In tight Hong Kong, a congested city where parking costs are sky-high, one businessman paid greater than half 1,000,000 kilos for a automobile parking space.
Kwan Wai-ming paid a record HK$5.18 million (US$664,260) for a 188-square-foot (17.5-square-meter) automobile parking space in a luxury apartment complex in northwest Hong Kong Island.
It has set one other record on this planet’s costliest large urban center by becoming the owner of the most costly automobile parking space on this planet.
Most of the town’s seven million residents don’t own cars and depend on excellent public transport, but drivers will pay a hefty premium to enjoy private parking spaces.
Mr. Kwan, executive director of an investment firm Huarong Investment Stock CorpHe has already spent HK$88.55 since 2014 on two apartments and three parking spaces within the 48-storey Upton complex in Sai Ying Pun.
According to Land Registry data and records, plot number 14 on the primary floor of the tower has an area of 188 square feet (17.5 square metres), which is roughly 40 per cent larger than the standard area.
The price paid by Kwan, 58, exceeded the record of HK$4.8 million set in October last yr for 55 Conduit Road in Mid-Levels, which then held the world record for the most costly automobile park. Kwan couldn’t be reached for comment.
Centaline Property Agency research director Wong Leung-sing said he was not surprised by the record price.
“The demand and supply of parking spaces are seriously unbalanced,” he said.
According to listing agents, the quantity paid for Kwan’s third automobile parking space would buy a 200 sq ft apartment within the One Prestige apartment complex in North Point or a three-bedroom flat in Kingswood Villas in Tin Shui Wai.
Ricky Tang, senior director of West Mid-Levels at Ricacorp Properties, said: “Anyone willing to spend more than HK$50 million on an apartment will not want to leave their vehicle in public parking lots,” he added.
Source : South China Morning Post | Reuters Agency
