ballot results. Affected tenants of the HA's announced 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 an SSF in lieu of PRH will be accorded priority in flat selections over other applicants under the GSH 2024. Separately, the HA has set a quota of 1 050 flats for families applying under the Priority Elderly Scheme and the Priority Newborns Scheme; and a quota of 250 flats for one-person applicants.
