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Hong Kong parking space sells for nearly $1 million

Is there anything more boss than primo parking?

At the Center, a 73-story Hong Kong skyscraper, a well-placed parking space reserved for executives and tenants was recently sold for an eye-popping $969,000 ($7.6 million in HK dollars).

Johnny Cheung Shun-yee, who is one of the 10 investors who put up $5.15 billion US in 2018 to buy the Center, told the South China Morning Post that he’d sold the spot to someone who owns an office there, declining to reveal the buyer. Two of his other car “parks” sold for a combined $1.62 million ($12.7 million HK).

“Good times or bad times, there are still ultra-rich people paying whatever needed to get what they like,” James Mak, a sales director for Hong Kong-based Midland Commercial realty, told SCMP.





At 134.5 square feet, the cost of the parking space breaks down to $7,209 ($56,505 HK) per square foot — three times the median price of a Hong Kong house. In fact, the cost of homes for vehicles have trumped housing costs for more than a decade, according to SCMP.

“There aren’t many car park lots in Central’s office towers for sale, so prices have always been kept high,” said Mak.

Identified as bay B1-1023, it sits at the top of the Center’s three-level basement parking lot. The space is against the wall next to an alcove, giving the driver easier access. The building, featured in Christopher Nolan’s 2008 Batman movie “The Dark Knight,” has only 402 parking bays — roughly five spaces per floor. The average going price for a spot is about $765,555 ($6 million HK), SCMP reported.





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