Economic housing applicants enter next phase as 5,254 flats go on offer

[Photo: Renato Marques]

The 2021 economic housing scheme is moving into its most consequential stage, with successful applicants beginning the process of selecting homes from a pool of more than 5,000 flats in the city’s new urban zone.

The Housing Bureau (IH) said 369 applicants have completed eligibility assessments and are now eligible to proceed with the selection of a unit. Applicants are being notified in groups and must appear at the bureau at the date and time specified in their notices.

The flats are located in five residential developments in Zone A of the New Urban Zone: Tong Veng in Lot A1, Tong Keong in A2, Tong Man in A3, Tong Tat in A4 and Tong Ip in A12.

The 5,254 units range from smaller one-bedroom apartments to three-bedroom homes. Two-bedroom units account for the vast majority, with 4,478 apartments, or 85% of the total. There are 242 one-bedroom units and 534 three-bedroom units.

The rollout follows a lengthy application and screening process. Authorities received 11,707 applications when the scheme opened in 2021, with 9,796 eventually accepted for consideration.

Individual applicants accounted for 3,319 of the accepted applications, most of them between 23 and 44 years old. More than 2,300 applications came from two-person households, while households of three also represented a significant share of demand.

The latest figures show that the selection process is proceeding alongside the remaining eligibility reviews. In addition to the 369 applicants cleared to choose a flat, 1,562 applications remain under eligibility assessment, including cases in which applicants have been asked to provide additional documentation.

Another 285 applications are involved in legal procedures, while 283 applicants have withdrawn. One application is being reconsidered because a change in household composition resulted in a lower score than the applicant initially received.

The government has set the sale price at between MOP2,905.05 and MOP3,142.70 per square foot of usable area.

Applicants attending their appointments must bring the notification letter, original identification documents for all declared household members or their electronic identification documents, and the required signed declaration.

Once a unit is selected, the buyer will sign a preliminary sale and purchase agreement and related documents. No payment is required at that stage, the Housing Bureau said.

Applicants who need mortgage financing will be given time to complete the necessary bank procedures before payment and key collection are arranged.

The 2021 scheme is the first economic housing application round conducted under the SAR’s  revised housing law. Under the current rules, economic housing is intended for residential use rather than investment. Owners who later wish to sell their units generally must sell them back to the IH at the original purchase price, subject to permitted deductions such as costs related to restoring the flat’s condition.