Swire sells 85pc of Taikoo Shing Phase 10 parking spaces, raising HK$420 mln

Swire Properties (1972) sold nearly 85 percent of its 453 private car parking spaces on sale at the Taikoo Shing Phase 10 project, generating about HK$420 million in total proceeds.

The developer initially offered the spaces to Taikoo Shing residents, and the total release, including the latest batch, comprised 453 private car spaces and 18 motorcycle spaces, a company spokesperson said.

The private car spaces were priced between HK$860,000 and HK$1.35 million, while bundled pairs sold for HK$1.8 million per set. Motorcycle spaces were priced at HK$200,000 each.

Swire said the sale of Taikoo Shing parking spaces is part of its strategy to divest certain non-core assets, with proceeds earmarked for new investment opportunities and the company’s core projects.