World’s most expensive parking space sells for $1.3MILLION at ultra-luxury Hong Kong development overlooking city harbour
- Parking space at luxury development in Hong Kong sold for $1.3million
- It was sold at the Mount Nicholson development in the Peak area of the city
- Worked out price per square foot was around $74,350 for 134.5-square foot spot
A parking space at an ultra-luxury development in Hong Kong has reportedly sold for $1.3million (HK$10.2m).
Several spots were sold at the Mount Nicholson development in Hong Kong’s affluent The Peak area.
The development, which was once known as ‘Asia’s priciest address’, overlooks Victoria Harbour.
It worked out that the price per square foot of the 134.5-square-foot parking spot was around $74,350, according to the South China Morning Post.
A parking space at the luxury Mount Nicholson development on the Peak in Hong Kong has reportedly sold for $1.3million (HK$10.2m) (stock image)
William Lau, who is a sales director at Centaline Property Agency’s branch on The Peak, told the publication that the price tag for the parking spot was negligible in comparison to the price of the flat.
He added: ‘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.’
In 2017, the development was named the priciest address when two apartments sold to the same buyer for $149million (HK$1.16billion), the South China Morning Post reported.
The sale broke the previous record for the world’s most expensive car parking spot, which was set in the city in 2019 when a bay sold for more than $979,000 (HK$7.6m), according to Insider.
It worked out that the price per square foot of the 134.5-square-foot parking spot was around $74,350 (stock image)
It was for a parking space in the basement of one of Hong Kong’s 73-storey skyscrapers, known as ‘The Center’.
In May, a house on the Peak was leased for $206,000 a month (HK%1.6million), which translates into about $2.5million a year for the tenant, according to Bloomberg.
According to the Economist Intelligence Unit’s 2020 Worldwide Cost of Living (WCOL) Survey, Hong Kong tied with Paris, France, and Zurich, Switzerland, as the most expensive city.
It was a five-bedroom house which came with a private elevator and a 7,000-square-foot garden.
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