HKR International sells 449 parking spaces in two days at Coastal Skyline

PUBLISHED : Wednesday, 23 January, 2013, 12:00am
UPDATED : Wednesday, 23 January, 2013, 3:55am

Buying interest in parking spaces shows no sign of slowing.

HKR International, the latest developer cashing in on the craze, has in two days sold 95 per cent of the 468 parking spaces it is offering at its Coastal Skyline complex in Tung Chung.

Pandora Chan, senior manager of sales and marketing at HKR International, said 449 parking spots had been sold since the three-day sale began on Monday. Prices range from HK$580,000 to HK$680,000 each.

"Some buyers tried to flip them right away by trying to sell them for HK$1 million but no such deal has gone through so far," said a real estate agent who did not want to be identified.

He expressed doubt as to whether the market could support such high prices as parking spots were going for only HK$400,000 to HK$450,000 in nearby housing estates, generating monthly rents of HK$1,400 to HK$1,500. Some 30 buyers of the Coastal Skyline parking spaces were trying to resell them in the secondary market with a mark-up of HK$50,000 to HK$100,000, he said.

Separately, Hang Lung Development, which has been holding 1,300 completed flats for years, said it would release 10 high-floor units at its Aqua Marine development in Cheung Sha Wan for sale on Saturday.

The decision comes on the heels of Chief Executive Leung Chun-ying's warning that the government would not rule out a vacancy tax on unsold new homes to stop hoarding by developers.

Aqua Marine last sold flats in early 2008.

Prices for the units to be sold at Aqua Marine, which was completed in late 2003, have not been finalised but are expected to fetch around HK$11,000 per square foot in gross floor area terms - 28 per cent above secondary prices in the area.

The developer has 20 unsold units at Aqua Marine.

But Hang Lung Group, chaired by Leung supporter Ronnie Chan Chichung, had no plans to sell the unsold 1,100 units at The Long Beach in Tai Kok Tsui, which was completed in 2004, and 200 units at The Harbourside in West Kowloon, sources said.

Henderson Land Development released the price list of 50 units, ranging from 267 sq ft to 425 sq ft, at High Point in Sham Shui Po.

It has set the prices at HK$16,005 per sq ft to HK$18,528 per sq ft, or HK$4.38 million to HK$7.33 million each.

Buyers can enjoy up to 90 per cent mortgage through a second mortgage from the developer.