A parking spot in Hong Kong has been sold for an all-time high price of 10 million Hong Kong dollars making it the world’s most expensive parking spot.
The 134.5-square-foot space is located in the basement of ultra-luxury Mount Nicholson Development that sits on ‘The Peak,’ a hill on the western half of Hong Kong.
The development area is termed as “Asia’s costliest address” by Daily Mail, as it overlooks Victoria Harbour, thus offering one of the most extravagant residential apartments in the city.
South China Morning Post estimated that the cost per square foot costs around $74,350 Hong Kong dollar and added that it was one of the several other parking spots up for sale at the elite residential area.
William Lau, a sales director at Centaline Property Agency, told SCMP that the amount paid for space is nothing compared to what the buyer paid for the apartment. He said that the buyer, who has not been identified, needed the spot for personal use as they need to park their cars and not as an investment.
The record-breaking spot has an alcove, making it easier to get in and out of a car parked there.
Hong Kong faces an immense shortage of space both living and parking due to heavy crowds.
A report by HypeBbeast states that there’s only 29 square feet of parking space available per resident, equivalent to the size of a coffin.
The current sale broke the previously made record value when a parking spot was bought for 7.6 million Hong Kong dollars.