Hong Kong: Parking Spot Goes for $1.3 Million, Shattering World Record Amid Space Shortage

Source: Newsweek

“Aparking spot in a luxury estate in Hong Kong sold for $1.3 million, breaking the record for the most expensive parking spot, which sold in 2019 for $1.29 million and is also in Hong Kong. Mount Nicholson, the epitome of extravagant living in Hong Kong, is a residential development in The Peak — a hill on the western half of Hong Kong Island. Developed by Wharf Holdings and the Nan Fung Group, parking spaces in the area are sold to the highest bidder …. ‘It is definitely the most expensive car parking spot in Hong Kong,’ said William Lau, a sales director at Centaline Property Agency’s branch on The Peak. But because the houses on Mount Nicholson are sold on average for nearly $100 million, Lau told the South China Morning Post that owners spending around HK$10 million for a parking spot was not a big deal for them.” (06/03/21)