Hong Kong parking space at luxury development sells for $1.3 million

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A parking space at an ultra-luxury residential development in Hong Kong has sold for a record-breaking HK$10.2 million ($1.3 million), local media reported on Thursday.

In a tender last month, Mount Nicholson, situated on The Peak overlooking Victoria Harbour, sold several parking spots, with one fetching HK$10.2 million, while another went for HK$9.3 million, the Hong Kong Economic Times and HK01 said.

Wheelock Properties, which is responsible for the sales of the Mount Nicholson apartments, declined to comment.

The development, which includes 19 garden houses and 48 apartments co-built by Wharf Holdings and Nan Fung Group, has some of the most expensive properties in Asia.

Thomas Lam, executive director of property consultancy Knight Frank, said car park prices have not increased markedly in the financial city and these record prices could be development specific.

He said the previous record for a car park space was $1 million recorded in Manhattan.

Hong Kong, which is among the most expensive property markets in the world due to a housing shortage, also has a serious under supply of car parks.

Betting on the rising prices, investors have been increasingly snapping up parking spaces in the past few years.