When a Hong Kong resident coughs up HK$10,000 for a car space

Would you really cough up the price of a small apartment to accommodate your cherished vehicle? I have certainly heard of the overpriced property prices in Hong Kong; but was absolutely astonished to hear about a car space fetching HK$10,000 (US$1,274) a month.

Of course, this car space in Kowloon district ranks as the city’s priciest car space. The 135 sq ft car space is part of the luxury Ultima project in the residential Ho Man Tin area. As a domino effect, the 370 car spaces within the 527 unit complex only resulted in a price escalation of a single spot.

“This is the highest in Hong Kong ever,” said Eric Lam, senior sales director at Ricacorp Properties. “It is [up 25 per cent] from the rent of about HK$8,000 when buyers first moved in last year.”
spot to skyrocket.

The South-Asian metropolis has constantly been in the news for it’s record-breaking cost of living. In November, two units in a luxury housing development at The Peak fetched a combined HK$1.16 billion ($149 million) to a single buyer. Further, an unidentified buyer paid $76.8 million for a 4,579 square-foot apartment and about $71.7 million for a 4,242 square foot apartment.


Tags from the story