Hong Kong government-funded home sells for record HK$9 million in Shau Kei Wan
- Three-bedroom apartment in Tung Yuk Court breaks record set by similar unit in May last year
- A record 2,860 second-hand Home Ownership Scheme units have been sold in the first six months this year
A 650 sq ft apartment in Hong Kong’s Shau Kei Wan neighbourhood has sold for HK$9 million (US$1.15 million), according to the city’s Housing Authority, making it the city’s most expensive second-hand government-funded residential unit.
The three-bedroom apartment in Tung Yuk Court broke a record set by a similar sized unit in the same estate that sold for HK$8.93 million in May last year.
“Nothing can dampen Hongkongers’ demand for a home, unless supplies are boosted by a large amount,” said Derek Chan, head of research at Ricacorp Properties. “We will see government-funded homes being sought after by home seekers who cannot afford private homes, which are astonishingly expensive and small.”
Tung Yuk Court is a residential estate part of the city’s Home Ownership Scheme. Anyone eligible for applying for a public rental home can buy a property part of the scheme without having to pay a premium to the Housing Authority. Homes part of the scheme sold in the open market attract a premium of 43 per cent payable to the government.
A record 2,860 second-hand Home Ownership Scheme homes have been sold in the first six months this year, for HK$14.7 billion, Centaline Property said on Tuesday.
The demand for homes – whether they are tiny, old or even haunted – is booming in Hong Kong despite economic uncertainty in the special administrative region and a slowing economy in mainland China.