Owners
Question
5: How
does the Housing Society compensate owner of a property which is
partially owner-occupied and partially tenanted? Will the family
income affect the acquisition price?
Answer:
An
owner who partially occupies his flat and lets out part of it will
be paid the market price (subject to existing tenancy) of the property,
the full HPA for the area he occupies and the SA at 75% of the full
HPA for the tenanted area.
HPA is the difference between the market value (valued on vacant
possession basis) of the property being acquired and the cost of
a seven-year old domestic flat on vacant basis of similar size in
the same locality. Six percent will be deducted from the market
value with vacant possession as the market value subject to the
tenancy.
For example, assuming the market value of a domestic flat on vacant
possession basis is HK$800,000 and the cost of a replacement flat
of seven years old and similar size in the vicinity is HK$2,000,000,
full HPA is HK$1,200,000.
If an owner of the above domestic flat who occupies half of the
flat and leases out the other half, this owner will get the market
value of this flat (subject to tenancy), which is HK$776,000 and
100% HPA of the owner-occupied portion, which is HK$600,000 and
SA at 75% of HPA of the tenanted portion, which is HK$450,000. In
total, this owner will receive an acquisition offer of HK$1,826,000.
In order to encourage owners to sell their properties to the Housing
Society, an incidental cost allowance will be offered to owners
of domestic properties to assist payment of removal expenses and
expenditure relating to the purchase of a replacement property.
The amount shall be determined and announced as and when a project
is launched.
Owners' rental income and income from part-time jobs will not affect
the Housing Society's acquisition offer.
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