The flats at eResidence in To Kwa Wan have selling prices ranging from HK$3.14 million to HK$6.61 million
There have been more than 10,000 applications, mostly from youngsters, in just 10 days for a subsidised home purchase scheme for first-time Hong Kong buyers, underlining massive demand amid signs the property market is starting to cool, according to an initial analysis by the Urban Renewal Authority.
In a piece uploaded on Sunday on his official blog, authority manager director Wai Chi-sing also noted that about half of the applicants had assets valued under HK$640,000 (US$82,050).
He said the response so far had been good, showing the scheme was particularly attractive to “unmarried young people as well as young couples”.
But he was quick to add the analysis also showed that although many of the applicants were relatively better-off, they still could not afford to buy homes in the private market.
There have been debates recently on whether the government should relax current mortgage caps to allow easier down payment arrangements for first-time buyers.
Authority non-executive director Wu Chi-wai, also a lawmaker, opposed the idea.
“The current government help for first-time buyers is suitable. A buyer will only face a higher risk if he is allowed easier down payment arrangements.
