Someone Has Paid Almost $1 Million For A Parking Spot In A Hong Kong Skyscraper

This picture taken on October 27, 2017 shows a general view of The Center (C) office building in Hong Kong. Chinese investors' penchant for Hong Kong real estate is well-known but as they take aim at ownership of the city's most prestigious buildings and office floors, mainland cash is driving one of the world's priciest markets to break new records. / AFP PHOTO / Isaac LAWRENCE / TO GO WITH Hong Kong-China-property-economy-developer-landmark, FOCUS by Elaine YU (Photo credit should read ISAAC LAWRENCE/AFP/Getty Images)

Like any other big city, the parking in Hong Kong is at an ever-increasing premium. For proof, I point to a recent story in the South China Morning Post about an anonymous individual who has paid close to US$1 million for a parking spot in Hong Kong’s The Center skyscraper.

More precisely, the highly-motivated parker paid HK$7.6 million for the 134.5-square-foot space, or about $969,000 in American dollars – which comes to $7,205 per square foot. This reportedly makes the space the most expensive parking spot in the world, which only makes sense given The Center (pictured below) currently holds the record for the world’s most expensive commercial building at $5.15 billion.


While we don’t know who the current owner of the space is, we do know who sold it: business tycoon Johnny Cheung Shun-yee, who has offices in The Center and who had four parking spots in the garage before selling B1-1023, with its own alcove in a special basement parking area reserved for executive tenants. It’s a prime spot with easy access to the main front entrance of The Center, but it doesn’t seem to have any particular bells and whistles in the way of amenities to justify that hefty price tag – it’s all about convenience and possibly the prestige of parking in the world’s most expensive spot. One well known real estate figure in Hong Kong explained it like this to the press:

“Good times or bad times, there are still ultra-rich people paying whatever needed to get what they like.”

And if you like a good parking space, that can mean paying a significant sum – possibly even approaching seven figures.

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