Tai Po fire owners to get buy-back offer of up to about HK$10,000 per square foot
Government sources say resettlement plan to be announced as early as Saturday
Hong Kong authorities are set to offer flat owners who lost their homes in the deadly Wang Fuk Court fire buy-back options at higher-than-expected prices in a resettlement plan to be announced as early as Saturday, the South China Morning Post has learned.
Government sources said on Friday that the acquisition prices for properties without land premiums could be HK$8,000 (US$1,204) per square foot, while properties with land premiums could exceed HK$10,000 per square foot.
Authorities had valued the properties at between HK$6,000 and HK$8,000 per square foot in an earlier resettlement survey sent to affected residents.
The estimates were compiled by the Hong Kong Institute of Surveyors and were based on pre-fire transaction prices.
Government-subsidised homes, such as those at Wang Fuk Court, are sold at discount prices, with flat owners needing to pay a land premium before they can sell the flats on the open market.
“The government is well aware of the importance of finalising a long-term rehousing plan for the residents as soon as possible. Deputy Financial Secretary Michael Wong Wai-lun will outline it as early as Saturday,” an insider said.