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World's Most Expensive Parking Spot Sells for Rs 9.5 Crore in Hong Kong

Image for representation.

Image for representation.

The 134.5-square-foot space is located in the basement of ultra-luxury Mount Nicholson Development that sits on 'The Peak,' a hill on the western half of Hong Kong.

A parking spot in Hong Kong has been sold for an all-time high price of 10 million Hong Kong dollars (approx Rs 9,50,91,100) making it the world’s most expensive parking spot. The 134.5-square-foot space is located in the basement of ultra-luxury Mount Nicholson Development that sits on ‘The Peak,’ a hill on the western half of Hong Kong. The development is termed as “Asia’s costliest address” by Daily Mail, as it overlooks Victoria Harbour, thus offering one of the most extravagant residential apartments in the city.

South China Morning Post estimated that the price per square foot costs around $74,350 Hong Kong dollar (approx 6,99,934 INR) and added that it was one of the several other parking spots up for sale at the elite residential area.

William Lau, a sales director at Centaline Property Agency, told “South China Morning Post" that the amount paid for space is nothing compared to what the buyer paid for the apartment. He said that the buyer, who has not been identified, needed the spot for personal use as they need to park their cars and not as an investment.

Johnny Cheung Shun-yee, one of the 10 investors in The Centre, the 73-storey building featured in Batman “The Dark Knight”, confirmed the news to the local media outlet. He shared that someone who owns an office in the same building bought the last of his four car parks available in the tower.

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The record-breaking spot has an alcove, making it easier to get in and out of a car parked there.

Hong Kong faces an immense shortage of space (both for living and parking) and due to heavy crowds; its roads are always packed with traffic jams. A report by HypeBbeast states that there’s only 29 square feet of parking space available per resident, equivalent to the size of a coffin.

The current sale broke the previously made record value when a parking spot was bought for 7.6 million Hong Kong dollars (approx Rs 7,1 3,78,743 INR).

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