There are moments here in the Sydney CBD when we’d pretty much pay anything just to ditch our cars for a few hours. But a recent development in Hong Kong puts the domestic parking space and real estate situation into perspective. South China Morning Post reports a parking bay stashed away at the exclusive Mount Nicholson development on The Peak has just sold for an astonishing HK$10 million / AU$1.7 million (the world’s most expensive at the time of this writing).
Given a standard parking space measures to around 134.5 square feet, the transaction effectively works out to approximately HK$74,350 / AU$12,500 per square foot. The title of world’s most expensive parking spot was previously held by another space located in Hong Kong. More specifically, the 73-storey Center office tower in Central which set the record circa 2019. The price tag on that occasion was HK$7.6 million / AU$1.3 million.
It’s worth noting, however, that the average pad in Mount Nicholson routinely fetches over $100 million, hosting the likes of Alice Ho Chiu-yan, daughter of the late Macau casino tycoon Stanley Ho Hung-sun. Meaning a million dollars for a parking space in this part of Hong Kong isn’t that big of a deal for the residents.
“What concerns them most is that they need space to park their cars and not the money,” says William Lau, Sales Director at Centaline Property Agency (The Peak).
“They have bought it for their own use and not as an investment.”
“If there is a demand for parking spaces, owners have to buy it from the developer, and they won’t sell it cheap,” explains Thomas Lam, Executive Director at Knight Frank, in reference to the extremely limited supply of parking spaces in Hong Kong.
I suppose 2-hour ticketed spaces aren’t so bad after all…