Hong Kong Property Market: It is expected that the number of residential parking spaces registered in Hong Kong in May will reach 450.

Wong Pin-tai, Director of the Research Department of Hong Kong Property, stated that according to data from the Hong Kong Land Registry, there were 432 residential parking spaces registered in the first 28 days of May, surpassing the 406 registrations for the entire month of April by over 6%. If the current registration progress continues, it is estimated that the total number of registrations for May will reach 450. Since the time from signing the sales contract to submitting it for registration at the Land Registry takes some time, the registrations in May mainly reflect the market conditions in April. The number of residential parking space registrations in the first 28 days of May increased compared to the previous month, mainly driven by the sale of parking spaces at SEASONS PLACE in Tseung Kwan O. There were 75 registrations in the estate, significantly higher than the second-ranked Mount Regency with 14 registrations and the third-ranked Mei Foo Sun Chuen with 9 registrations. Among the 75 registrations at SEASONS PLACE, 31 had a value of over HK$2 million, leading to a total of 98 registrations for parking spaces valued over HK$2 million during the period, exceeding the 62 registrations for the entire month of April by about 58.1%. Conversely, there were 164 registrations for parking spaces valued at HK$1 million or below, slightly lower by about 1.8% compared to the 167 registrations in April. There were 170 registrations for parking spaces valued between HK$1 million and HK$2 million, also lower by about 4% compared to the 177 registrations in April.