Demand for Hong Kong parking lots remains robust after ‘world record’ HK$4.8 million sale
Developer sells 32 spaces at luxury The Morgan on Conduit Road for between HK$3.18 million and HK$4.18 million, taking in more than HK$100 million
Demand for car parking space in the city remains robust two days after a record was set for the most expensive place to park a vehicle.
Phoenix Property Investors sold 32 out of 54 parking spaces at The Morgan at 31 Conduit Road on Saturday for between HK$3.18 million and HK$4.18 million. Total takings exceeded HK$100 million, according to the firm.
“This lot is believe to be the world’s most expensive,” said Thomas Lam, head of valuation and consultancy at Knight Frank property agents.
Conduit Road in Mid-Levels and the adjoining Peak are two of the most exclusive districts on Hong Kong Island.
As most residents also own multiple vehicles, car parking space has become a much desired luxury tracking the surge in flat prices, agents say.