WHAT’S BEING CLAIMED:
- A Hong Kong businessman has just sold a single parking space for nearly $1 million.
- Apparently, the businessman had also sold three other spaces for six-figure totals.
- Large, luxurious “parking bays” have long been sold at a premium in Hong Kong, as these are also hard to find.
A Hong Kong investor has just sold “the world’s most expensive parking space” for nearly $1 million.
The parking space is located at The Center, a 79-floor skyscraper in the business district of Central.
Businessman Johnny Cheung sold the space to an unnamed buyer on Thursday for the hefty price of $969,000.
Cheung is a part of the investment firm that acquired The Center for $5.15 billion last year. Apparently, he is already used to pricey deals such as this.
The businessman, who originally owned four spaces in the building’s parking area, had already sold the other three for six-figure totals.
James Mak, a district sales director for Midland Commercial, explained to the South China Morning Post, “There aren’t many car park lots in Central’s office towers for sale, so prices have always been kept high.”
The space itself is around 134.5 square feet area, but its per-square-foot cost is still more than three times the median home price in Hong Kong, according to the South China Morning Post.
Mercer’s 2019 Cost of Living Survey revealed that Hong Kong has been the world’s most expensive city for at least the past two years. Another 2019 study by the CBRE Group found that Hong Kong also had the world’s highest property values.
Mak told the South China Morning Post, “Good times or bad times, there are still ultra-rich people paying whatever [is] needed to get what they like.”
Hong Kong parking spaces have long been at a premium. Just last year, a 150-square-foot space sold for $760,000.
Large, luxurious “parking bays” have become a sought-after status symbol in Hong Kong, says the South China Morning Post. Such spots are also hard to find.
The Center, for instance, only has 402 parking bays to serve its 1.2 million square feet of office space.
It’s not yet clear if the $969,000 space is indeed the most expensive spot ever sold, but it’s likely close.
Back in 2015, a New York City building sold three ultra-exclusive spaces for $1 million — which were larger than the ones in Hong Kong.