parking space in hong kongparking space in hong kong

For more information about how we and our partners use cookies on our site, see our Cookie Policy. Parking spaces are available for lease at the public housing estates, HOS courts, shopping centres and flatted factories of the Hong Kong Housing Authority (HA). Insight & Opinion is our hub for residential, commercial and mixed-use articles and research from our dedicated team offering industry-leading advice and analysis. With Hong Kong's residential and commercial property continuing to reach astronomically high prices, some investors are turning to car parks as an alternative and attractive investment option. Using apps and data to help find available car parking space. 7 mins walk to Citibank Tower 15-20mins walk to mid-Central Full security and lock in premises Anyone interested please whatsapp Ms. Lee. endobj as well as other partner offers and accept our. . To try and alleviate the demand for car park space in Hong Kong, the government has been trying to incentivise developers to build more car parking space. 26S00SIr These cookies are used to enhance the performance of the Savills website, as without them certain functions of the website may not be available. Find Car Park or click map for carpark Ad. endobj (Anthony Wallace/AFP via Getty Images). "I think its a beautiful house and I hope we made it even more glorious.". Commercial property for sale in Hong Kong, Further Terms & Conditions for Overseas Properties, Two Entrances From Conduit Road And Robinson Road, Serious Supply Shortage Of Parking Spaces On Caine Road, Robinson Road And Conduit Road, Excellent Value-For-Money Parking Spaces In The Area, Price Starting From $2M, Vacant Possession Or With Tenancy. <>stream As of end of 2019, number of parking spaces for Transportation Department managed car parks for private cars or vans amounted to around 4,742. If the government is serious about encouraging private developers to provide the market with the car parks that it needs, they may need to rethink their incentive schemes. This time, she bought for them six adjoining parking spaces for $1.27 million each. While Hong Kongs infamous coffin homes garner more attention, subdivided flats are the reality for far more families. The findings come as Hong Kongs chief executive Carrie Lam was forced to apologise for under estimating the number of public flats the government needed to build. Increased vehicle congestion in cities is another by-product of not just a lack of sufficient transport infrastructure, but also limited car parking space and this cannot be ignored. The average living space for per person in the city is just 50 sq ft, the equivalent of just half a parking space. Why aren't all developers developing car park space, despite incentives from the government? 16 0 obj In-depth research and analysis into property market trends, forecasts from our specialist research teams, and market-leading commentary to help you make the right property decisions. endstream Up-to-the-minute news from our press teams providing the latest developments within Savills, and across the property industry. x+r The average living space per person was just 50 sq ft (4.6 sq metres), the equivalent of just half a parking space, a survey of 204 families in one neighbourhood by a local residents association found. Records show that a total of 22 transactions have been registered so far, with buyers including celebrities and tycoons from China and Hong Kong. Huo Dong, the chairman of Shenzhen listed company Rendong Holdings, purchased one parking space for $1.2 million. Parking has been getting more expensive, especially in New York and other cities, but Hong Kong has them all beat. As more vehicles appear on Hong Kong's streets, the more you will find drivers circling inner city blocks looking for spaces to become available, or private drivers of chauffeur-driven businessmen and women who will often park on yellow lines waiting for their bosses to appear from lunches and meetings. endobj HONG KONG Rents higher than New York, London or San Francisco for apartments half the size. They have bought it for their own use and not as an investment," Lau added. .css-1s3wco5{display:block;font-family:GlikoS,GlikoS-fallback,Georgia,Times,Serif;font-weight:400;margin-bottom:0;margin-top:0;-webkit-text-decoration:none;text-decoration:none;}@media (any-hover: hover){.css-1s3wco5:hover{color:link-hover;}}@media(max-width: 48rem){.css-1s3wco5{font-size:1.125rem;line-height:1.2;}}@media(min-width: 48rem){.css-1s3wco5{font-size:1.25rem;line-height:1.2;}}@media(min-width: 61.25rem){.css-1s3wco5{font-size:1.375rem;line-height:1.2;}}1992 Venturi 400 Trophy French Supercar on BaT, Honda Reveals Menacing Civic Type R-GT in Japan, Nikola Electric Truck Reignites after Fire in June, Updated BlueCruise Software Operates Smoother, Mahindra Wins Court Case over Wrangler Trademark, VW Sees Red with Jetta GLI 40th Anniversary Car, 2024 Subaru BRZ tS Has Upgraded Suspension, Brakes, iPhone Update Explains Dashboard Warning Lights, EVs Edge Out Diesels for the First Time in Europe, BMW Exploring Ways to Give EV M Cars More Feedback, Bring a Trailer Bust-Up! Parking Spot in Hong Kong Sells for a Record $1.3 Million - Insider Hong Kong Parking Spot Sells for $1.3 Million Setting Record Parking spaces are highly sought after, so much so that one has just been sold for an eyewatering 930,000, South China Morning Post reports. AFP/Getty Images Would you buy this space for $640,000? endobj When property developers build new real estate projects, they usually have a limit in terms of how much 'above the ground'; floor area their building development they are allowed to contain - this is called the Gross Floor Area. 26S00SIr Commission-free Grade A office building Charging parking space 100 Mosquito tax, "Developer free commission" $100 tax [with charging equipment] Grade A office building. The almost million-pound price tag for the 134.5sq ft space works out at around a spendy 6,900 per square foot. <>/XObject<>/ProcSet[/PDF/Text/ImageB]/Font<>>>/Subtype/Form/BBox[0 0 607 842]/Matrix[1 0 0 1 0 0]/Length 5423/FormType 1/Filter/FlateDecode>>stream Transport Department - Parking endobj Back then, the headline number for "this is the world's most expensive parking spot," was $387,000. Watch our 80 seconds video to learn more Search . Turning any of these cookies off may affect your experience of the site. 13 0 obj Sales of parking spaces in Hong Kong dry up as investors hold back amid <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/MediaBox[0 0 607 842]>> Cheng Hong Kong needs more public. Oops! Number of parking for car parks in Hong Kong 2019, by type - Statista According to CNN, he sold his other three spaces at six figures each. Early in 2015, he bought a parking space on the ground floor of the Grande Building for about $17 million in order to acquire the ownership of the building, making it probably the most expensive parking space in the world. Automated car parks, underground roads and 'electric flying carpets The owner of The Peak, Wheelock Properties, did not respond to the BBC's request for comment, but to get a sense of the wealth concentrated there, the BBC said that one of its houses was rented out in May at a cost of $210,000 per month. His first green-car media event was the launch of the Tesla Roadster, and since then he has been tracking the shift away from gasoline-powered vehicles and discovering the new technology's importance not just for the auto industry, but for the world as a whole. The parking space, one of about 400 available at The Center,is about 135 square feet and sits at the top of the buildings three-level basement, the Morning Postreported. As one of the world's most densely populated islands, Hong Kong has long held space at a premium. endobj 10. According to the Hong Kong Land Registry, a parking space was sold last month for $1.3 million to Qiu Mingjing, a nonpublic rich person who bought a mid-rise unit at Mount Nicholson for $69 million in a one-time payment last June. endstream You are now subscribed to the Savills mailing list. Asia Pacific Office Markets Spotlight July 2023. The BBC said this is where some of the most expensive homes in Asia are located, and other parking spaces there were also sold recently. 2020 THE SUN, US, INC. ALL RIGHTS RESERVED | TERMS OF USE | PRIVACY | YOUR AD CHOICES | SITEMAP, [pod_component pod_component_config_id="UG3fVF3wW" pod_component_config_url="https://www.thesun.co.uk/nu-sun-pod-component-config-prod/UG3fVF3wW.json" pod_component_config_loader_url="https://www.thesun.co.uk/nu-sun-pod-loaders-prod/1.72.0/componentLoader.js?94989" src="https%3A%2F%2Fiframe.thesun.co.uk%2Fnu-sun-pod-widgets-prod%2Fiframe-pod.html%3Fid%3DUG3fVF3wW%26script%3Dhttps%3A%2F%2Fwww.thesun.co.uk%2Fnu-sun-pod-loaders-prod%2F1.72.0%2FcomponentLoader.js%3F94989%26config%3Dhttps%3A%2F%2Fwww.thesun.co.uk%2Fnu-sun-pod-component-config-prod%2FUG3fVF3wW.json"], A parking space in the Mount Nicholson development has sold for almost 1million, Homes in the lavish development sell for an average of 70million, The Hong Kong development was completed in 2017, It has some of Asia's most valuable living spaces, The development has views overlooking Victoria Harbour, The living spaces have lavish interior designs, The development has a mix of houses and apartments, One of the house's interiors is the work of renowned designer Alexandra Champalimaud. Home Transport in Hong Kong Parking Parking Parking Meters Carparks On-Street Motorcycle Parking Spaces Approved Immobilization Devices ( 40KB) *Printable Version Guidelines for Provision of Parking Information required by land lease ( 434KB) Trial Scheme for Installation of Internet of Things Sensors at Non-Metered On-Street Parking Spaces In other words, a new car buyer must provide evidence that there is available car parking space within two kilometres of their place of residence before the purchase can proceed. Could this be a coincidence? Savills Plc is listed on the London Stock Exchange within the FTSE250 index. These cookies are necessary for the Savills website to function. Mount Nicholson, one of the priciest hilltop sites in Hong Kong, is located in the Wanchai district with the best landscape overlooking Victoria Harbor. The fees are subject to annual review. The office sector in Asia is facing a number of structural challenges, such as flexible working, ESG, and the rise of AI. PDF The Hong Kong parking demand study - University of Hong Kong Photo: K.Y. The family of three