Kai Tak a hit with Hong Kong buyers at Housing Authority sale of about 9,000 subsidised flats
- Kai Tak a draw because of good transport links and views across Victoria Harbour and sports park
- Housing Authority puts biggest number of flats on the market since 2014, with longer mortgage guarantee periods as well
A university student surnamed Tang, 20, and his mother, who identified herself only as Tong, were among those on Wednesday who hoped to secure one of the 2,046 subsidised flats in Kai Yuet Court, Kai Tak, out of 9,154 newly built homes spread across six estates.
The mother and son secured their “most preferred flat”, a southeast-facing spacious high-rise property, which is also close to an MTR station.
“We were initially worried that we might not be able to get a spacious unit and would have to settle for a smaller one,” Tong said. “Fortunately, we were lucky this time.
“We were able to secure a great unit in the desired housing estate that everyone wanted.”
Three other estates are in the city’s urban area in Kwun Tong, but residents can only reach an MTR station by bus or minibus.
The other two are in Tuen Mun and Yuen Long in the New Territories.
The latest sale of Home Ownership Scheme flats attracted about 170,000 applications.
About 18 households competed for each flat, which ranged in price from HK$1.49 million (US$190,592) to HK$4.94 million. The properties were set at 62 per cent of the market price.
Hong Kong Housing Society to sell over 400 flats at 62% of market price
The move was designed to promote sales of second-hand homes.
Tong said it was also good news for her son and that “the younger generation will have less pressure”.
The authority said that although the price was pegged at 62 per cent of market value, it was 70 per cent of the present going rate because of the decline in property prices after the discount was announced.
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If homeowners want to sell their homes, they need to pay back the discount to the authority. It implies that homeowners only need to pay 30 per cent instead of 38 per cent back in the future.
A 40-year-old man surnamed Cheung said the change in discount did not bother him because he planned to buy a property for himself and his parents.
He also aimed at selecting a mid-rise flat in Kai Tak, with a good view of Victoria Harbour and Kai Tak Sports Park.
“Most importantly, the location is great, which provides convenient transport,” Cheung said.
“Chinese people attach importance to the orientation of a property. I wanted to select a unit in Block B, which faces the southeast.”
Grace Chan, a 25-year-old kindergarten teacher, said she also did not mind the change in the discount and added she wanted a flat in Kai Tak because of its convenient location.
