The Mount Nicholson development in Hong Kong's Peak District used to hold the title for "Asia's priciest address." It is now where the world's most expensive parking spot is located.
  • A parking spot in the exclusive Peak district in Hong Kong sold in May for a cool $1.3 million (R17.8 million).
  • The spot is located in the Mount Nicholson development, once known as "Asia's priciest address."
  • The sale broke the previous world record of $979,000 (R13.3 million) for a parking bay set in Hong Kong in 2019.
  • For more stories go to www.BusinessInsider.co.za.

How much would you pay for a parking spot? For one resident in Hong Kong's glitzy Peak District, the answer was a whopping $1.3 million (R17.8 million).

The spot sold for $10 million Hong Kong dollars (around $1.3 million) last month in the luxurious Mount Nicholson development, where houses can go for over HK$77 million ($9.9 million, R135 million), per the South China Morning Post. The SCMP noted that the price for the 12.5-square-metre parking space worked out to around $74,350 (around R1 million) per square foot.

"It is definitely the most expensive car parking spot in Hong Kong," said William Lau, a sales director at Centaline Property Agency's branch on The Peak to the SCMP.

Lau told the SCMP that for homeowners at Mount Nicholson, the $1.3 million price tag for a parking spot was negligible in comparison to the price they paid for their flat.

"What concerns them most is that they need space to park their cars and not the money. They have bought it for their own use and not as an investment," Lau added.

The Mount Nicholson development solidified its reputation as "Asia's priciest address" in 2017 after two apartments there were sold for a combined HK$1.16 billion (around $149 million, R2 billion).

That title was usurped this February by the city's 21 Borrett Road residential project located in the Mid-Levels area, when a buyer bought a flat for HK$459.4 million (around $59.3 million, R805 million) earlier this year.

The sale of the Mount Nicholson parking spot broke a 2019 world record for the most expensive parking space of HK$7.6 million (around $979,000, R13.3 million), which was also set in the city. At the time, a businessman forked out the hefty sum for a parking space at The Center, an office tower in Hong Kong's Central business district.

A Hong Kong couple also made the news in 2018 when they purchased a parking spot for HK$3.4 million ($433,000, R5.9 million) in the luxe Ultima residential property in Kowloon, and flipped it for HK$6 million ($760,000, R10 million) nine months later.

Read the original article on Insider

Receive a daily news update on your cellphone. Or get the best of our site emailed to you

Go to the Business Insider front page for more stories.