Mainland tycoons park money on Peak

Property | Eurus Yiu 1 Jul 2021

Acar parking space at a luxury mansion development on The Peak recently sold for HK$11.89 million - marking another world record.

That came as Mount Nicholson, the exclusive residential site on The Peak developed by Wharf and Nan Fung Group, was selling its parking spaces through tender with the lowest bid price being HK$9 million.

The developer said more than 30 car parking spaces were sold, costing tens of millions of dollars.

So far, at least 23 parking spaces have been registered after purchase, with prices ranging from HK$9 million to HK$11.89 million.

The sky-high-priced parking space was bought by Texwinca Holdings executive director Poon Ho-tak. All in all, Poon spent a about HK$35.7 million on three parking spaces,.

In addition to Poon, Texwinca's former executive vice-chairman, Poon Kei-Chak, and Tai Hung Fai Enterprise's chairman, Edwin Leong Siu-hung, also bought parking spaces.

Angela Leong On-kei, the fourth wife of the late gambling king Stanley Ho Hung-sun, also revealed that she bought a parking space.

Three more parking spaces were purchased by Johnson Ko Chun-shun, vice chairman and the executive director of Frontier Services Group, for a total of HK$29.4 million.

Rich mainlanders were also targeting the development. Land Registry information showed lots 62, 63 and 65 were purchased by Lin Zhongmin for HK$9.16 million each at the end of last month, with the total investment being more than HK$27.5 million.

Lin is believed to be the chairman of a Shenzhen-based developer.

In 2018, he spent more than HK$1.1 billion on the purchase of flats C and D on the 12th floor of the project, covering a total area of 8,821 square feet. The average square foot price of HK$132,000 set a new high for Asia.

However, this record was broken by 21 Borrett Road, another luxury development in Mid-Levels, at a price of HK$136,000 per square foot this February.

Lin's mainland neighbors include Yu Feng, the founder and chairman of Yunfeng Capital, who spent more than HK$28.5 million to buy the No 59, 60 and 61 parking spaces. Each parking space cost HK$9.5 million.

Huo Dong, the chairman of mainland-based IT service management company Rendong Holdings, also bought the 92nd parking space for HK$9.3 million.

Qiu Mingjing, who has recently been active in the Hong Kong property market, bought the No 1 parking space for HK$10.1 million. Last month, Qiu also spent a total of HK$240 million to buy nine units of South Land in Wong Chuk Hang.

Meanwhile, Ni Hetong and Zhu Xingliang, two other mainland tycoons, bought car parking spaces for HK$9 million and HK$10.1 million.

Alex Leung Pui-wang, a senior director of CHFT Advisory and Appraisal, said that since many mainland tycoons have to travel between China and Hong Kong frequently, they need to purchase luxury homes here for their stays.

Moreover, the supply of parking spaces on The Peak is limited. With their financial clout and practical needs, these tycoons are willing to pay top dollar.

Reeves Yan, the executive director and head of capital markets at CBRE Hong Kong, pointed out that units on The Peak usually cost hundreds of millions of dollars.

In terms of proportion, Yan believes prices for parking spaces are still at a reasonable level.

After all, he said, the district's lack of public transport is a direct factor for the rise in prices.

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