Unveiling the Third Phase of Huanran Yiju: A New Chapter in Hong Kong’s Urban Renewal
Stepping into the Third Phase of Huanran Yiju
The third phase of the Huanran Yiju project, a significant urban renewal initiative in To Kwa Wan, Hong Kong, was announced for application on September 27th, setting a new milestone in the city’s urban development. This phase of the project is set to offer 260 units at a discounted rate, with prices ranging from HKD 4.082 million to 9.642 million. The units are all partitioned, with approximately half of them being two to three-bedroom units. The project is expected to reach completion by the end of 2026.
Detailed Overview of the Huanran Yiju Project
The second phase of Huanran Yiju, located at No. 2 He Garden Street in To Kwa Wan, consists of a single tower providing 260 units. The distribution includes 125 single units, 108 two-bedroom units, and 27 three-bedroom units. The unit areas span from roughly 303 to 600 square feet, with 18 residential parking spaces and clubhouse facilities incorporated.
The third phase of Huanran Yiju will be sold at 78% of the market price with the price per square foot ranging from HKD 12,885 to 16,499. Hong Kong Mortgage Insurance Limited will offer mortgage insurance for the first-hand units of this project, allowing potential buyers to apply for a mortgage loan of up to 90% of the unit’s value.
Ownership Restrictions and the Application Process
As per the regulations, owners are not permitted to sell or rent their units within the first five years of purchase. After this period, they can pay a supplement to the Urban Renewal Authority to sell or rent their units on the open market. However, the Urban Renewal Authority will not repurchase “first-hand” units.
Applications for Huanran Yiju will be accepted from September 27 to October 18, with an application fee of HKD 270. Applicants can choose to pick up the form in person or download it online. The form can be submitted in person, online, or by mail.
The Selection Procedure and Timeline
The Urban Renewal Authority will receive and process applicant’s information from September to October. The authority plans to conduct computer sorting by the end of November to establish the priority order for all applicants. They intend to invite applicants for a detailed review of applications in December and invite eligible applicants to select units according to priority order. The unit selection process is expected to begin in March of the following year, with residents expected to move in by November 30, 2026.
Eligibility Criteria for Application
The eligibility for the application varies for individual and family applicants. Individual applicants can choose to purchase available one-bedroom units, while family applicants can choose to purchase any available one to three-bedroom units. Several conditions must be met for one to qualify for the first-hand application. These conditions include being 18 years old, residing in Hong Kong for 7 years on the application deadline day, and not owning any residential property in Hong Kong. Additionally, the applicant and family members listed in the application form must not have and are not currently enjoying any housing assistance provided by the government or related institutions.
Income and assets also play a role in determining eligibility. Single applicants must have a total monthly income ranging from HKD 31,001 to 40,300, while family applicants’ total income should be between HKD 62,001 to 80,600 per month. Single applicants’ total net asset value should not exceed HKD 956,000, while family applicants’ total net asset value is capped at HKD 1,911,000.
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