Hong Kong Wen Wei Po (By Liang Yueqin)
Hong Kong property prices continue to rise and some funds flows into parking spaces market for short term speculation. Ultima in Ho Man Tin Tin recorded parking space transaction again, which was sold at HKD6 million, in line with the Hong Kong most expensive record last year made by a single number parking space of 2nd floor in phase 2 of the same housing estate. This parking space had been sold for twice in half year, with price up by 26% or HKD1.25 million, and it was latest sold to a mainland customer.
Source points out, a single parking space on 1st floor of phase 1 of Ultima in Ho Man Tin latest was sold at HKD6 million to a mainland customer. The original owner bought it by HKD5.73 million in February this year, earning HKD0.27 million of 4.7% after holding it for about 3 months. It is known, this parking space had been sold twice, and one buyer had purchased it at HKD4.75 million as early as November last year, which means that its price had risen by HKD1.25 million or 26% in less than half a year.
Short term speculators are active in blue chip housing estates.
In fact, in recent months, a number of housing estates recorded parking space profit-taking transactions made by investors. Single number parking space on the 3rd floor in Mei Foo Sun Chuen phase 8 was sold at HKD1.68 million in April, the original owner of which had bought it at HKD1.38 million in last May, with book profit at HKD0.3 million and the appreciation in 21.7% after holding it less than one year. Double number parking space on G floor of phase 2 in the same housing estate was purchased at HKD1.83 million by the original owner in this March, then was resold at HKD1.938 million after holding for one month when it was April, with book profit at HKD0.108 million and the appreciation in 21.7%.
There was even a short-term profitable case in Kenswood Court in Tin Shui Wai. Single number parking space on B floor in Kingswood Villas had been purchased at HKD1 million in this January, then was resold at HKD1.243 million after about one month later in February, with the book profit at HKD0.243 million. The latest resold it again at HKD1.386 million in April, earning HKD0.143 million in two months.
Company buyer purchased 50 parking spaces in South Wave Court.
Parking spaces in public housing estates and HOS projects are also favored by investors. Double number parking space on 2nd floor of Charming Garden phase 2 in Mong Kok was sold at high price of HKD2.1 million in this April, and the original owner earned HKD0.465 million after holding for 16 months. In April, there were also powerful investors purchasing parking spaces in HOS projects. Among them, one company spent HKD118 million to buy 50 parking spaces in South Wave Court, Wong Chuk Hang.
In addition, double number parking space on 3rd floor of Lions Rise parking lot in Wong Tai Sin was latest sold at HKD2.6 million, making the record of the highest parking space price of the housing estate, and the original owner bought it at HKD1.8 million last year, earning book profit of HKD0.8 million in about one year, plus the parking space appreciated by 44% during the period.
Price of parking space in Fanling had risen by 82% in four years.
Mai Weicheng from Centaline Property expresses, single number parking space in Belair Monte, Fanling had been offered at about HKD1.8 million, and then was sold at HKD1.785 million after negotiations, besides the latest buyer is resident of the same housing estate who bought it for personal use. The original owner purchased the parking space for HKD0.98 million in 2015, and earned book profit of about HKD0.805 million after holding it for about 4 years, with the appreciation in about 82%.