Demand healthy for new subsidised Sham Shui Po flats
The Housing Society's private residential project Heya Green has been swamped with more than 1,000 applications since it started accepting them four days ago - three times the number of flats available in the Sham Shui Po project.
'The response is good, even though it isn't as strong as it's been for government-subsidised Home Ownership Scheme flats developed by the society in the past - they've been oversubscribed by five times or more,' Eddie Hui Chi-man, a professor at Hong Kong Polytechnic University's building and real estate department, said.
'The project is attracting plenty of buyers because there aren't too many new flats in that district, and people think society flats are less lavish and more efficient than other private developments, and they're comparatively cheaper,' Hui said.
In response to the strong demand from buyers, the Housing Society yesterday released a price list for another 60 of the 327 flats in the development, at an average price of HK$8,179 per square foot.
That is similar to the prices announced on Wednesday for 30 flats in the project. The Housing Society also released prices for 30 flats on Tuesday and 60 on Monday.
The average asking price for these 180 homes is about HK$7,973.50 per square foot. The cheapest is 570 sq ft, and costs HK$3.99 million, or HK$7,000 per square foot of gross floor area. The most expensive is 777 sq ft, costing nearly HK$7.02 million, or HK$9,031 per square foot.
Hui said the prices were attractive compared to other flats on the market, with new homes at Sino Land's Park Summit in Tai Kok Tsui selling at nearly HK$10,000 per square foot.
Eighty per cent of the flats in the two towers at Heya Green in Po On Road will be two-bedroom, ranging in size from 570 to 634 square feet. The rest have a gross floor area of 777 square feet or more; seven are 1,800 square feet in size.
Only local residents with a Hong Kong identity card can buy the flats, and each buyer is limited to one flat. The flats are due for completion at the end of next year.
The number of flats in the Heya Green development, of which 180 have gone on the market so far