Prices of parking spots in Western district are approaching a staggering HK$4 million, Apple Daily reported Monday.
A 135 square foot parking space at Upton, the new luxury residential project in Sai Ying Pun, recently fetched HK$3.93 million (US$510,000) — which could pay for a 300 square foot flat at City One Shatin.
The parking spot at Upton cost over HK$29,000 per sq ft.
Emperor International Holdings Ltd. (00163.HK) decided to roll out parking spaces for sale at its project after eager homebuyers snapped up more than 70 flats at prices ranging up to nearly HK$30,000 per sq ft.
The development, served by the MTR’s new West Island Line, is said to feature stunning vistas of Victoria Harbour and boasts singer-actor Nicholas Tse as its celebrity ambassador.
Sixteen spaces for private cars and three motorcycle spaces on the second floor of the property were put up for sale Sunday. At least six were sold the same day.
The highest price paid, HK$3.93 million, was 10 percent higher than the previous peak for the district, at The Belcher’s about four months ago.
An investor has put a parking space at The Belcher’s up for sale at HK$5 million, having paid HK$400,000 for it in 2002.
Some residents and car owners in the district said prices of parking spots are now simply unreasonable. They pointed out that the car park at Kwan Yick Building, next to Upton, charges an hourly rate of HK$13 or a monthly rate of HK$3,000.
The most expensive parking space in Hong Kong is a HK$4.24 million one at 39 Conduit Road in the Mid-levels.
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