In the 2011 Policy Address, a significant amount of attention was dedicated to the property market, with particular focus on Rebuilding Home Ownership Scheme ('HOS') and My Home Purchase Scheme ("HPS"), which garnered the most attention from the public.
Total A of 17,000 units will be built in the new HOS, The first batch is expected to be launched in stages after 2016, depending on the land supply. In the following years, an average of 5,000 units will be provided annually. The target group is those with a monthly income of less than HK$30,000, and the units will have a practical area of approximately 400 to 500 square feet. It is anticipated that the first batch of units will be available for pre-sale between 2014 and 2015. Within five years of purchasing the unit, owners can only sell it to green form applicants or the Housing Authority. After five years of ownership, owners can freely sell the unit after paying a premium to the Housing Authority. Additionally, there is a 30-year resale restriction, and within this period, the units can only be sold to Hong Kong residents.
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HOS is managed by the Housing Authority, HPS is managed by the Housing Society, Therefore in theory it is, possible to apply for both schemes at the same time. Thus, families with a monthly income of less than 30,000 should be able to apply for both programs. As for the Well-off Tenants Policies, currently, there are approximately 1,000 units available in Greenview Terrace and 700 units in Sha Tin Area 36C. On the other hand, the government aims to provide 5,000 new public rental housing units each year, indicating that chances of the being allocated a unit under the Well-off Tenants Policies are even lower than the New Housing Scheme.
Based on the evaluation of the current 7 new public rental housing units, the author believes that the best location is Sha Tsui Road in Tsuen Wan, followed by Cheung Ching Estate in Tsing Yi. The rest either have transportation issues or lack ideal community facilities, including insufficient shopping options, which can be seen as undeveloped areas.
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Project Name: Sha Tin 4C, Heung Fan Liu Street
Location: Next to Mei Tin Estate, at the intersection of Heung Fan Liu Street and Mei Mun Lane
Number of Blocks: 1
Number of Units: Approximately 220
Bldg Height: Approximately 28-30 floors
Commencement Date: Mid-2013
Completion Date: Late 2016
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Project Name:Sha Tin 4D, Pik Tin Street
Location: Next to Green View Garden, at the junction of Mei Tin Road and Pit Tin Street
Number of Blocks: 1
Number of Units: Approximately 270 Bldg Height: Approximately 30-32 floors
Commencement Date: Mid-2013
Completion Date: Late 2016
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Project Name: Sha Tin District 31, Hin Tin Street
Location: Slope between Hin Tin Street and Union Hospital
Number of Blocks: 1
Number of Units: Approximately 250
Bldg Height: Approximately 30-33 floors
Commenc Dateement: Mid-2013
Completion Date: Late 2017
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Project Name: Sha Tin District 16,Wo Sheung Tun Street
Location: Wo Sheung Tun Street
Number of Blocks: 2 blocks
Number of Units: Approximately 520 units
Bldg Height: Approximately 30-31 floors
Commencement Date: 2015
Completion Date: End of 2019
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Project Name: Former Site of Chan Lai Sau Chun, Tsing Yi, Memorial School in Cheung Ching Estate
Location: First Bldg of Cheung Ching Estate School
Number of Buildings: 2
Number of Units: Approximately 460 units
Bldg Height: Approximately 24 floors
Commencement Date: Mid-2013
Completion Date: End of 2016
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Project Name: Former Tsuen Wan Tai Wo Hau Factory Bldg
Location: 372 Sha Tsui Road, Tsuen Wan City Center
Number of Blocks: 3
Number of Units: Approximately 880 units
Bldg Height: Approximately 28-32 floors
Commencement Date: Mid-2013
Completion Date: End of 2016
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Project Name: Yeung Long Wang Yip Street, No. 29
Location: Adjacent to Dongtou Industrial Estate, at the junction of Fu Yip and Wang Yip Street
Number of Blocks: 1 block
Number of Units: Approximately 229 units
Bldg Height: Approximately 12 floors
Completion Date: 2017
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