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URA commences sale of flats under Subsidised Sale Flat Scheme at Kai Tak development

The Urban Renewal Authority has commenced the sale of flats under its Subsidised Sale Flat Scheme (SSF) at the Kai Tak development. Out of 534 applicants with the highest priority determined by balloting process, only 264 are eligible and have been invited to make the purchase starting from today until Friday (8 April 2016). A total of 19 SSF units, including 4 studio, 12 one-bedroom and 3 two-bedroom flats have been sold today.

In compliance with the Residential Properties (First-hand Sales) Ordinance, the URA uploaded the price list of 338 flats to be sold under the SSF Scheme and the sales arrangement applicable to the first 264 eligible applicants on the Kai Tak development's website (www.urakaitak.hk) on 4 January 2016 and 30 March 2016 respectively. The URA has made available 29 flats to be sold under the SSF scheme, which are comparable flats to the 338 SSF flats, for viewing by all eligible applicants starting 1 April 2016.

The URA will continue the sales process in the coming weeks according to their priority numbers and eligibility.  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 and comprising studio, one-bedroom and two-bedroom flats.

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 to ascertain the discount percentage, which is approximately 14%, based on which the premium should be payable to URA on subsequent sale by the buyers in the open market.  The valuation of 18 March 2016 will be applicable to sale of SSF flats during April.

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.

(ENDS)