The last phase of the Tenants Purchase Scheme will launch in stages starting from September 1. Scheme owners will be able to exercise their rights to manage the estate by forming Owners' Corporation and capitalise on a Maintenance Fund injected by the Housing Authority to carry out major maintenance works in their estate.

The authority will inject $14,000 for each residential unit into the fund of each scheme estate, which should be able to cover the expenses arising from major maintenance works in common areas and facilities of the estate 10 years after it was originally purchased.

Deputy Director of Housing Fung Ho-tong said while enjoying the ownership and management rights, owners should be responsible for maintaining the good condition of both their own flats and the common areas and facilities of their estate.

Owners can make use of the Maintenance Fund in accordance with the provisions of the Deed of Mutual Covenant to pay for major maintenance works in the common areas and facilities, he added. 

There are provisions under the Deed of Mutual Covenant of scheme estates regulating the use of the fund and setting out the major maintenance works in respect of which the fund could be used.

Scheme details

More than 100,000 tenants had successfully become owners since the launch of TPS in January, 1998.

This phase comprises five estates. About 1,898 flats in Nam Cheong Estate will be put up for sale first. Copies of sales brochure and related documents will be available at the TPS Enquiry and Application Team Office in the estate on August 30.

Interested tenants can submit their Letter of Offer from September 1. Tenants are welcome to contact the estate office for more information.