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1-min read

World's Costliest Parking Space Sold in Hong Kong for over Rs 7 Crore

At 134.5 square feet, the cost of the parking space breaks down to Rs 5.1 lakh per square foot, which is three times the median price of a Hong Kong house.

IANS

Updated:October 26, 2019, 6:38 PM IST
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World's Costliest Parking Space Sold in Hong Kong for over Rs 7 Crore
General view of the Book Brothers Food Truck, Golden Bauhnia Square, Hong Kong, China. (Photo courtesy: Reuters)

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

Johnny Cheung Shun-yee, one of the 10 investors in the consortium that paid $5.15 billion last year for "The Center", told that he had sold the last of his four car parks in the tower to someone who owns an office in the same building because "the buyer now needs a car park lot," declining to identify the buyer, according to South China Morning Post.

At 134.5 square feet, the cost of the parking space breaks down to Rs 5.1 lakh per square foot, which is three times the median price of a Hong Kong house.

The sale price, in a city where nearly one in five residents lived below the government-defined poverty line in 2017, underscores the wealth gap that has pushed Hong Kong into the worst political crisis in decades, the SCMP report added.

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