The Urban Renewal Authority (URA) said on Friday it received 3,670 applications for 260 starter home units in To Kwa Wan.

That means roughly one in 14 applicants will be allocated a flat at eResidence Tower 3 on Chun Tin Street.

These flats, ranging from 300 to 600 square feet in size, are priced between HK$4 million and HK$10 million – a 22 percent discount to the market rate.

In a statement, the URA noted that about 86 percent of the applicants are below 40 years old.

The authority also revealed that around one-third of the applications came from families, primarily consisting of two-person households.

“All applications will be assigned a computer-generated random number for priority by the end of November 2023. From December 2023 onwards, the URA will invite these applicants to attend interviews forming part of the eligibility vetting process,” the authority said.

It added that the flat selection process will take place in March next year.