International real estate firm Savills is delighted to announce the successful completion of the transaction of a basket of car parking space at Sunningdale Garden, No. 8 Chi Cheong Road, Sheung Shui (the "Property"), comprising a total of 201 parking spaces which are distributed across the ground floor and upper ground floor. The Property is currently operated by EC Parking and is priced at approximately HKD 105 million, with an average price of HKD 522,000 per parking space.
Sunningdale Garden has a total of 830 residential units, and with the property located in the heart of Sheung Shui, close to Sheung Shui MTR Station and Landmark North, the demand for parking spaces is extremely high. On weekends and holidays, it is one of the key parking facilities for many Hong Kong residents heading Mainland China. The ratio of residential units to parking spaces in the area is approximately 10.6 to 1, indicating a tight supply.
Investment team of Savills Hong Kong said, "In 2024, the average monthly rental income from the parking lot is expected to exceed HKD 700,000. After deducting expenses, the net return is about 7%. Buyers are attracted to parking properties with high returns and stable rental income for long-term investment. Furthermore, individual residential parking spaces at Sunningdale Garden have previously sold for HKD 1.2 million to HKD 1.4 million. In contrast, each parking space in this sale is priced at an average of only about HKD 520,000, providing a certain level of defensiveness in terms of cost."