Applications for government-subsidised homes are set to open in the fourth quarter of this year, offering more than 7,100 units to potential homeowners. This latest round of the Home Ownership Scheme prioritizes households with newborns, aiming to provide affordable housing options for new parents in Hong Kong.
The new units will be located in five estates across the city – in Kai Tak, Kwun Tong, Yau Tong, Tung Chung, and Tuen Mun. These homes are priced between HK$1.43 million to HK$4.67 million, with a 30 percent discount offered to successful applicants. While this discount is slightly smaller than previous rounds, it still presents a significant opportunity for families looking to own their own homes.
Cleresa Wong, the chair of the Housing Authority’s subsidised housing committee, highlighted that the monthly median income of target buyers has increased, indicating a greater ability to afford these subsidised homes. Wong also addressed concerns about the property market downturn affecting the sale of these homes, emphasizing that the target buyers for these units are distinct from those in the private market.
“We do not compare these prices with that in the private market because our target buyers are different. The buyers we want to help are those whom we have determined are unable to purchase a private market flat,” Wong stated. “I’m not worried about how popular these homes will be. There are a lot of people who we have to help.”
In a move to support families with elderly members or newborns, the Housing Authority has reserved 40 percent of the flats, totaling 2,900 units, for these groups. Priority will be given to households with children aged three years or younger at the time of application or those born on or after October 25 last year. This allocation aims to incentivize young families to consider these subsidised homes as a viable option for homeownership.
Wong explained that successful applicants with priority will no longer choose from the entire pool of available units. Instead, each housing project will have a designated proportion of units reserved for them to select from. This strategic approach is intended to provide a fair and equitable chance for priority applicants to choose the home that best suits their needs.
“This time, we hope that applicants will have a more reasonable chance of selecting the unit they want,” Wong expressed. “We have noticed that in the past, people with priority tended to prefer homes with better locations and those that are larger.”
Additionally, 10 percent of the homes are earmarked for single-person household applicants, recognizing the diverse housing needs within the community. Families of two or more who are “white form” applicants will be subject to a monthly income ceiling of HK$60,000, down from the previous HK$62,000, with an asset limit of HK$1.23 million. For single-person households, these limits will be halved, ensuring that the subsidised homes are allocated to those in genuine need of affordable housing solutions.
Subheadings:
Government Subsidised Homes Application ProcessPriority Allocation for New Parents and Elderly MembersAffordability Criteria and Income Limits
Affordability Criteria and Income Limits
As Hong Kong continues to address the housing needs of its residents, the availability of government-subsidised homes offers a ray of hope for families looking to secure a stable and affordable living environment. With careful planning and strategic allocation, these homes aim to provide a pathway to homeownership for those in need, particularly new parents and households with elderly members.