| 1. |
The Housing Society will offer an owner-occupier of domestic property the
market value (valued on vacant possession basis) of his property
plus an ex-gratia allowance, namely Home Purchase Allowance
(HPA), for purchase of the property. The assessment of HPA
is based on the value of a notional flat, which is defined
as a seven-year-old flat in a comparable quality building,
situated in a similar locality in terms of characteristics
and accessibility, and located at the middle floor with average
orientation. The HPA is the difference between the value of
the notional replacement flat and the open market value of
the property being acquired.
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| 2. |
"Owner-occupier"
here means an owner who occupies his property as his sole
residence. The criteria for determining whether an owner occupies
his property as his "sole residence" will be determined
by the Housing Society according to the Housing Society's
prevailing policy. A residence will be treated as an owner's
"sole residence" if such residence is the one and
only one residence of the owner.
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| 3. |
An
owner-occupier is entitled to receive HPA for no more than
three properties.
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| 4. |
Properties
used as sole residence by an owner's "immediate family
members" will be treated as being occupied by the owner
himself for the purpose of ascertainment of his eligibility
to HPA. "Immediate family members" of an owner means
parents, children, dependent brothers and sisters, grandparents,
grandchildren, stepparents, spouse's parents and spouse's
stepparents.
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| 5. |
An
owner who does not reside in his property as his sole residence
or leaves it vacant will be offered the market value (valued
on vacant possession basis) of his property plus Supplementary
Allowance (SA). SA is a percentage of HPA. |
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| 6. |
An
owner who lets his property out will be offered market value
of his property subject to tenancy (valued on the basis of
paragraph 8 below) and a SA.
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| 7. |
An
owner of tenanted or vacant properties is entitled to receive
SA for no more than two properties. (Please see Examples
of Calculation of SA and Illustrations
of Different SA)
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| 8. |
For
a wholly tenanted property, the market value of the property
subject to tenancy will be treated as 94% of the market value
of the property on vacant possession basis.
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| 9. |
If
a property is owned by joint owners (whether as joint tenants
or tenants in common) / a company, each joint owner / shareholder
of that company will be subject to the same principles applicable
to individual owners. The HPA and SA will be calculated pro
rata to the shares of each joint owner and the shareholdings
of each shareholder in the company.
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| 10. |
The Housing Society will offer an incidental cost allowance to owners of
domestic properties to assist payment of removal expenses
and expenditure relating to the purchase of a replacement
property. The actual amount of this allowance shall be determined
and announced by the Housing Society as and when an offer to purchase
is made for each individual project.
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| 11. |
If
an owner of sub-divided flat elects not to receive the HPA,
he may be offered rehousing.
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| 12. |
The
HPA is payable to an owner-occupier of non-domestic property
which has been issued with an occupation permit other than
for domestic use but nevertheless has been used for domestic
purpose for a long time provided that such use is not prohibited
under the Government lease of the property.
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