Hong Kong parking space sells for US$760,000
June 06, 2018 - Homantin
A Hong Kong couple pocketed a staggering HK$2.6 million (US$330,000) profit by reselling a car parking space in less than nine months after buying it.
The single parking bay at Sun Hung Kai Properties’ Ultima apartment complex in the Kowloon district set a new world record on Monday, changing hands for HK$6 million (US$760,000), or HK$44,444 per square foot.
The seller, a Hong Kong couple, had paid HK$3.4 million for it in September 2017, according to Land Registry documents.
The price per square foot for the small patch of concrete at the Ultima luxury development in Ho Man Tin is far higher than the average for residential property in Hong Kong, which according to JLL, stands at HK$15,600 across the city as a whole and HK$16,350 in Kowloon.
The going rate for a very small flat in the same neighbourhood averages HK$25,248 per square foot, slightly over half the cost of the parking space.
But the price is still slightly shy of the cost of an apartment in the same luxury project, built by Sun Hung Kai. A four-bedroom flat of 1,911 square feet in tower six at Ultima now commands a price tag of HK$98 million, or HK$51,282 per square foot.
“The development is in a luxury residential area. The residents have a lot of cash and simply do not care about a few million dollars when a flat there costs about HK$100 million,” said Sandia Lau, a director at Centaline Property Agency. “Their convenience is more important.”
Source : SCMP
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