Q & A with our experts, March 20, 2013
Q:I have saved about HK$500,000. I want to use it for the down payment for a mortgage on my first home. Where can I find properties priced slightly over HK$2 million? What are the options?
With a down payment of about HK$500,000, given the fact that you can borrow up to 80 per cent of the value of the flat, you could afford a property priced at between HK$2.5 million and HK$3 million. There aren't many choices with such price tags on the market right now. One option is Kingswood Villas, in Tin Shui Wai, where secondary flats sized at about 500 sq ft sell for between HK$2.3 million and HK$2.8 million.
If you want to find a flat in an urban area, you have to look at flats that are about 200 sq ft in size. For instance, small units in San Po Kong are priced at around HK$7,000 per sq ft in terms of gross floor area and their total cost would be from HK$2.2 million to HK$2.3 million. Flats in urban areas may have higher appreciation potential but some people may like living in housing estates with a clubhouse. Alternatively, you could consider the Home Ownership Scheme flats in Tuen Mun.
