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Parking space sales surge

Victor Cheung

Monday, November 19, 2012

Parking spaces are becoming more valuable than the apartments they serve amid a citywide hunt for "alternative investments."

Car park berths are the latest targets for investors channeling their resources into income-generating properties after the government rolled out special taxes on homes.

In The Capitol in Tseung Kwan O, a car berth was recently sold for HK$1.12 million, according to Oscar O Yung, a Centaline manager. For such space with a standardized size of a little more than 80 square feet, the cost amounts to almost HK$14,000 per sq ft - more than double the HK$5,800 psf registered in recent transactions for flats in the Cheung Kong project.

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Sun Hung Kai Properties also offered some 300 parking spaces to owners of the Imperial Cullinan in Tai Kok Tsui.

Each costs around HK$1.85 million to HK$2 million, or HK$25,000 psf, agents said. That dwarfs the HK$17,408 psf of a recent home transaction there.

All major developers are selling parking spaces - for private cars and even motorbikes - instead of keeping them for income.

Cheung Kong's Festival City plans to sell some 500 car berths on Saturday.

It will also sell spaces for motorbikes in two Kowloon Tong developments. A buyer has already paid HK$1.05 million to snap up 42 motorbike spaces.

Chinachem sold about 30 spaces in Hong Kong Garden in Tsing Lung Tau at the weekend, after selling some 1,000 spaces last week.

Market watchers noted that mortgage financing for parking spaces are now even tighter than home loans.


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