Car Park bays for sale

[Fust]

Received a flyer in the mail yesterday, stating that the car park bays in phase II will go up for sale in august (you need to register on/or before 30 July).   HK$ 380,000 upwards per bay (with a 30k rebate for the first batch)...

That's a serious load of cash for 4 white lines on a slab of concrete...
And at HK$ 2,200 rental value a month, that's a minimum 14 year payback, depending on the rate of the management fees(?), ...

You gotta love the blurb on the folder though:
"Due to limited supply of carpark spaces..."   Place is half empty most of the time.
"It is a Golden opportunity to own...or for investment"   

Anyhoo.  Like a dutiful tenant, I have forwarded it to my landlord.

it'll be interesting to see what happens...

[TungChungAlien]

Congrats on your 50th post. You are a Jr. member now.

[Gooner]

380K is rip off !!!

[mango on the run]

You get 3 not 4 white lines on a slab of concrete if you buy one with one side being a wall

[Gooner]

I bet 380K is for the middle spots. I guess the single parking spots would be 425K.

Either way, why have they chosen to sell car park space only in Phase 2. Phase 1, 3 dont have such a scheme going. So why is Phase 2 the guinea pig

[Fust]

The Phase 2 car park stretches all the way through to Phase 4 (towers 15 & 16 incl.).

Also received a notice yesterday that all current monthly parking contracts expire on 30 September.

I wonder what the procedure will be from September onwards?
If my landlord chooses to forego this golden investment opportunity (quite likely), where do I go to get a new space?
Do I go to the Real Estate agents in the "Bazar", sign a 2 year lease with 2 months deposit, + 1 month prepaid rent, + a half month commission to the agent?  What about the unsold spaces, can I rent one of those?

The management guy I tried to speak to about this earlier couldn't enlighten me. "The car park spaces belong to Cheung Kong, we have no idea..."

[mango on the run]

As Cheung Kong is selling car park space, their little trick is to drive up demand for ownership by not renewing expired lease, and by asking police to give ticket more often...If you are leasing you car park space now you have following options:

1. sell your car
2. find somewhere (neighboring places) else to park you car
3. look for private car park owner who is seeking tenant, at park n rob notice board
4. buy a space yourself

Some people I know got nasty reply from Cheung Kong staff by asking question other than relating to a purchase

[Icarus]

Mango is right. Buy one or risk trying to get one on the private market with commissions etc. I doubt  the current system will continue as CK would rather see unsold car parks go empty than starve initial demand from purchasers.

Typically crafty, I like their completion terms for sale and refusing to disclose actual prices until they have assessed demand from prospective purchasers. Up to 45 days completion until the end of Sept so even if you buy one you could still end up paying $2200 per month rent for a month and a half. Management fees are also $500 per month per spot to pay for our uniformed barrier lifters and then there's the rates plus legal fees.

Don't think there will be much activity from outside professional investors as yield around 5-6% poor but who knows in crazy HK market. Lets hope there's little demand outside those sad people who will pay anything so they can fall out the lift into their car parked in the nearest bay. Then perhaps CK may start to see a little reason on price.

[Dizzy Kipper]

Does this mean there will be even more cars parked on the pavement and public bus stop bay?
 

[Fust]

Buying a car park space in CC is not an option for me.
In any case, it doesn't make sense unless you own your apartment at CC as well...

Worst case scenario, I'll get rid of the car, or move it to Citygate north, or the Link carpark next to the wet market...

[Fust]

Does this mean there will be even more cars parked on the pavement and public bus stop bay?

Would not surprise me at all.
There's a lot of cars parked illegally in the neighbourhood that are a lot more expensive than my old banger too.

But, as suggested above by Mango, CK/MTR may request the local Plod for increased surveillance on illegally parked vehicles, for a while at least...

[Dizzy Kipper]

So it's not your Porsche I've see parked on the pavement, then? 

[Icarus]

Taking average car park space being 8 x 12 ft (96 sq.ft) that's $3958 a sq.ft and around $700 more per sq.ft than any apartment in CC.

Lawyers fees also $11,000 plus.

People normally pay a premium for a high floor. I wonder how much the prime location ones will be? $5000 per sq.ft like Le Bleu?

[Fust]

So it's not your Porsche I've see parked on the pavement, then? 

Naah, that'd be the Park 'n Rob manager's car I think...

[mango on the run]

I bet this is his boat