28th March 2023 – (Hong Kong) Thousands of low-cost public housing flats became available for sale on Tuesday, under the Hong Kong government’s Green Form Subsidised Home Ownership Scheme. Homebuyers who had waited in long queues eagerly rushed into the Housing Authority’s sale centre in Kwun Tong to choose from a total of 4,693 units in Yau Tong, Fanling, and Ma On Shan.
The flats were spread over three estates – Ko Wang Court in Yau Tong, Ching Tao Court in Fanling, and Kam Pak Court in Ma On Shan. The prices ranged from HK$753,000 to HK$2.71 million, which was approximately 41% of the market value. The size of the flats ranged from 184 to 489 square feet, with a total of 270 units priced at less than HK$1 million. However, their saleable areas were all less than 200 square feet.
Ko Wang Court, located in Yau Tong, quickly became the favourite of most homebuyers.
The sale of the flats opened up a new opportunity for many Hong Kong residents to realise their dream of owning their own home. However, some prospective buyers expressed their concern about the high price of the flats. According to them, the cost of the flats is still beyond the reach of many families in Hong Kong.
The Hong Kong government introduced the Green Form Subsidised Home Ownership Scheme to help more families own their homes. The scheme provides low-cost public housing for people who meet certain eligibility criteria, including being a Hong Kong resident and not owning any other property. The government has been criticised for not doing enough to address the city’s housing crisis, which has resulted in skyrocketing property prices and a shortage of affordable housing.
Overall, the availability of low-cost public housing flats under the Green Form Subsidised Home Ownership Scheme is a welcome relief for many families struggling with high rents and the lack of affordable housing in Hong Kong. It is hoped that the scheme will continue to help more people in the future, and that the government will take further steps to address the housing crisis in the city.