Photo: Wheelock Properties
It seems ridiculous to pay tens of millions of dollars for an apartment in a new residential building and, for this kind of cash, not have parking included. But in a city like Hong Kong, where space is limited and very expensive, it’s every day reality.
This brings us to the headline: a new world record has been set for the most expensive parking spot. According to South China Morning Post, a single parking spot, measuring 12.5 square meters (134.5 square feet) in The Mount Nicholson development, situated in The Peak affluent neighborhood of the city, has sold for the equivalent of $1.3 million.
For context, Mount Nicholson is considered Asia’s most expensive address: in 2017, two apartments here sold for a combined $149 million. A house in The Peak neighborhood costs over $10 million, while rent for one can go all the way up to $210,000 a month.
As such, and considering how expensive space is in the city, it’s no wonder one parking spot sold for such a ridiculous amount. In 2019, Hong Kong set a similar record when another spot traded hands for $969,000; one year prior, the city was again making headlines for another parking spot selling for $430,000. You would be excused to see here a pattern.
Developers would not confirm the transaction, which reportedly closed last month. SCMP spoke to William Lau, a sales director at Centaline Property Agency’s branch on The Peak, who pointed out the obvious with the new record: considering how much money residents are paying for their homes, this amount for a parking spot is a drop in the proverbial (money-filled) bucket.
“What concerns them most is that they need space to park their cars and not the money. They have bought it for their own use and not as an investment,” Lau explains.
Some things never change, even if one’s financial situation does. Like the bond between man and machine, a love story that transcends time.
For context, Mount Nicholson is considered Asia’s most expensive address: in 2017, two apartments here sold for a combined $149 million. A house in The Peak neighborhood costs over $10 million, while rent for one can go all the way up to $210,000 a month.
As such, and considering how expensive space is in the city, it’s no wonder one parking spot sold for such a ridiculous amount. In 2019, Hong Kong set a similar record when another spot traded hands for $969,000; one year prior, the city was again making headlines for another parking spot selling for $430,000. You would be excused to see here a pattern.
Developers would not confirm the transaction, which reportedly closed last month. SCMP spoke to William Lau, a sales director at Centaline Property Agency’s branch on The Peak, who pointed out the obvious with the new record: considering how much money residents are paying for their homes, this amount for a parking spot is a drop in the proverbial (money-filled) bucket.
“What concerns them most is that they need space to park their cars and not the money. They have bought it for their own use and not as an investment,” Lau explains.
Some things never change, even if one’s financial situation does. Like the bond between man and machine, a love story that transcends time.
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