Rates of Payment
The rates of payment for assistance to purchase an HOS flat, as at 10 December 1987 are:-
Qualified Floor Area
Up to 23.44 m2
Between 23.45 m2 and 60 m2
Over 60 m2
$ per m2
9,670
6,930
5,000
For example, a flat of 65 m2 will attract compensation as follows:-
(23.44 x 9,670) + (36.56 x 6,930) + (5.00 × 5,000)
=
$505,026
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Subject to the ineligibility rules on page 4 concerning the purchase, occupation or construction of premises, this cash payment will also be offered to owners who are not eligible for any form of rehousing assistance in substitution of the FMV of the premises.
General Points
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Please see Appendix III for definition of "qualified floor area”.
In the case of premises not occupied or not solely occupied by the owners, appropriate deductions shall be made from the cash payments calculated at the above rates for the owners to take into ac- count any tenancies having an assessable value.
Priority status means you will be given priority in purchasing an HOS flat in two sales exercises. You will still have to ballot for the location of the flat, however.
Interest-free loans under the Home Purchase Loan Scheme are ap- plicable to purchase of private sector flats.
The rates quoted under "Rates of Payment" are subject to review as may be decided from time to time by the Special Committee.
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