Never a bad time to buy, say residents seeking subsidised flats in prime Diamond Hill location in Hong Kong
- More than 2,000 flats are being offered at Kai Chuen Court for as little as HK$1.18 million
- Despite climate of economic uncertainty, potential buyers say purchasing a flat in the city is always a risk-free investment
The sales launch of the latest batch of subsidised flats drew a strong response on Friday, with some aspiring homeowners saying buying property in Hong Kong was “risk-free” despite the economic and political uncertainty.
The homes measure between 184 square feet and 481 square feet, with asking prices ranging from HK$1.18 million (US$152,00) to HK$3.85 million, representing up to a 50 per cent discount on the open market rate.
They are being offered under the authority’s Green Form Subsidised Home Ownership Scheme, which is reserved for tenants of public housing flats or people on track to be allocated one within a year.
Many of the residents at the authority’s sales office in Kwun Tong in the morning were middle-aged or elderly.
Lulu Ma said she was hoping for a change in luck after trying to buy a subsidised home at least three times before but without success.
“I applied every year in the past few years but was not drawn in the lottery,” the 50-year-old said. “And this time the location of the project is very convenient as it’s in the downtown area, so I certainly wouldn’t miss the chance.”
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“My two sons are still studying, but in a few years they will start working,” Ma said. “By that time our family’s income level may exceed the threshold for public housing, so we may be unable to live there any more, and I can’t afford private housing. So we really hope we can be drawn this time.”
Previous batches of flats offered under the scheme were located in more remote parts of the city, such as the New Territories, so the Kai Chuen Court project is a chance to buy a home in a central area with strong transport links.
“The surrounding environment is pretty good,” said Ng Law-fat, 61, who shares a 300 sq ft public housing flat with his wife in Kwun Tong. “I just think this estate really hits the spot.”
The authority is also offering 525 flats from previous rounds of the scheme, most of them at Ching Fu Court in Tsing Yi. They went on sale last year when the economy was mired in recession but failed to attract buyers, with the small size of the homes limiting their appeal.
Winnie Leung, 74, was seeking one of the smaller flats in Kai Chuen Court for her brother, who is single and about to retire.
“There is never a risk in buying property in Hong Kong, even at a time like now, because there are simply too many people and too many demands here,” Leung said.
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The property market rebounded faster than expected in the first quarter of 2021, with the volume of transactions soaring 79.2 per cent compared with the same period a year ago.
The authority is also offering 800 flats under the Tenants Purchase Scheme, which allows residents at 39 public housing estates to buy their homes. They are priced low because of the age of the buildings.
The cheapest is a 150 sq ft flat at Leung King Estate in Tuen Mun, going for HK$144,300, while the most expensive is a 544 sq ft unit at Lei Cheng Uk Estate in Sham Shui Po, priced at HK$1.09 million.
The application period for the current scheme runs from May 28 to June 10, with balloting to take place in July or August. Eligible applicants will be invited to select flats starting from September or October.
