Car parking spaces are passé in Hong Kong. Savvy property investors are moving up, so to speak.
After the buying frenzy of parking spaces that followed the introduction of new buyer’s stamp duties in October, upper-floor retail spaces are now all the rage.
The Sharp in Causeway Bay, owned by Soundwill Holdings, is a prime example. The developer managed to sell 29 shopping units in the very first day of sale on Thursday, with the price averaging HKD33,576 (USD4,332) per square foot. The unit that fetched the most is on the top floor with a roof. It sold for HKD80.47 million, or HKD48,100 per square foot.