LOHAS Park Parking Space Rents at HK$6,500/Month Without Negotiation; Yields 3.9%
SingTao · 1 SOURCESabout 2 hours ago2 MIN
Summary
A parking space at LOHAS Park in Tseung Kwan O has been leased for HK$6,500 per month without any bargaining, underscoring the acute shortage of parking facilities in the district. The owner acquired the space for HK$1.98 million in May 2024 and immediately secured a tenant upon listing, demonstrating robust demand for parking in one of Hong Kong's most densely populated residential areas.
Key Points
- The parking space, numbered 5/F Double, at LOHAS Park Phase 12 SEASONS was rented at HK$6,500 per month with zero negotiation required
- The owner purchased the parking space as a primary market acquisition for HK$1.98 million in May 2024, yielding approximately 3.9% annual rental return
- Ricacortex (Hong Kong) Limited chief district director Choi Ting-yung noted that while bank fixed deposits have declined, parking spaces remain in demand, with LOHAS Park facing severe parking shortages
- SEASONS series currently has approximately five parking spaces listed for rent, with monthly rental starting from around HK$6,300
- A 610 sq ft three-bedroom flat at Yuen Long Long Ping 8 Tower 5 High Floor Flat A was sold for HK$8.28 million (below the original asking price of HK$8.5 million); the buyer was a previous tenant who decided to purchase amid rising rents
Why It Matters
The parking space transaction highlights how Hong Kong's residential car park market continues to offer attractive yields even as traditional bank deposits become less profitable. The zero-negotiation lease signals strong fundamentals in the parking sector, particularly in new development areas where infrastructure often lags behind population growth. This trend affects not only property investors seeking alternative assets but also daily commuters and residents who face increasing competition for limited parking resources in suburban developments like LOHAS Park .
The parking space transaction highlights how Hong Kong's residential car park market continues to offer attractive yields even as traditional bank deposits become less profitable. The zero-negotiation lease signals strong fundamentals in the parking sector, particularly in new development areas where infrastructure often lags behind population growth. This trend affects not only property investors seeking alternative assets but also daily commuters and residents who face increasing competition for limited parking resources in suburban developments like LOHAS Park .