HK$6 million (US$765,000) can buy you a lot. Or it can buy you a single parking space in Ho Man Tin.
According to Apple Daily, a parking space on the second floor of The Ultima — a luxury housing estate owned by Sun Hung Kai Properties — was sold in the secondary market at 12 times the original price of the space, which was HK$500,000 (US$6,370).
This means that the Ho Man Tin parking space breaks a record held by a 88 square-foot parking space in Sai Ying Pun for the most expensive parking space in the city. The Sai Ying Pun space was sold for HK$5.18 million (today that’s US$660,000, but at the time it was US$663,000).
Hong Kong boasts the priciest per-square meter address in Asia, and a growth in private car ownership has also seen the cost of car parking spaces in the city skyrocket.
For those of you who are wondering what else HK$6 million can get you, the Hong Kong Economic Times reports that it can also get you a three-bedroom flat in Kingswood Villas, a private housing estate in Tin Shui Wai in Yuen Long.
HKET reports that The Ultima has 527 residential units, but only 370 parking spaces. However, it is quite common for these kinds of parking spaces to be either sold or rented out, sometimes for as much as HK$9,000 (US$1,150) per month.
Speaking this morning, the city’s Chief Executive Carrie Lam said she was “extremely concerned” about the continued surge in property prices, according to The Standard.