Hong Kong property investors find new avenue to park their money

[dtrax]

Source: http://www.businesstimes.com.sg/breaking-news/asia/hong-kong-property-investors-find-new-avenue-park-their-money-20121121

Chao carpark? I scream ice-cream!

HONG KONG - Hong Kong investors are snapping up car parking spaces, raising fears of a bubble after government moves to cool soaring property prices last month drove speculators to seek new options.
One investor had put a total price tag of HK$100 million (US$12.9 million) on 34 parking spaces in a commercial building near Western, said Sean Tsoi, a dealer at property development and investment agency AGW Holdings Ltd, referring to an area just five minutes by car from the heart of Hong Kong's financial district.
The average price for each space in the building was about HK$3 million, higher than the cost of a small apartment in some areas of Hong Kong, which is home to the world's most expensive residential and retail property.
"Car parks have become a new hot item," said Hanson Lam, senior property consultant at Midland Realty.

[phantom_opera]

Singapore developers allowed to sell carpark separately?

[chestnut]

Singapore developers allowed to sell carpark separately?

Nope... In centris, owners can rent out their car park space. That was one of their key selling points at launch...
In Melbourne, same story, owners can rent out the car park... Always in demand because insufficient car park.

[phantom_opera]

Nope... In centris, owners can rent out their car park space. That was one of their key selling points at launch...
In Melbourne, same story, owners can rent out the car park... Always in demand because insufficient car park.

Can MC later decide that renting out carpark space is ok?

[dtrax]

same as CBD?
Some sell with and without carpark. For example icon 1rm without carpark, condo fee only $120, if I remember correctly

[auroraborealis]

think depends on developer whether they register car parks as common property or separate title lots


Can MC later decide that renting out carpark space is ok?

[chestnut]

Can MC later decide that renting out carpark space is ok?
Don't know leh... But because the shopping centre expanded and not enough car park... So win win for both... I think they have no guest car park... All owners allocated. 1 car park lot... Guess need top park at shopping centre car park or hdb parking lot...

[radha08]

they way its going they going to sell places to park ur KKB...when u go geylang...:doh::doh::doh::D

[Laguna]

the carpark always sell out within 2 hours

[dtrax]

the carpark always sell out within 2 hours

fishmarket?

[kane]

Hong kongers will fry anything!

[Shoeboxsupporter]

Hong kongers will fry anything!


Maybe in future, Toilet also can be sold seperately.......those who bought condo without toilet can use common toilet in Club House.........:D

[auroraborealis]

wah :D what's carpark classified in SG? commercial? mayb should start looking into carpark rental income :D


the carpark always sell out within 2 hours

[dtrax]

http://www.asiaone.com/Motoring/News/Story/A1Story20111205-314326.html


By Michelle Tan

SINGAPORE - A thriving trade in season parking space in the heart of the central business district (CBD) has sprung up - highlighting the unquenched demand for lots in the area.

Here's how it works: office-goers who have obtained lots in another building or shifted out of the CBD don't surrender their parking spaces. Instead, they lease them out to others at a slight premium to market rates.

Even residents in the lot-strapped area have caught onto the trend. A number of occupants at The Sail have successfully rented out their car park spaces for an average of $300-330 a month to office workers who work in adjacent office buildings such as One Raffles Quay.


A 65-year-old retiree, who declined to be named, described the process of renting out her lot at The Sail as "easy". "All I did was to advertise my lot on a forum page, and it was rented out within a few days," she said.

Parking woes have long been an issue in the CBD. The recent high-profile demolition of the once-popular Market Street Car Park exacerbated this by removing a few hundred season parking lots, leaving many office workers stranded without a parking space.

The issue was hot enough for it to be raised in Parliament. Transport Minister Lui Tuck Yew replied that only about 70 per cent of parking spaces are utilised in the Raffles Place and Shenton Way area during peak periods, according to a survey conducted this year.

When approached for further details, the Land Transport Authority (LTA) was unable to furnish more, saying that the studies were conducted with the permission of building owners with the understanding that the data would be used only for LTA's internal study. It is not clear whether the survey studied hourly lots, season lots or a mix of both.

