Date
15 December 2017
39 Conduit Road residential building, left, has seen a new record being set for parking space costs in Hong Kong. Photo: Bloomberg
39 Conduit Road residential building, left, has seen a new record being set for parking space costs in Hong Kong. Photo: Bloomberg

Parking space for HK$4.24 mln? You better believe it!

A parking spot at a luxury residential building in western Mid-Levels in Hong Kong is said to have been sold for a record HK$4.24 million (US$546,906), adding to the city’s well-known notoriety as a hub for some of the most expensive real estate in the world. 

Apple Daily reported that a parking spot on the fifth floor of the ’39 Conduit Road’ property developed by Henderson Land Development Co. (00012.HK) fetched the record price, beating the previous high of HK$3.8 million that was garnered for a parking space in Leighton Hill in Happy Valley last August. 

The Conduit Road parking space was bought by a woman named Susan Chan Sak Bun, the report said, citing information from the Land Registry and Company Registry.

She is said to own at least seven properties worth over HK$200 million, including a HK$94.5 million flat at 39 Conduit Road that was purchased in a cash transaction. 

There are a total of 99 parking spots in the luxury building which contains just 66 housing units. The parking space cannot be rented on a monthly basis, and previous records show the transaction amounts were all under HK$3 million, the report said.

The sales brochure shows the parking space in the latest transaction covers about 135 square feet and that it is right next to the elevator. The cost works out to about HK$31,407 per square foot.

Henderson sold 25 units of the luxury building in 2009, but about four-fifth of the original buyers forfeited their deposits, according to the report.

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