If you do the math, you will find that the spot was valued roughly at $5,600 per square foot, which is 3 times the average per square foot of a residential property in Hong Kong. However, considering that it’s located at the Sun Hung Kai Properties’ Ultima apartment complex in the Kowloon district, its price tag, though still exorbitant, makes a bit more sense, as Sandia Lau, director at Centaline Property Agency, explains for The Post.
“The development is in a luxury residential area. The residents have a lot of cash and simply do not care about a few million dollars when a flat there costs about $12.7 million (HK$100 million),” Lau says. “Their convenience is more important.”
That is to say, the people who can afford to buy an apartment there are so loaded that dropping a few more hundreds of thousands of dollars on a parking spot is probably like grocery shopping to them. An agent familiar with the deal says that residents prefer high-end sports cars like Ferrari and Lamborghini, so they naturally want to have them parked safely near their home. The couple who just sold the parking spot had an Audi sedan on it.
The Ultima complex is one of the most expensive places in the world to live and / or park a car. It has 370 car spaces and 527 residential units, which is just one of the factors that drove prices for parking spaces to skyrocket.