Hot speculation Confirmor parking place in The Apex earned HKD 110,000 in four days
(reporter Liang Yue-qin) Hot money flows to parking place speculation after government launched the residential property BSD. Seeing many developers individual sale the parking places recently, Sun Hung Kai Properties unexpectedly individual put on sale more than 600 parking places from 10 housing projects in New Territories yesterday. The sale prices of each was between HKD 200,000 to HKD 1 million. It is learned that, the units reserved in first day are more than 100. In addition, Cheung Kong (holdings) sold out about 90 parking places in The Apex of Kwai chung at last Friday night. There are already 5 profitable cases are Confirmor parking places in short term speculations. One parking place among transferred at HKD 620,000 in only 4 days and the seller immediately earned book profit HKD 110,000 which in 21.5% of profit range.
Source told, Sun Hung Kai Properties unexpectedly individual put on sale more than 600 parking places from 10 housing projects in New Territories yesterday. It include the units from projects of Castello in Sha Tin, Mount Haven, Woodland Crest, Ravana Garden, Royal Sea Crest, Pristine Villa etc. The sale price of each parking place was between HKD 200,000 to HKD 1 million. Thereinto, parking place in Royal Sea Crest was more than HKD 200,000, parking place in Pristine Villa was about HKD 800,000 and parking place in Castello was HKD 1 million.
5 cases of Confirmor parking places were profitable and the profit range was above 13%
In addition, Hu Shui-cheng, who from Centaline Property expressed, after Cheung Kong (holdings) sold out about 90 parking places in The Apex of Kwai chung at one night which was last Friday night, there already 5 profitable cases of Confirmor parking place in record until now. The profit range was between 13% to 15%. Thereinto, one parking place just transferred at HKD 620,000 three days before. The investor bought the above parking place at HKD 510,000 before and resale it only after 4 days later. The investor immediately earned HKD 110,000 only after 4 days wit profit range was 21.5%; An other parking place transferred at HKD 600,000 and it was bought by the investor at HKD 530,000 before. The book profit was HKD 70,000 and the parking place was appreciated 13.2%. There are about 10 units of these parking places put on sale currently. The ask for price are between HKD 600,000 to HKD 750,000 with price markup at about 20%.
Parking place in Ho Man Tin received competing bid and the seller earned HKD 1 million from the selling
The parking places are hot selling these few days. And it is more hotter that second hand parking places in villa area where lack of parking place. Yu She-zao from Stately Home pointed out that, a user and an investor competing bid for one parking place in Parc Palais of Ho Man Tin. One user offer HKD 1.4 million at first and another investor immediately added to HKD 1.5 million. Finally, the investor added to HKD 1.6 million and successfully bought the above parking place until few days before. The owner of this parking place bought it at HKD 600,000 in 2004. The book profit was HKD 1 million from this reselling. If base about HKD 4,500 as market monthly rent, the rental yield is 3.4%.
Yu She-zao added, another case is parking place in L1 floor of Parc Oasis in Kowloon Tong sold at HKD 280,000. The price was 30% lower than market price because of inconvenient location of the parking place. It is difficult to drive in and out of the parking place. This caused the value of the parking place be decreased. The current monthly rent of this parking place is about HKD 2,300 and the rental yield is up to 9.9 %. The original owner bought the above parking place at about HKD 580,000 in 1996 from developer who is Wheelock. It remains empty in 5-6 years later. The owner decide to sale it seeing parking places are in hot selling currently. But it still lost HKD 300,000. It is known that, the units in Parc Oasis are most small units and there are enough parking places, plus with owners who have more than one car are rare and even some owners have no car, the appreciation potential of parking place here is relatively low but the rental yield is high.
