Subsidised flats going for $99,000

PUBLISHED : Saturday, 23 July, 2005, 12:00am
UPDATED : Saturday, 23 July, 2005, 12:00am

The Housing Authority will begin selling its last batch of public rental units to tenants next month, ending one of former chief executive Tung Chee-hwa's legacies.

The authority's subsidised-housing committee will meet next Thursday to discuss the plan.

Up to 23,000 subsidised rental flats will be available to tenants.

Authority member Chan Kam-lam believes the sales will not affect the market. 'What we are talking about here are low-income families who cannot afford private housing anyway,' he said.

It is understood the most expensive flats will be 700 sq ft units at Nam Cheong Estate in Shamshuipo, with prices ranging from $99,000 to $260,000. Other estates included in the scheme are Cheung Fat Estate in Tsing Yi, Fu Shin Estate in Tai Po, Yuen Long's Long Ping Estate and Tsui Lam in Tseung Kwan O.

The authority launched the Tenants Purchase Scheme in 1998 as part of Mr Tung's initiative to give more people the chance to become property owners. It was suspended in late 2002 to help stabilise the ailing market.

Next month's sale will involve flats the authority had intended to sell before the scheme was suspended.