Prominent international real estate firm Savills, together with its’ Hong Kong Investment Team as the exclusive sales agent, is delighted to announce the successful sale of Multi-storey Carpark of Jumbo Court located on 3 Welfare Road, Wong Chuk Hang.
The transaction price is over HK$410 million, making it the largest transaction of carpark spaces in Hong Kong this year.
Situated in the core district of Wong Chuk Hang, the Property is a rare large-scale parking lot in the area. It neighbours luxury estate “Marinella”, Jumbo Floating Restaurant, and Aberdeen Marina Club, and is within walking distance of the eminent Wong Chuk Hang MTR Comprehensive Development and the emerging Wong Chuk Hang business district. The 8-storey carpark podium is formed under residential building Jumbo Court and provides a total of 509 carpark spaces. The Property had previously undergone a Public Tender Sale process, with major real estate investment consortiums and funds expressing interest.
Mr. Peter Yuen, Managing Director, Head of Investment & Sales of Savills, who led the project, commented: “We were very pleased to be appointed by the vendor as sole sales agent to dispose of this precious property. During the process, our team provided professional expertise and specialist services, and worked together to resolve obstacles each step of the way. The successful result realizes the efforts put into the project and marks the largest carpark transaction in Hong Kong in recent years. The current rental return of the Property is low, albeit consistently fully-occupied. The flat-to-carpark ratio of the upcoming Wong Chuk Hang MTR development is approx. 6:1. As the development establishes and matures in the future, the demand for parking space in the area will inevitably rise, substantially increasing the Property’s returns.”