Gov't to boost subsidised flats supply

October 17, 2018

Chief Executive Carrie Lam said the oversubscription of the 2018 Home Ownership Scheme (HOS) flats reflects citizens’ strong demand for home ownership.

 

Speaking to the media today, Mrs Lam said the Government will strive to supply more subsidised sale flats.

 

The scheme received more than 260,000 applications for a total of 4,431 flats.

 

In June, the Government revised the pricing mechanism for subsidised sale flats to make them more affordable.

 

Mrs Lam said the overwhelming response was within expectations.

 

She believes the upcoming Green Form Subsidised Home Ownership Scheme flats, to be sold this year, and units for the Starter Homes pilot project in Ma Tau Wai Road, to be sold early next year, will also be oversubscribed. 

 

The Chief Executive said the ratio of public housing will increase and the Government will allocate more land for public housing development, as mentioned in her Policy Address.

 

On the rejected tenders for a residential site at the Peak, Mrs Lam said the land will only be sold when the tendered premium meets the reserve price.

 

She said surveyors from the Lands Department set the reserve price on the closing day of the tender exercise and have taken all market conditions into consideration.

 

Responding to views that the reserve price does not consider the tax to be imposed on vacant first-hand private residential properties, Mrs Lam said she cannot see the relationship between tax and land or property prices.

 

She said the tax aims to ensure flats are delivered to the market for sale or rent as soon as possible, adding there is no reason for developers to stock up on completed units.

 

Mrs Lam also emphasised the Government will persevere in its mission to increase land supply.

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