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Couple Sells Single Parking Space In Hong Kong For A Staggering $760,000

Travelers Today       By    MJ De Castro

Updated: Jun 07, 2018 02:16 AM EDT

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If you're complaining about the parking meter at your local street, think again. A couple in Hong Kong has just resold a parking space for HK$6 million, or around $760,000.

The single parking space was bought last year by the couple for $430,000, according to the land registry documents posted by the South China Morning Post.

The parking spot, which measures 16.4-by-8.2 feet, is situated in the Ultima apartment complex by Sun Hung Kai properties in Ho Man Tin, Central Kowloon district, the most populated area in Hong Kong.

Although there are parking spaces in Manhattan that are priced at over $1 Million, those are double the size of the said space in the Kowloon district.

Furthermore, the parking space, which was sold at $5,360 per square foot is 215 percent more expensive than the average price of apartments in the area.

The car park price has sky rocketed because of the shortage of parking space at the complex. Ultima's apartment complex has 527 units and only 370 car spaces.

High-Cost Living In Hong Kong

Hong Kong has the biggest number of the wealthy population in Asia. This explains why it's not a stranger to expensive price tags.

As a matter of fact, the most expensive apartment in Asia was sold in the area at $149 million to a single buyer.

"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 HK$100 million ($12,743,640)," said Sandia Lau, a director at Centaline Property Agency.

 "Their convenience is more important," she added.

In the same apartment complex, a parking space was also rented out for HK$10,000, or around $1,274 a month. This has cemented the apartment complex as the most expensive place in the world to park a vehicle.

Carparks in the area may look like a sports car showroom since residents at the complex prefer expensive European-made sports cars such as Lamborghinis and Ferraris, and like to keep their parking spaces to their personal use alone, said an agent familiar with the deal.

"There are no parking spaces at Ultima on the market now, so you would have to pay a very high price if you want one. Some of the sellers sold theirs only because they were from the mainland and would usually leave their parking space vacant," says the agent.

The previous record for the most expensive parking space, sold at $664,260, was in Sai Ying Pun on Hong Kong Island back in 2017.

See Now: The U.S. had the highest number of Most Wanted properties, dominating the Hotels.com Loved By Guests Awards 2018

Tags
Hong Kong, parking, expensive cities, cars
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