Windfall: Investor pockets 30% profit on Tung Chung parking space

As Hong Kong’s property price spiral continues, a Tung Chung investor has pocketed a cool HK$290,000 gain from the sale of a parking space.

The ground floor parking space in Tung Chung Crescent, purchased in January for HK$1.04 million, sold again in July for HK$1.3 million.

But it’s not even the most expensive parking space in the private housing estate.

According to Centaline Tung Chung deputy regional manager Ivan Chan, another parking spot sold for HK$1.398 million – the most expensive in Tung Chung. Two other spaces sold for HK$1.328 million and HK$1.39 million, Ming Pao reported.

Tung Chung Crescent parking spots are popular for property investors because the number is limited and while only tenants can use them, anyone can buy or sell them.

In nearby Century Link a scheduled auction last Sunday of parking spaces was delayed because of a typhoon warning, but still received bids of HK$1.23-$1.3 million.

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