Cai Bo can purchase 110 million parks in Tsuen Wan Garden
Hang Lung Properties (00101) continued to sell non-core properties. It recently sold a parking lot at Lai Chi Kok Tsuen Wan Garden for $111 million. It involved 110 parking spaces with an average price of $1 million per parking space.
According to the Land Registry, two-storey car parks on the LG and LG1 floors of Tsuen Wan Garden were sold for $111 million on the 22nd of last month. The new buyer is Junrui Co., Ltd., and the company’s director is a senior investor Cai Booneng. According to the Hang Lung Properties Annual Report, the car park has a total of 110 parking spaces.
110 parking spaces, rent return of 3.5%
Tsuen Wan Garden was completed in 1977 and was developed by Hang Lung Properties. The car park has been rented for 42 years. It is understood that the current monthly rent for each parking space in the car park is about 2,900 yuan. Based on this calculation, the rental return is about 3.5%. According to market sources, the parking lot was originally sold at 200 million yuan, and the price was finally reduced by 89 million yuan (44.5%).
The number of stalls in the market is also slightly lower than the market price. For example, there is four parking spaces in the past year. The price is from $1.28 million to $1.9 million. The parking space at Tsuen Wan Garden is about 21% lower than that of Ying Hui. About 47%.