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

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The flats at Kai Chuen Court are being offered under the authority’s Green Form Subsidised Home Ownership Scheme. Photo: Winson Wong

Published: 6:53pm, 21 May 2021Updated: 10:44am, 24 May 2021

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 Housing Authority is offering 2,112 new flats at Kai Chuen Court in Diamond Hill in Kowloon and the prime location was cited by many as a key draw.

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.

Potential buyers inspect property plans for Kai Chuen Court. Photo: Winson Wong

Many of the residents at the authority’s sales office in Kwun Tong in the morning were middle-aged or elderly.