Sandwich Class Housing Scheme

The Sandwich Class Housing Scheme (夾心階層住屋計劃) was a scheme from the Hong Kong Housing Society offering apartments to middle-income families, i.e. sandwich class, at concessionary prices during the 1990s in Hong Kong. The purchases were subject to a five-year resale restriction. The first development, Tivoli Garden,[1] was completed in 1995, and was followed by 12 other developments. In total, more than 12,000 units were offered.[2]

Unlike Home Ownership Scheme and Flat-for-Sale Scheme, the owners under Sandwich Class Housing Scheme must pay a land premium before they can sell their flats in the free second-hand property market.[3]

Developments

The housing estates built under the scheme were:[2] (number of apartments and year of completion into brackets)

  • Park Belvedere (雅景臺), Ma On Shan (882 - 1998)
  • Sunshine Grove (晴碧花園), Sha Tin (508 - 1998)
  • The Pinnacle (叠翠軒), Tseung Kwan O (1,424 - 1999)
  • Tivoli Garden(宏福花園), Tsing Yi (1,024 - 1995)
  • Hibiscus Park (芊紅居), Kwai Chung (420 - 1998)[4]
  • Marina Habitat (悅海華庭), Ap Lei Chau (992 - 1998)[4]
  • Bel Air Heights (悅庭軒), Diamond Hill (798 - 1999)
  • Cascades (欣圖軒), Ho Man Tin (712 - 1999)
  • Highland Park (浩景臺), Kwai Chung (1,456 - 1999)

Three developments were converted into private properties for sale at full market values:[2]

Land reallocated to Housing Authority:

  • Proposed SCHC and Flat-for-Sale Scheme development in Area 103 of Tin Shui Wai (now Tin Ching Estate)[6]

Sales

Demand for Sandwich Class Housing apartments was generally high. For example, in 1996, the Hong Kong Housing Society received 6,520 applications for the sale of a batch of 1,696 units in Radiant Towers and Marina Habitat. This level of applications was a 40% increase in comparison to those for Park Belvedere and Tivoli Gardens, in 1995 and 1994 respectively.[7]

In the case of several projects, following a Government policy to suspend the sale of the subsidized flats in September 2001, not all units were sold under the initial Sandwich Class Housing Scheme. These projects include: Marina Habitat, The Pinnacle, Highland Park and Cascades.[4]

All units of Mountain Shore were initially sold within 9 hours in April 2002 at an average price of HK$2,900 per sq. ft.[8]

gollark: It's almost as if we actually *aren't*.
gollark: Yes, they effectively have a monopoly, *and* ban discussing alternatives...
gollark: Which is primarily a limitation of CC and its 51x19 16-color screen.
gollark: Yes, but not too well.
gollark: https://github.com/JasonTheKitten/Webicity-DEV

References
  1. Hong Kong Housing Society - 1995 - Tivoli Garden
  2. Hong Kong Housing Society - Sandwich Class Housing Scheme
  3. [http://www.info.gov.hk/gia/general/200507/16/07160119.htm Payment of land premium for disposal of sandwich class flats]
  4. Second mortgage loan arrangement for Sandwich Class Housing Scheme Owners
  5. Sandwich Class Housing Scheme Hong Kong Housing Society - Properties Under Management Archived 2011-07-16 at the Wayback Machine
  6. The planning application submitted to Town Planning Board in 1997
  7. The Standard: "Society shrugs off flats complaints", August 24, 1996
  8. Emporis - Mountain Shore
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.