Owner of iconic Jumbo floating restaurants to sell 509-bay car park for US$64.5 million amid record prices for vehicle bays
- The Jumbo Court Carpark near Wong Chuk Hang subway station has the capacity for 509 cars
- Melco International, the owner of Jumbo Kingdom, closed the restaurants in Aberdeen indefinitely in March last year as the pandemic slammed the industry
The Jumbo Court Carpark, owned by Melco’s subsidiary Aberdeen Restaurant Enterprises and attached to a residential building near the Wong Chuk Hang subway station, has the capacity for 509 cars. Melco, chaired by Lawrence Ho Yau-lung of the Macau clan that dominates the world’s largest casino market, has set a guidance price of HK$500 million (US$64.5 million), according to the sole sales agent Savills on Monday.
The company is inviting bids through tender, and the property will be sold on an “as-is” basis, it added. The tender closes on July 15.
The asking price “is quite reasonable,” as it values each bay at less than HK$1 million on average, said Vincent Cheung, managing director of Vincorn Consulting and Appraisal.
“It should attract many bidders as the car park segment has seen a strong recovery recently,” Cheung said, adding that the rent for each parking bay could easily fetch HK$5,000 a month, giving a yield of 6 per cent.
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