Money A Hong Kong couple bought a single parking space for $560,000 and flipped it for $989,000 in just 9 months

07:26  06 june  2018
07:26  06 june  2018 Source:   businessinsider.com

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A Hong Kong couple bought a single parking space for 3, 000 and flipped it for 0, 000 in just 9 months . A local couple initially bought the spot in the luxury Ultima complex in 2017 and resold it nine months later for nearly double that, setting a new property world record.

In May, a single space in a residential neighborhood on Hong Kong Island went for 4.24 million Hong Kong dollars (7, 000 ), making it the most expensive parking space ever sold in the territory.

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A single parking space in Hong Kong that was bought for C$560,000 less than a year ago was just resold for HK$6 million (C$989,000), setting a new property world record.

The parking space at the luxury Ultima project located in the Kowloon district was initially bought in September 2017 by a local couple for HK$3.4 million ($560,000), according to land registry documents seen by the South China Morning Post.

Nine months since buying the space, the couple just resold the spot for HK$6 million (C$989,000), turning a HK$2.6 million (C$428,000) profit.

The 16x8 foot parking spot equals out to roughly HK$44,444 ($5,600) per square foot, nearly three times the average per square foot of a residential property in Hong Kong, which is one of the priciest places in the world.

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For 0, 000 a family might be able to buy a small apartment in a remote part of Hong Kong —or it could fetch a tycoon a parking space . A 188-square-foot residential parking lot was sold for HK.18 million (4,250) in May, local newspaper Ming Pao reported (link in Chinese) June 14.

A car space in Hong Kong 's Kowloon City district is being rented for or HK, 000 (US,274). This appears to be the most rent ever paid for a Hong Kong parking space , costing more than some of the city's smallest apartments.

"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 C$16.5 million (HK$100 million)," Sandia Lau, a director at Centaline Property Agency, told the Post. "Their convenience is more important."

Ultima now tops of the list of most expensive places in the world to park a car. In April, a car space in the complex was rented out for HK$10,000 ($1,274) a month, making it the city’s most expensive rented car park. The Ultima project has only 370 car spaces for its 527-units, which caused the prices of parking spaces to increase substantially.

Hong Kong has broken several world records as the price of real estate continues to skyrocket. In November, two of the most expensive apartments in Asia sold for a combined HK$1.16 ($149 million) to a single buyer.

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Sun Hung Kai, Hong Kong 's biggest developer, is preparing to release 224 parking spaces for sale next month , with prices going around 3,00. Honda Just Made a Civic Type R Pickup Truck. Tesla Will Fix the Model 3's Brakes with Firmware.

Hong Kong , a city with some of the costliest real estate in the world, set a new record earlier this week with a single parking space in the Kowloon district. The parking spot has just been rented out for HK, 000 (,274) per month , making it the city’s most expensive space .

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