2024-05-14 28Hse Editor
Many people consider securing a Public Rental Housing (PRH) or Home Ownership Scheme (HOS) flat to be a winning situation in life. The 2023 HOS will start accepting applications in the middle of this year at the earliest. Flat selection will begin in the first quarter of next year, but the government has yet to announce the exact timing of application opening. For those interested in applying, read on to learn about the housing estates available and eligibility criteria.
The new HOS phase involves six housing estates. These include On Ying Court, On Wah Court, and On Lai Court in Kwun Tong, Kai Yuet Court in Kai Tak, Siu Tsui Court in Tuen Mun, and Long Tin Court in Yuen Long. A total of 9,154 units will be provided, which is the largest number of units since the resumption of HOS.
The six new homes are offered at a 62 per cent discount to the market price, with prices ranging from HK$1.49 million to HK$4.94 million and average feet price ranging from HK$6,280 to HK$9,390, with Kai Yuet Court having the highest average feet price in this phase. The estate offers 2,046 units ranging in sizes from 278 to 475 square feet, priced between HK$2.23 million and HK$4.94 million with an average price per square foot of HK$9,390.
As for the housing estates in Kwun Tong, On Ying Court offers 1,140 units ranging from 282 to 478 square feet, priced from HK$1.71 million to HK$3.94 million; On Wah Court offers 990 units ranging from 296 to 495 square feet, with prices ranging between HK$1.81 million and HK$3.77 million; On Lai Court offers 1,380 units ranging from 278 to 497 square feet, priced from HK$1.69 million to HK$3.76 million.
As for the New Territories, Siu Tsui Court in Tuen Mun offers 518 units, the smallest number of units, with sizes ranging from 281 to 518 square feet and prices ranging from HK$1.79 million to HK$3.72 million, while Long Tin Court in Yuen Long offers the largest number of units, involving 3,080 units with sizes ranging from 280 to 454 square feet and prices ranging between HK$1.49 million and HK$3.18 million.
It is worth noting that the eligibility criteria have been adjusted. Based on statistics from December last year to February this year, the income and asset limits for White Form applicants are reportedly proposed to be adjusted downwards in response to the overall drop in property prices in Hong Kong. Meanwhile, income and asset limits for Green Form applicants remain unchanged and the latest income and asset limits for PRH applicants will continue to apply.
Under the new proposal, the income limits for White Form applicants will be reduced from HK$32,630 to HK$31,000 for singletons and from HK$65,260 to HK$62,000 for families of two or more. In addition, the asset limits for singleton and family applicants will be HK$735,000 and HK$1.47 million respectively. This represents a reduction of about 20 per cent from the previous phase's asset limits of HK$925,000 and HK$1.85 million.
In addition, the new HOS phase also imposes stricter resale restrictions. For the first five years, owners are not allowed to resell their flats in the secondary market at a price higher than the original price. From the sixth year onwards, they can only sell their flats to Green Form or White Form II eligible persons without paying a premium. After 15 years of purchase, buyers can resell their flats in the free market after paying a premium.
The case of Abby Choi Tin-fung case has rocked the city and raised concerns about the exemption of Green Form applicants from the vetting process, as well as the loopholes in the system. In this regard, the Subsidised Housing Committee (SHC) has endorsed that the eligibility criteria for Green Form and White form applicants should be tightened, and that Green Form applicants who purchase HOS flats should be prohibited from owning residential properties in Hong Kong for two years prior to submitting their HOS applications.
The application period and details of the new phase of HOS have not yet been officially announced. It is known that 900 quotas have been reserved for single-person applicants, so those who are interested in drawing HOS flats may wish to gather the necessary documents first, to be prepared for the announcement of application details.
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