Hong Kong parking space at luxury development sells for $1.3 mln - reports

Hong Kong Economic Times Holdings

03/06/2021 11:57

HONG KONG, June 3 (Reuters) - A parking space at an
ultra-luxury residential development in Hong Kong has sold for a
record-breaking HK$10.2 million ($1.3 million), local media
reported on Thursday. 
    In a tender last month, Mount Nicholson, situated on The
Peak overlooking Victoria Harbour, sold several parking spots,
with one fetching HK$10.2 million, while another went for HK$9.3
million, the Hong Kong Economic Times and HK01 said. 
    Wheelock Properties, which is responsible for the sales of
the Mount Nicholson apartments, declined to comment.
    The development, which includes 19 garden houses and 48
apartments co-built by Wharf Holdings  0004.HK  and Nan Fung
Group, has some of the most expensive properties in Asia.     
    Thomas Lam, executive director of property consultancy
Knight Frank, said car park prices have not increased markedly
in the financial city and these record prices could be
development specific.
    He said the previous record for a car park space was $1
million recorded in Manhattan.
    Hong Kong, which is among the most expensive property
markets in the world due to a housing shortage, also has a
serious under supply of car parks. 
    Betting on the rising prices, investors have been
increasingly snapping up parking spaces in the past few years.
(https://reut.rs/3vMGB9x).

($1 = 7.7576 Hong Kong dollars)

 (Reporting by Clare Jim; Editing by Mike Harrison)
 ((clare.jim@thomsonreuters.com; +852 2912 6653; Reuters
Messaging: clare.jim.thomsonreuters.com@reuters.net))