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323 units sold under URA’s Subsidised Sale Flat Scheme at Kai Tak development

The Urban Renewal Authority (URA) has sold 323 flats (comprising eight studio, 213 one-bedroom and 102 two-bedroom units) out of the 338 flats designated for sale as subsidised sale flats under its Subsidised Sale Flat (SSF) Scheme at the Kai Tak development when the sale closed today (Friday).  The URA Board will decide on the appropriate disposal arrangement for the unsold SSF flats, pending the sale of them at the market price in the open market after 31 December 2016. 

The URA received a total of 12,642 preliminarily verified applications for the SSF Scheme during the application period which expired early this year, of which 3,068 were confirmed eligible applicants (2,102 single person applicants and 966 family applicants). The URA has commenced the sale of flats under SSF Scheme since 5 April by inviting these eligible applicants in batches for flat selection and purchase according to their priority determined by computer ballot. About 167 single person applicants and 156 family applicants have made the flat selection and purchase.  Under the SSF Scheme, single person applicants are restricted to purchase studio or one-bedroom units only.

These SSF Scheme flats are expected to be handed over to purchasers during the third quarter of 2016.

Occupying a site of about 61,290 square feet, the URA's development at Kai Tak consists of three high blocks (H1, H2, H3) and one low block (L1) of residential buildings, providing 484 flats. Among them, 338 are allocated for the SSF Scheme, with flat sizes ranging from 332 to 568 square feet in saleable area. The price list of all the SSF Scheme flats is set after a 20% discount to the market value of the units, assessed with a valuation date of 18 December 2015. Another valuation had been conducted on 18 March 2016 and 18 April 2016 to ascertain the discount percentage, which is approximately 14%, based on which the premium should be payable to URA on subsequent sale in the open market by these SSF owners.

The development adopts a modest and sustainable design approach and has achieved the BEAM Plus Provisional 'Platinum' rating from the Hong Kong Green Building Council.