Secure As Automobile Parks? Hong Kong Parking Areas Outperform Domestic Fees Over 12 12 Months Period

Three government public car parks, the Tsuen Wan Transport Complex Car Park, the Middle Road Multi-storey Car Park in Tsimshatsui and Murray Road Car Park in Central have been closed for redevelopment into commercial and residential projects.
Following the change, car parking spaces need to be placed below ground level in order to get full exemption from gross floor area calculations.
Since 2013, the city has lost 1,888 car parking spaces owing to changing land use.
Chow attributed the rising prices to a shortage of car parks.
Underscoring the heated market, Hong Kong took the No 1 spot globally for car parks last week when a Hong Kong executive paid a record HK$5.18 million for a 188 square foot space at the Upton development in Sai Ying Pun.

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