Hong Kong parking space fetches record $863k

The carpark at 55, Conduit Road where the 135 sq ft space was sold by one resident to another for the record price.
The carpark at 55, Conduit Road where the 135 sq ft space was sold by one resident to another for the record price.PHOTO: SOUTH CHINA MORNING POST

Price at posh apartment complex breaks earlier record also set in Mid-Levels district

HONG KONG • A parking space in a luxurious apartment complex has been sold for HK$4.8 million (S$863,000), setting a new price record for the most expensive parking space in the city.

The sale of the 135 sq ft space at 55 Conduit Road broke the earlier record of HK$4.24 million at 39 Conduit Road in May 2014.

Online, Hong Kongers seemed jaded by news about yet another expensive property in a city where house prices are among the world's most unaffordable, reported BBC News.

"We are already used to this kind of news. Every day we learn about expensive things that break records from the media. But labour cost is only increasing at the speed of a tortoise," said Mr Gary Lo.

Mr Ed Lau wrote: "How ridiculous can Hong Kong be? A parking space is even more expensive than a brand-new Ferrari."

It is more expensive to park a vehicle in the affluent Mid-Levels district than to own a flat in Sha Tin, reported Hong Kong media. A 327 sq ft flat in Sha Tin costs HK$4.3 million.

The original owner of the parking space at 55 Conduit Road hailed from mainland China. He bought a unit in the apartment complex together with the parking space for HK$56 million last month, reported South China Morning Post. He sold the space to another resident, who already owns a parking space.

The latest sale burnishes Conduit Road's reputation as quite possibly the most expensive place to leave a vehicle in Hong Kong, reported the Post.

"Residents at super luxury properties own more than one car," Mr Louis Chan, managing director at Centaline Property Agency's residential department, told the Post. "They have to buy an additional parking lot in the secondary market at higher prices."

Phoenix Property Investors recently released 54 parking spaces at The Morgan apartments at 31 Conduit Road for sale at between HK$3.28 million and HK$4.38 million each.

The average price of a car parking space rose from about HK$397,000 in 2005 to HK$1.2 million last year.

A version of this article appeared in the print edition of The Straits Times on October 29, 2016, with the headline 'HK parking space fetches record $863k'. Print Edition | Subscribe