Green Form Housing 2025 Kicks Off Tomorrow with 1,389 Units at Shing Chi Court
SingTao · 1 SOURCESabout 1 hour ago2 MIN
Summary
The Housing Authority's Green Form Subsidized Housing 2025 project commences flat selection on July 25, offering 857 units at Shing Chi Court in Kowloon Bay along with 532 resold and recycled Tenants Purchase Scheme units. As property prices have surged 15.5 percent since the October 2024 pricing, the discount rate is expected to shift from 60 percent to approximately 52 percent of market value. Industry observers predict healthy sales momentum given the project's urban location and attractive pricing, with units ranging from HK$1.68 million to HK$3.54 million.
Key Points
- The project comprises 857 units at Shing Chi Court in Kowloon Bay, 121 resold units, and 411 recycled Tenants Purchase Scheme units, totaling 1,389 flats available for selection
- Units at Shing Chi Court were priced at 60 percent of market value in October 2024, ranging from HK$1.68 million to HK$3.54 million, with the discount expected to adjust to approximately 52 percent due to a 15.5 percent market price increase
- Public Housing Residents Association Secretary Chiu Kwok-wai stated that changes in discount rates are routine and unlikely to significantly impact purchase enthusiasm among public housing tenants
- Choi Hung Estate redevelopment households have priority selection rights, with approximately 1,970 households affected by Phase 1 redevelopment and about 190 already having purchased Wang Chi Court units from the previous exercise
- Among the Tenants Purchase Scheme recycled units, Cheung Wah Estate offers a 701-square-foot unit priced at HK$91,000, while Lei Cheng Uk Estate provides a 566-square-foot unit at HK$1.178 million
Why It Matters
The adjustment in discount rates amid rising property prices highlights the Housing Authority's mechanism to maintain affordability for green form applicants while adapting to market conditions. For Choi Hung Estate residents facing displacement, Shing Chi Court's urban location and preferential pricing present a viable alternative to waiting for New Mei Tung Estate, expected to complete in 2028-29, potentially easing the transition for nearly 2,000 affected households .
The adjustment in discount rates amid rising property prices highlights the Housing Authority's mechanism to maintain affordability for green form applicants while adapting to market conditions. For Choi Hung Estate residents facing displacement, Shing Chi Court's urban location and preferential pricing present a viable alternative to waiting for New Mei Tung Estate, expected to complete in 2028-29, potentially easing the transition for nearly 2,000 affected households .