Investor Cai Bo invests HKD 130 million to purchase a parking lot in Causeway Bay, Hong Kong, for long-term rental income reserve

Viewpoint Network News: On March 11, veteran investor Cai Bo-neng purchased the Carlton Tower parking lot at 36 Leighton Road, Causeway Bay, Hong Kong, for nearly HKD 130 million, planning to upgrade and renovate the property to enhance returns.

According to publicly available information, the property is located on the second to sixth floors of Carlton Tower at 36 Leighton Road, Causeway Bay, with a total of 200 parking spaces. The transaction price was HKD 128.5 million, averaging about HKD 642,500 per parking space. Cai Bo-neng stated that parking space supply in Causeway Bay is scarce. The current monthly income from the parking lot is HKD 800,000, with a return of about 7%; after renovation, monthly rent is expected to increase to around HKD 1 million, with a return of up to 10%.

It is reported that the parking lot has both large and small parking spaces, with monthly rents of HKD 4,500 and HKD 4,000 respectively. There is a long-term waiting list for large parking spaces. Cai plans to invest several million HKD in renovations and utilize the open space to add electric vehicle charging stations to increase rental income. He indicated that this purchase is a long-term rental reserve and has no plans to sell.

Disclaimer: The content and data of this article are compiled by Viewpoint based on public information and do not constitute investment advice. Please verify before use.