When BT surveyed several car parks between 10am and 11am on a recent weekday, the exercise showed that there were still ample car park lots - comprising mainly hourly lots - in the prime stretch of the CBD.

But what's clearly raising temperatures is the acute competition for season parking. For instance, One Marina Boulevard has a total of 155 season lots out of a total of 205 parking spaces, but all its season spots are fully subscribed.

Likewise, all of the 285 parking spaces - designated for season parking only - located at Singapore Land Tower were also fully taken.

Many working in these buildings have put in applications for nearby parking facilities such as Golden Shoe Car Park, which now has a waiting list of at least six months, as compared to an average of two months back in 2009.

In addition, many parking facilities in Raffles Place and Shenton Way buildings are available only to tenants.

This leaves those who work in buildings without lots little choice but to apply for "neutral" parking sites such as Golden Shoe Car Park, which are few and far between.

Even being a tenant does not make securing a parking space any easier.

In fact, many buildings, such as One Raffles Quay and Ocean Financial Centre, allow only senior management of tenant firms to apply for a season parking spot, leaving junior and mid-management staff out in the cold.

LTA's policy introduced in 2002 requires developers to provide only one parking lot for every 450 square metres of office space in the CBD, which has led to massive skyscrapers being built with puny car parks, with building owners choosing to use the space for higher-yielding commercial use.

Commenting on the situation, a City Developments Ltd (CDL) spokesman said: "With tighter limits on the number of car park spaces allowed in these new buildings based on existing regulations, it is inevitable that drivers whose offices are located within these new office buildings encounter more difficulty in securing a season parking lot."

RELATED STORIES

LTA says bear with CBD carpark shortage »
Already, occupants of newer office buildings in the area are increasingly "compelled" to leave their wheels at home, and opt for public transport or a two- wheeled bicycle.

Griping about the situation, a tenant at recently completed Asia Square said despite occupying a chunk of space that could house hundreds, their office had been allocated less than 20 permanent lots. The remaining 20 or so spaces are balloted to staff every couple of months.

Some building managements have started offering complimentary shuttle services for tenants to and from MRT stations such as Raffles Place Interchange to ease the switch to public transport.

Meanwhile, for those willing to fork out $50-70 a day in the name of convenience, hourly lots in the CBD can still be found - but that's cold comfort to most drivers.

[phantom_opera]

Despite cooling measure, HK property price holding firm

reflecting secondary private residential property price from 2012/11/05 to 2012/11/11

[Centa-City Leading Index]
116.81

+0.64% (week on week) +5.05 % (month on month)

新世界發展聯席總經理兼執行董事鄭志剛認為，現時樓市穩定，未必是本港最大風險的投資，他亦對樓市審慎樂觀，預料今年樓價升幅介乎8-10%，明年亦會穩定上升，不會大跌。

另外，他說，需時觀察買家印花稅對樓市帶來的影響，認為措施一刀切，會影響剛性需求，又指涉及舊樓併購的條款不清晰。

鄭志剛說，若政府針對投資物業的措施過度收緊，資金未必會流向工商舖或車位，甚或會轉投股市或債市。他又說，近兩個月樓市交投回軟，在政府推出新措施後，內地買家佔集團樓盤的比例維持10-15%，未見所佔比例下降。

[DKSG]

http://www.asiaone.com/Motoring/News/Story/A1Story20111205-314326.html


By Michelle Tan

SINGAPORE - A thriving trade in season parking space in the heart of the central business district (CBD) has sprung up - highlighting the unquenched demand for lots in the area.

Here's how it works: office-goers who have obtained lots in another building or shifted out of the CBD don't surrender their parking spaces. Instead, they lease them out to others at a slight premium to market rates.

Even residents in the lot-strapped area have caught onto the trend. A number of occupants at The Sail have successfully rented out their car park spaces for an average of $300-330 a month to office workers who work in adjacent office buildings such as One Raffles Quay.


A 65-year-old retiree, who declined to be named, described the process of renting out her lot at The Sail as "easy". "All I did was to advertise my lot on a forum page, and it was rented out within a few days," she said.



Didnt expect Sail has such weak controls over parking lots. Most condos require resident to produce vehicle log card to be in resident's name before approving the issuance of the transponder. Security guards check vehicles in the carpark against the records to ensure compliance.

DKSG