shares a space thats roughly 170 sq ft, just over the average in the studies findings, although their house was not part of the study. Last review date: 11 Apr 2023. Find out more about targeting and tracking cookies here. Landlords need to adapt changes to remain competitive. <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/MediaBox[0 0 607 842]>> Hong Kong's The Center parking space sells for nearly $1 million Private vehicle registrations are on the up. OP Date 1996; Residential Unit: CPs Ratio 120 Units : 105 CPs; Pedestrian Entrance/Exit Conduit Road / Robinson Road; DMC Restrictions No Restriction on Strata-title And Users; Method Of Sale Possible Company Share Transfer For Whole-lot Of CPs; Property Number INV20201189S . endobj At Savills, our most valuable resource is our people. Such driving and parking behaviour increases vehicle congestion and will continue to cause traffic headaches if not addressed. u4 Whether buying a townhouse or selling a house, leasing corporate office space or renting a retail shop, our professional team will make it their business to understand your needs and help you find the right property. The spot is part of an ultra-luxury residential development called The Peak, located on Mount Nicholson. World's most expensive parking places | CNN Business We use cookies to understand how you use our site and to improve your experience. 30 0 obj <>stream Online Form for Enquiries, Comments or Complaints, Application for Monthly Parking Permit (PRH / Courts) HD640C (PDF format), Application for Monthly Parking Permit (Factory) HD640F (PDF format), Housing Authority Carpark Charges (effective from 1 January 2023) (PDF format), List of HA's Carparks (as at September 2022) (PDF format), Electric Vehicle Charging Facilities (PDF format). Or maybe it costs a few quarters. Parking inventory survey 11. Each household can be allocated an average of one to two parking spaces, with a maximum of three spaces. If that happens, investment returns could suffer. x+r Jump to content Jump to main menu Search website. endobj All rights reserved. It was one of 29 sold through a closed tender to homeowners by developers Wharf (Holdings) and Nan Fung Group. We support a number of charities and other community-related activities both locally and internationally. endstream A Hong Kong executive recently offered to buy this. Parking, Garages And Car Spaces For Rent. The spot sold for $10 million Hong Kong dollars (around $1.3 million) last month in the luxurious Mount Nicholson development, where houses can go for over HK$77 million ($9.9 million), per the South China Morning Post. The buyer Poon Ho-Tak, the executive director of Texwinca Holdings (a famous casual wear brand in Asia called Baleno), purchased two units during Phase II of Mount Nicholsons development in 2016 for more than $96 million, at $10,900 per square foot. Until then, there many be little respite for vehicle owners and car park renters chasing that elusive space. At first thought, it may seem counter-intuitive given the investment levels in Hong Kong's world-class public transport infrastructure and the continuous improvements to existing transit technology systems. For example, the government could simply make cars more expensive so as to deter new private vehicles adoption and therefore alleviate the demand for car parking space. Liu Cheung-wai has lived with his wife and nine-year-old daughter in a two room shack built among a labyrinth of structures on a building rooftop. Incentives like this sound good in theory - but sometimes it's not as straight forward and it appears as though not enough developers are taking up the concession offer to help ease the demand. Back in 2012, Bloomberg noted that prices to buy parking spaces in Hong Kongaverage residential parking spaces, not just at luxury developmentshad climbed to $82,600 as the government put the brakes on home buying and rich people needed a place to put their money. But the important thing to remember is that despite this growth in motor vehicle registration, not enough car parking space in Hong Kong is being provisioned to meet the demand these new vehicle registrations. For one resident in Hong Kong's glitzy Peak District, the answer was a whopping $1.3 million. Considerations before applying for a loan. 9 0 obj endstream Just in May, a house on the Peak secured a record rental cost of 150,000 a month, reports BBC. 19 0 obj The co-developers are Hong Kong real estate developer Nan Fung Group and Wharf Holdings. Hong Kong's lack of parking spaces is 'cause for concern' and only It was one of several spots sold at an ultra-luxury development in the city's affluent The. The latest Hong Kong and international property market news and opinions, plus helpful guides and top tips from our renowned industry specialists. Lau told the SCMP that for homeowners at Mount Nicholson, the $1.3 million price tag for a parking spot was negligible in comparison to the price they paid for their flat. 26S00SIr Our experience and expertise spans the globe, with 700 offices across the Americas, Europe, Asia Pacific, Africa and the Middle East. Its convenient location and a favorable term of no restriction on resale and users makes it extremely cost-effective, excellent for both self-use and investment.