New World disclosed on Monday (16th) the location of its housing social enterprise “New World Build a Better Life” for privately subsidized housing, and selected a site at the junction of Lam Hee Road and Kung Yuen Road in Yuen Long as a pilot project. It is expected to start in 2027 at the earliest. Completion, applications are accepted after three years.
The Town Planning Board has recently received applications for relevant plans. The residential building is located on the left side of the land, far from the road. The building is 25 stories high and is expected to provide 312 units. The roof will have a viewing garden, a clubhouse, and digging. Build a basement and build a parking lot.
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According to the Town Planning Board document, the planned site is Lam Hee Road, District 13, Yuen Long. The applicant intends to rezone the land from "Other Specified Uses" annotated "Artwork Storage and Public Open Space" to "Other Specified Uses" annotated " Privately subsidised housing and art storage and public open space" zone.
According to the document, most of the current site is covered with temporary structures, and there is also a temporary parking lot in the northwest of the site.
According to the document, the proposed privately subsidized housing is located on the left side of the site, far from the road. A 25-storey residential building will be built with a plot ratio of five times, with a total floor area of about 14,076 square meters, and it is expected to provide 312 residential units.
The building will have a rooftop viewing garden for residents to relax.
Different from public residents, the project will have a clubhouse, which will be located on the ground floor of the building, and a basement car park will be dug to provide 33 parking spaces for private cars.
The far right side of the site, at the junction of Lam Hei Road and Kung Yuen Road, will be zoned as a public open space, and a three-storey building will be constructed on the left to preserve the existing art storage. The building will also have a garden on the roof.
According to the information, the entire site will provide a total of 1,401 square meters of open space, of which 811 square meters are privately owned, accounting for nearly 60% of the total.
The applicant claims that the proposed private subsidized housing development is the first non-profit-making private subsidized housing project, providing affordable housing with "a combination of both elements and square feet", which can tie in with the government's recent efforts to reduce the financial burden of first-time homebuyers. It is hoped that the project will lead to Other private institutions have launched similar programs.
For reference, at present, if you want to go from "Qin Park" to West Rail Yuen Long Station, you can take a minibus connection and the journey takes about 10 minutes. At the same time, you can also take a minibus and light rail to Yuen Long city center.
It is reported that New World has no adjacent land, and there are many parking lots and brownfields nearby, so it is difficult to integrate on a large scale.
Looking through the land information map, there are many temporary structures at the site.
It is worth noting that in May last year, the Development Bureau used the "Shangfang Sword" to recover one of the sites in Shiba Heung, Yuen Long, which was repossessed under the Land Resumption Ordinance. "It will be surrounded by public and private subsidized housing in the future.
▼In May 2021, the Development Bureau announced the resumption of private land north of Qinbai▼
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New World announced the launch of the "New World Subsidized Housing" program at the end of last year, which describes the sale of affordable housing with "quality and square feet" as a non-profit. When the building is sold, the buyer only needs to undertake a mortgage of half the price of the purchase unit, and the remaining half of the mortgage can be built in one go or in stages within 10 years after the transaction is completed. It is believed that this approach can allow young people It is easier to complete the "real estate dream".
Ten years later, the land can only be sold on the free market
In terms of transfer arrangements, New World recommends that buyers cannot sell or rent out the relevant units within the first 3 to 5 years after the completion of the transaction, and the buyers must complete the 100% mortgage before selling the units to eligible persons.
Buyers can also sell the units freely in the market after making up the land price difference to the government from the tenth year of buying the unit.
25 to 45 years old, families can apply first
"New World Build a Better Life" recommends giving priority to young people or families aged 25 to 45 to apply.
At the same time, it is recommended to refer to the existing arrangements for HOS applicants, who must be Hong Kong permanent residents and first-time home buyers.
For a one-person applicant, the monthly income ceiling is HK$33,000 and the asset ceiling is HK$850,000; for a family of two or more, the monthly income ceiling is HK$66,000 and the asset ceiling is HK$1.7 million.
Further reading:
Private HOS | The first exposure of site selection and Qinbai and brownfield sites New World has applied to the Town Planning Board for rezoning of private HOS | New World plans to sell subsidized housing at 50% off Liu Lichao: The site selection will never involve a wetland private HOS ｜New World Construction Subsidized Housing Association’s price per square foot of home appliances is more expensive than that of Kai Cheung Court, Diamond Hill｜Progressive payment can only cover half of the mortgage in the first 10 years. If the flat is withdrawn, it can be recovered for resale｜New World Initiative 50% off the market price of subsidized housing, 2.7 million yuan, the first phase of 135,000 yuan