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]

Developments

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

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

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.[5]

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.[3]

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.[6]

References

  1. ↑ Hong Kong Housing Society - 1995 - Tivoli Garden
  2. 1 2 3 Hong Kong Housing Society - Sandwich Class Housing Scheme
  3. 1 2 3 Second mortgage loan arrangement for Sandwich Class Housing Scheme Owners
  4. ↑ Sandwich Class Housing Scheme Hong Kong Housing Society - Properties Under Management
  5. ↑ The Standard: "Society shrugs off flats complaints", August 24, 1996
  6. ↑ Emporis - Mountain Shore
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