The Hong Kong Housing Authority (HA) is set to begin flat selections for the 2024 Green Form Subsidised Home Ownership Scheme (GSH 2024) on November 26, inviting eligible applicants in batches to pursue their first home. This annual initiative, dedicated to providing a clear pathway to homeownership for public rental housing (PRH) tenants, releases over 3,100 housing units across new, resold, and recovered stock.
The upcoming selection process will see applicants attend the HA’s GSH Sales Unit in Kwun Tong at designated times, following priority set by application category and ballot results. The HA confirmed this commitment reinforces its long-term strategy to stabilize the housing ladder, particularly aiming to help PRH residents with increasing financial stability transition into property owners. Potential buyers are strongly encouraged to prepare swiftly and capitalize on this significant opportunity.
Discounts and Dwelling Options
This year’s offering is centered on 2,576 newly constructed GSH flats at Wang Chi Court in Kowloon Bay. These units feature saleable areas ranging from compact 17.9 square meters (about 193 square feet) to more spacious 43.3 square meters (approximately 466 square feet). Notably, over 25 percent of the new supply consists of larger units, appealing to growing families.
In addition to the new inventory, the scheme incorporates:
- Approximately 270 resale GSH flats.
- A new batch of roughly 350 recovered flats under the Tenants Purchase Scheme (TPS).
The HA has priced the GSH 2024 units at a substantial 40 percent discount from the assessed market values, meaning they are sold at 60 percent of their true cost. This discount rate is significantly higher than the 30 percent discount applied to the accompanying Home Ownership Scheme (HOS) 2024, emphasizing affordability for Green Form buyers.
Selling prices for Wang Chi Court flats range from about HK$1.15 million to HK$3.49 million, with an observed average price of roughly HK$2.47 million.
Financial Breakdown and Affordability
To illustrate the financial accessibility, a buyer purchasing an average 34-square-meter flat at the HK$2.47 million price point, securing a 95 percent mortgage over 30 years at an interest rate of approximately 3.5 percent, would face estimated monthly repayments of about HK$10,500. For smaller one- to two-person units, the average selling price drops to HK$1.28 million, resulting in an indicative monthly mortgage payment of about HK$5,500.
This pricing structure aligns with the HA’s benchmark policy, which aims to ensure that mortgage repayments (including interest) do not consume more than 40 percent of the median monthly income for target non-owner-occupier households.
Application Details and Priority Schemes
The GSH 2024 scheme saw robust demand, drawing approximately 36,000 total applications. Family applications accounted for roughly 30,000, including significant uptake from priority initiatives:
- Priority Elderly Scheme: Families with elderly members.
- Families with Newborns Flat Selection Priority Scheme.
These two priority categories collectively submitted about 16,000 applications. Approximately 6,000 applications were lodged by single persons.
The HA has also introduced a measure to enhance chances for repeat applicants, granting an additional ballot number to those unsuccessful in purchasing a subsidized flat in the past two same-type sales exercises. Around 12,000 GSH 2024 applicants benefit from this new rule.
A limited quota has been set aside for priority groups: 1,050 flats are reserved for families under the Priority Elderly and Newborns schemes, and 250 flats are allocated to one-person applicants. Furthermore, tenants affected by upcoming PRH clearance projects (including units at Choi Hung Estate and Wah Fu Estate) who opt for subsidized homeownership over rehousing will receive crucial priority in the selection queue.
Applicant Resources and Final Preparations
Sales brochures, price lists, and informational materials—including dedicated online platforms for virtual tours, project models, and VR walkthroughs—will be accessible both at the GSH Sales Office and on the HA/Housing Department’s website starting November 19, seven days before selection commences. During the selection period, video clips and, where practicable, viewing arrangements will be facilitated for recovered TPS flats.
Eligible applicants are strongly advised to review all distributed materials thoroughly prior to their allotted selection time to lock in their housing aspirations.