I love extra car parks. It’s a great convenience. My earlier article here: Should I buy the 3rd car park? In fact, as long as a developer is building condos, they must ensure there’s sufficient car parks within the project. In some projects an additional car park can be RM50,000. This is considered very ‘painful’ to the wallet but I think if one loves the project, then one must be willing to get an additional car park space for the future. As for how crazily expensive car parks can be, well let’s look at a photo I took just yesterday in Sydney. Image attached. When parking starts from AUD7 for first 30 minutes, it’s no wonder that parking space becomes a luxury! Yeah, that’s the reason I did not rent a car this third visit to Australia. Parking would have cost much more than the car rental! Now, how about earning some money by buying and selling one?
Here’s an investment which could net you US$330,000 (RM1.3 million) within 9 months. Nope, it’s not via kopiandproperty.com super-duper scam. Haha. It’s by buying a space and selling that space. The space is a carpark. The place is Hong Kong. According to an article in South China Morning Post here, this is a single parking space in Sun Hung Kai Properties’ Ultima apartment complex in the Kowloon district. The seller is a Hong Kong couple who paid HK$3.4 (RM1.72 million) for it in September 2017, according to Land Registry documents. The parking space has set a new world record when it was sold at HK$6 million (RM3.04 million) or HK$44,444 (RM22,539) per square foot. This is what Sandia Lau, a director at Centaline Property Agency said of the sale, “The development is in a luxury residential area. The residents have a lot of cash and simply do not care about a few million dollars when a flat there costs about HK$100 million.” She added, “Their convenience is more important.” Here’s that full article in SCMP again.
Well, technically this car park in Hong Kong is many times more expensive than the affordable apartments that are being built today in Greater KL. Perhaps up to 10 different apartments are possible with the tag price of RM3 million. I know, we want to say that Hong Kong is small,that’s why space is limited. Let me tell you that for the same price of HK$6 million, even Hong Kongers can still get a flat but it will not be within Hong Kong Island or Kow Loon, that’s all. That tells us that it’s not just land size but it’s the demand for convenience and the demand by the super-wealthy that will drive up the price. Remember what Sandia said in the article? Yes, the people are super-wealthy and cares nothing for convenience by paying a few extra millions. Amazing thought for the day. Happy buying your next car park!
written on 8 June 2018
Next suggested article:Isn’t it obvious that one must buy a property next to the MRT?