Flat selections for Sale of Green Form Subsidised Home Ownership Scheme Flats 2024 to commence from November 26

Flat selections for Sale of Green Form Subsidised Home Ownership Scheme Flats 2024 to commence from November 26 
     Flat selections for the Sale of Green Form Subsidised Home Ownership Scheme (GSH) Flats 2024 (GSH 2024) of the Hong Kong Housing Authority (HA) will commence from November 26. The HA will invite eligible applicants in batches to select flats for sale under the GSH 2024 via mail or email according to the priority under the respective application category at the designated time at the office of the HA’s GSH Sales Unit in Kwun Tong (GSH Sales Office).

     “The HA has long been striving to enhance the housing ladder through the provision of various types of subsidised sale flats (SSFs) and continuous enhancement of relevant arrangements in order to assist Public Rental Housing (PRH) tenants with better financial capabilities to achieve upward mobility by purchasing SSFs. Given that flat selections of the GSH 2024 will commence shortly, we encourage capable PRH tenants to seize the opportunity and fulfil their home ownership aspirations early,” a spokesman for the HA said today (November 18).
  
Flats for sale 
     “Sales brochures (and sales pamphlets for recovered TPS flats) and price lists will be made available for public collection at the GSH Sales Office and for viewing on the HA/Housing Department’s designated website (www.housingauthority.gov.hk/gsh/2024 
     Project models of the new development and doll houses of GSH typical flats, virtual videos of samples of GSH flats, virtual reality tours of the interiors of samples of GSH and recovered TPS flats, exhibition panels/electronic panels and other information on GSH developments and TPS estates will be available for public viewing at the GSH Sales Office and on the designated website. 
Pricing
 
     The HA continues to price GSH flats at an affordable level. The discount rate for the GSH 2024 is set at 10 per cent more than that determined for the recently completed Sale of Home Ownership Scheme Flats 2024 (HOS 2024). The discount for HOS 2024, set at 30 per sent from the assessed market values (for sale at 70 per cent of the assessed market values), was based on the affordability of the applicants, i.e. at least 75 per cent of the flats for sale can allow non-owner occupier households earning the median monthly household income to spend no more than 40 per cent of their monthly income on the mortgage payment.  Following the affordability-based pricing policy, the discount for GSH flats offered under the GSH 2024 is set at a 40 per cent discount from the assessed market values, i.e. for sale at 60 per cent of the assessed market values. The selling prices of the flats in Wang Chi Court range from about $1.15 million to $3.49 million, with an average selling price of about $2.47 million.
 
     “Based on the average flat selling price at about $2.47 million (saleable area of about 34 sq m or about 366 sq ft), the mortgage payment is about $10,500 per month, assuming that the buyer takes out a mortgage at 95 per cent of the flat price for a term of 30 years at an interest rate of about 3.5 per cent. For one to two-person flats, the average selling price is about $1.28 million and the mortgage payment is about $5,500 per month,” the spokesman said.
  
Applications received 
     It is the first time the HA has allocated an extra ballot number to applicants who failed to purchase an SSF in the last two consecutive sale exercises of the same type of SSF, with the aim of increasing their chances of successfully purchasing SSFs. Approximately 12 000 applications for the GSH 2024 have been allocated an additional ballot number.
 
Sequence of priority for flat selections (see Annex 2)
 
     The sequence of priority for flat selections by eligible applicants is determined by the application category, quota allocation and ballot results. Affected tenants of the HA’s announced PRH clearance projects (i.e. Pik Hoi House, Kam Pik House and Tan Fung House of Choi Hung Estate, and Wah On House and Wah Lok House of Wah Fu Estate) who would like to purchase an SSF in lieu of PRH will be accorded priority in flat selections over other applicants under the GSH 2024. Separately, the HA has set a quota of 1 050 flats for families applying under the Priority Elderly Scheme and the Priority Newborns Scheme; and a quota of 250 flats for one-person applicants. 
Issued at HKT 15:00