World’s most expensive parking lot sells for $1.3 MILLION in ultra-luxury Hong Kong development overlooking the city harbor
- Parking lot at luxury development in Hong Kong sold for $1.3 million
- It was sold at the Mount Nicholson development in the Peak area of the city
- The worked out price per square foot was about $74,350 for a 134.5 square foot spot
A parking lot at an ultra-luxury development in Hong Kong has reportedly been sold for $1.3 million (HK$10.2 million).
Several spots were sold in the Mount Nicholson development in the affluent The Peak area of Hong Kong.
Once known as ‘Asia’s most expensive address’, the development overlooks Victoria Harbour.
It concluded that the price per square foot of the 134.5-square-foot parking lot was about $74,350, according to the South China Morning Mail.
A parking lot at the luxury development of Mount Nicholson on the Peak in Hong Kong has reportedly been sold for $1.3 million (HK$10.2 million) (stock image)
William Lau, a sales director at the Centaline Property Agency branch on The Peak, told the publication that the price tag for the parking lot was negligible compared to the price of the flat.
He added: ‘What worries them most is that they need space to park their cars and not the money. They bought it for their own use and not as an investment.’
In 2017, the development was named the most expensive address when two apartments were sold to the same buyer for $149 million (HK$1.16 billion), the South China Morning Post reported.
The sale broke the previous record for the world’s most expensive parking lot, which was set in the city in 2019 when a bay sold for more than $979,000 (HK$7.6 million). Insider.
It turned out that the price per square foot of the 134.5 square foot parking lot was about $74,350 (stock image)
It was in front of a parking lot in the basement of one of Hong Kong’s 73-story skyscrapers known as “The Center.”
In May, a home on the Peak was rented out for $206,000 a month (HK% 1.6 million), which translates to about $2.5 million a year for the tenant, according to Bloomberg.
According to the Economist Intelligence Unit’s 2020 Worldwide Cost of Living (WCOL) Survey, Hong Kong is tied with Paris, France and Zurich, Switzerland, as the most expensive city.
It was a five-bedroom house with a private elevator and a 7,000-square-foot yard.