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Hong Kong parking spot sells for record US$1.3 million, bolstering Mount Nicholson’s claim as world’s most expensive address
- A parking bay in the tiny neighbourhood of Mount Nicholson on The Peak fetched over HK$10 million (US$1.3 million)
- The previous world record for a parking bay was also in Hong Kong, when it went for HK$7.6 million in October 2019
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A car parking bay at the exclusive Mount Nicholson development on The Peak sold for more than HK$10 million (US$1.3 million), smashing a world record set in 2019, according to a source familiar with the sale.
The developers Wharf (Holdings) and Nan Fung Group sold 29 parking spaces in phase two and three of the luxury project through a closed tender to homeowners last month, with one of the spots selling for over HK$10 million, the source said.
With a standard parking space measuring around 134.5 sq ft (12.5 square metres), the transacted price works out to HK$74,350 per square foot. The previous record was HK$7.6 million, set in October 2019, at The Center, a 73-storey office tower in Central.
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“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.
Car-parking space is so expensive in Hong Kong that it has turned into a subsector in itself, for speculators to buy and sell parking bays in rapid succession to make a quick profit. At the height of the speculative fervour, 8,968 slots worth HK$16.64 billion were recorded in 2018, the most since records began in 1996, according to Centaline.
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