The Government today said the long-term housing arrangement plan applicable to other blocks of Wang Fuk Court in Tai Po will also be available to Wang Chi House (Block H), as over 75% of owners there have confirmed their intention to sell their titles to the Government.
In a statement, the Government said it had received signed Letters of Acceptance from 77.8% of Wang Chi House owners confirming their intention to sell their titles to the Government. Under arrangements agreed earlier, given the strong consensus reached among owners, the long-term plan currently applicable to Blocks A to G of Wang Fuk Court will also be formally available to Wang Chi House.
All Wang Fuk Court owners who intend to sell their titles need to return signed Letters of Acceptance on or before August 31.
The Government said feedback from Wang Chi House owners has been encouraging and positive, reflecting that the long-term housing arrangement plan is deemed attractive and can assist owners in resolving the various uncertainties and complexities they face.
These include difficulties in estimating when they can move back to their flats, a reluctance to do so, handling modifications to the land lease and deed of mutual covenant, the burden of hefty maintenance costs and a potentially sharp increase in management fees, in addition to depreciation in property values and hurdles in future property transactions.
The statement highlighted that the plan offered by the Government allows owners to rebuild their long-term homes and start new lives.
As for Blocks A to G of Wang Fuk Court, the Government has received a total of 1,361 signed Letters of Acceptance from owners as of today, representing about 78.4% of the total number of units in the seven blocks. The acquisition work has been making good progress.
After selling their titles to the Government and receiving cash payments, owners of the eight buildings can purchase a home in the market right away, or participate in the Special Sales Exercise for Wang Fuk Court owners and purchase a new subsidised sale flat (SSF) either with cash or via the “Flat-for-Flat” arrangement.
Flat selection priority under the Special Sales Exercise will be determined in batches according to the date on which the Government received owners’ signed Letters of Acceptance.
The deadline for the first batch is June 30, while that for the second batch is August 31. Flat selection priority for applicants within the same batch will be further determined by sequence, as drawn in a ballot.
The Government encouraged Wang Fuk Court owners to sign and submit their Letters of Acceptance as soon as possible to secure flat selection priority.
As the long-term plan is formally available to Wang Chi House, an extra 496 units will be added to the Special Sales Exercise, on top of the about 3,900 units currently reserved.
The additional units all come from Hong Kong Housing Society SSF projects announced under the Special Sales Exercise. Among them, the number of units at the Pak Wo Road project in Fanling will increase by 200, bringing the total from 100 to 300, while the number of units at the Anderson Road Quarry Site project in Kwun Tong will increase by 296, bringing the total from 300 to 596 units.
Currently, the Housing Bureau is assisting owners who have signed and submitted a Letter of Acceptance to complete Agreement for Sale & Purchase and the Assignment procedures.
As for Wang Chi House, the bureau will arrange for owners accepting the Government’s acquisition to sign the Agreement for Sale and Purchase on or before October 15. There will be a clause stipulating that, if fewer than three-quarters of owners ultimately sign the agreement, the Government reserves the right to discontinue the acquisition.
The statement also noted that $4 billion is earmarked in the Budget for the acquisition of Blocks A to G of Wang Fuk Court. The estimated total acquisition cost for Wang Chi House is about $1 billion. The Government will seek additional funding approval from the Finance Committee of the Legislative Council.
The engagement team co-ordinated by the Housing Bureau will continue to maintain communication with Wang Fuk Court owners. Owners can contact their designated engagement team member or call the hotline at 2129 8133 for enquiries.
