Developers are beginning to raise their prices not just for new flats but car parking spaces as well, as buying interest returns to a property market spared further cooling measures in the chief executive's policy address.
China Overseas Land & Investment is to release its luxury residential development, The Grandeur, in Kowloon Tong at about HK$20,000 per square foot, and each parking space will cost close to HK$2 million, market sources said.
Sun Hung Kai Properties offered parking spaces at The Wings II in Tseung Kwan O for HK$1 million each.
"The car park spaces are inexpensive, as The Grandeur is a luxury residential project, and they are larger than normal - but not big enough to accommodate two cars," said Sammy Po Siu-ming, a director at Midland Realty.
Early this month, an investor paid HK$3.8 million for a parking spot at The Leighton Hill in Happy Valley, setting a new record for the district. The seller bought the space for HK$680,000 in 2000.
The Grandeur comprises 28 units of between 2,800 and 3,000 sq ft each and 46 parking spaces. Each flat will cost at least HK$50 million, the market sources said.