Pilot Scheme for the Redevelopment of Buildings of Civil Servants' Co-operative Building Society

The Housing Society launched a Pilot Scheme to facilitate the redevelopment of buildings under the Civil Servants’ Co-operative Building Society Scheme (CBS) (including the Government Built Housing Scheme) into Subsidised Sale Flats (SSF) as an alternative to improve the living environment of the owners. The Pilot Scheme will be initiated on a demand-led basis and CBS flat owners concerned have to raise an application to the Housing Society.

The Housing Society has earlier set out the criteria for the Pilot Scheme, which include the participation of 100% CBS flat owners of the site concerned who have signed a binding agreement for completing the transaction within a reasonable period to ensure effective redevelopment. Besides, the redevelopment site should have a total area of not less than 1,400 m2 to allow sufficient space for the development of the SSF project.

Under the Pilot Scheme, the Housing Society will repay the Government for the flat owners the outstanding land premium for removing the restriction on alienation of the CBS flats concerned. Upon completion of all the assignments with the owners, the Housing Society will apply for lease modification with the Lands Department and pay the necessary land premium before embarking on the redevelopment. Based on the “no-loss” principle, the total sale proceeds of the SSF project in future shall be sufficient to cover all the required costs in development and acquisition (including the two-level land premium).

Qualified owners shall be granted a non-transferable Special Status to purchase flats of the Flat-for-Sale Scheme and SSF of the Housing Society on the secondary market within two years.

For enquiries, please contact us at 2839 2083.

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