A Coveted Parking Space Just Sold for $1.3M

A high-end development in Hong Kong's ritzy Peak neighborhood may have lost its title as "Asia's priciest address" earlier this year, but it just got a taste of its former glory by way of a newly sold parking space. Developers Wharf (Holdings) and Nan Fung Group sold more than two dozen parking spaces last month at the exclusive Mount Nicholson residential project, including a 134.5-square-foot car slot that went for more than $1.3 million—more than $9,500 per square foot, per calculations by the South China Morning Post. The previous record for a car parking spot in Hong Kong was around $980,000, set in 2019 at the Center skyscraper in Hong Kong's business district. "It is definitely the most expensive car parking spot in Hong Kong," a local property sales director tells the paper of the new record-breaker.

The Japan Times notes that the luxury real-estate market in Hong Kong, where parking spaces often boast steep prices, has experienced a recent boom, as buyers are emerging from their pandemic lethargy and showing consumer confidence: A home on the Peak, for example, rented in May for nearly $210,000 a month. In 2017, the Mount Nicholson development had been deemed the city's most expensive address after two apartments there sold for nearly $150 million. In February, however, someone scooped up a Borrett Road apartment in the affluent Mid-Levels area of the city for about $60 million (or $17,500 per square foot), which, on a price-per-square-foot basis, inched past the records held by the Mount Nicholson apartments. (Read more Hong Kong stories.)