Hong Kong property

Developers raise prices on car parking spaces

PUBLISHED : Saturday, 19 January, 2013, 12:00am
UPDATED : Saturday, 19 January, 2013, 5:12am

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.

The developer has yet to release the official price list.

Recent transaction prices in nearby developments were in the range of HK$18,000 to HK$20,000 per square foot.

Separately, Kerry Properties released the prices of two special units on the 40th floor of its joint venture luxury residential project Soho 189 in Sai Ying Pun, Western District, yesterday.

One unit, with a gross floor area of 2,013 sq ft, is priced at HK$51.8 million, or HK$25,733 per square foot. The other, at 1,753 sq ft, is selling for HK$46.8 million, or HK$26,697 per square foot.

To tap into the overall improvement in market sentiment, Henderson Land Development plans to release its 138-flat High Point in Cheung Sha Wan shortly.

Ricacorp Properties said it has received 2,650 bookings for viewings this weekend of flats in the 50 major housing estates it monitors. The number of bookings is up 8.6 per cent from last week.

Kerry Properties is part of the Kerry Group, which is the controlling shareholder in the firm that publishes the South China Morning Post.