Date
22 October 2017
Parking slots for private vehicles will each be priced at HK$1.6 million or more in the Tsuen Wan Houston Industrial Building. Photo: Google Maps
Parking slots for private vehicles will each be priced at HK$1.6 million or more in the Tsuen Wan Houston Industrial Building. Photo: Google Maps

Sales of parking spaces heat up in Hong Kong

Parking spaces in at least two car parks in Hong Kong will be up for sale next month, including one owned by veteran investor Lam Chi-fung (林子峰), the Hong Kong Economic Journal reported Wednesday.

Lam is going to sell the 51 parking spaces in Tsuen Wan Houston Industrial Building — 28 for private vehicles for at least HK$1.6 million each and 23 for cargo trucks for at least HK$2 million each.

Forty-two of the slots are on the first floor, while the remaining nine are on the ground floor.

The move is perceived as another sign of a heating up of the market, as 27.2 percent more such sales took place in the first 11 months of this year than the total number of transactions for all of last year.

Lam said the car park at the industrial building is fully occupied. The monthly rent for a parking space for a private vehicle is HK$3,500, and that for a cargo van is HK$4,500.

Another car park, at Plover Cove Garden in Tai Po and owned by an investor surnamed Choi, has 120 parking spaces for sale next month for at least HK$1 million each.

A total of 9,327 sales of brand new and second-hand parking slots were recorded in the first 11 months of this year.

The aggregate amount of HK$11.28 billion has already broken the record of HK$10.65 billion in transactions in 1997.

[Chinese version中文版]

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