Cheung Kong (Holdings) is making an aggressive drive to tempt Home Ownership Scheme (HOS) owners to sell their subsidised flats back to the government and purchase its Hampton Place units in West Kowloon. A special package of sweeteners, estimated by the developer to be worth 7 per cent of Hampton Place's property value, is being offered to the first 50 HOS owners who switch to the project. A key incentive is Cheung Kong's offer to shoulder the cost and take care of the reinstatement of HOS owners' existing flats. HOS owners occupying the units for less than two years can ask the Housing Authority to buy back the property at the original price. But reinstatement is a requirement. Sales manager William Kok said the reinstatement offer was made in response to demand from HOS owners. He estimated reinstatement costs at HK$30,000 to HK$50,000 per unit. Under the package, Cheung Kong will also absorb HOS owners' stamp duty costs arising from the return sale to the government. It will link with banks to fix those buyers' monthly mortgage outlays to as low as HK$2,432 before the project's completion next year. A second mortgage is provided but buyers are not required to make repayments until the third year. A HK$28,000 furniture coupon is also included. Mr Kok said the package should attract HOS owners to Hampton Place as they only needed a 5 per cent down-payment. 'It will help remove these buyers' concerns and uncertainties such as the reinstatement issue,' he said. The date of Hampton Place's internal sale has not been fixed. The first eight units, with sea views, are priced at HK$3,098 per square foot and the second batch of eight interior units at HK$2,740 per square foot. Cheung Kong has emerged as the most aggressive developer trying to attract HOS applicants and owners to switch to private-sector projects in recent months. In its Banyan Garden sale in Cheung Sha Wan last month, the developer offered HOS owners a different incentive package ranging from cash rebate, free hotel accommodation to edible oil and sauce provisions. Another Cheung Kong sales manager David Wan said the initial quota of 50 for HOS owners buying Hampton Place could be raised, subject to the response. He said the developer had been in talks with the owners' committees of seven or eight HOS estates about their concerns of selling back their flats and their interest in Hampton Place. Mr Kok said there were more than 10,000 HOS owners occupying their units for less than two years and they were all potential customers of Hampton Place. He said the HOS owners' committees contacted by Cheung Kong had raised concerns about the problem of moving homes after selling back their units to the government before Hampton Place's completion. They suggested the government consider renting the HOS units they presently occupied to them on an interim basis following their sale-back, he said. It was also a good use of public resources, he said. DTZ Debenham Tie Leung research department director Alva To Yu-hung said private projects had become more attractive compared with HOS units after the price falls. He expected more people to shift from HOS flats to the private market.