Kai Yeung Court draws buyers as Hong Kong HOS sales begin
The latest Home Ownership Scheme sales began on 21 October, with buyers snapping up high-floor sea-view units at Kai Yeung Court in Kai Tak. Demand was strong despite higher prices, while some buyers opted for cheaper projects due to the Well-off Tenants Policy.
A new round of flat selection for the Sale of Home Ownership Scheme (HOS) flats began on Wednesday, with buyers setting their sights on top-floor sea-view units at Kai Tak's Kai Yeung Court.
The sought-after Kai Tak project is one of five new HOS developments on offer this round, alongside Wui Hei Court in Kam Tin, Yu Fung Court in Tung Chung, Long Fung Court in Ping Shan and Ying Fai Court in Tseung Kwan O. Demand at Kai Yeung Court was evident within half an hour of sales starting, when a Block B unit priced at more than HK$4.8 million was snapped up, and other high-floor units followed.
Among the buyers who secured a flat in the estate was a first-time applicant who picked a mid-to-high-floor unit, saying he was happy to own a home. Another buyer who picked a mid-floor unit praised its convenient location compared with other projects. Although prices per square foot in the area are higher, the buyer said the 30 per cent discount to market value still makes them reasonable. Another buyer said he had already factored in potential leaks and peeling exterior paint at new subsidised flats, and had set aside extra budget for waterproofing. He was confident subsidised flats were comparable in quality to private housing.
Also in line for a home was Chan, whose family of five lives in public housing. She arrived early in the morning to learn more about the units before her 2.30pm selection appointment. Expressing interest in the urban Kai Yeung Court, she said she was not too worried that her preferred choice would be taken, as many units in Block A were still available. Despite the higher price tag, she said the estate was worth it given its amenities, which include the Kai Tak Sports Park, shopping malls and a nearby MTR station.
Yet, the pricier urban estate has pushed some buyers toward other projects. Lo, for one, opted for a flat at Wui Hei Court in Kam Tin. With two to three family members, he hopes to buy a medium-sized unit of more than 300 sq ft, citing its proximity to an MTR station as an advantage. However, he said amenities in the area were still lacking and expected it would take at least three years to develop. Lo added that he was prompted to apply for subsidised housing by the Well-off Tenants Policy, given their combined income as a three-earner household exceeds the limit. While it was good for public housing families to move up the property ladder, he noted that the current policy has caught tenants like him in between. Many tenants, he said, are around 40 to 50 years old and will soon reach retirement age and would face heavy pressure if no family member takes over mortgage payments.
The latest round of selection offers nearly 7,000 new subsidised units of about 281 to 560 sq ft at 70 per cent of market value, along with 400 resale HOS flats. The Housing Authority has allocated around 2,800 units for families participating in the “Priority Scheme for Families with Elderly Members” and “Families with Newborns Allocation Priority Scheme”, while 700 units are reserved for one-person applicants.