A Man In Hong Kong Paid RM5.3 Million Just To Buy A Parking Lot

Please don’t complain about KLCC parking anymore

  • By: Dinesh
  • Wednesday, 9 June 2021
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A Man In Hong Kong Paid RM5.3 Million Just To Buy A Parking Lot

Maybe the actual parking bay has better lighting... and a better car on it.

Hong Kong has some of the priciest real estate in the world and that unfortunately extends to the parking bay for most of the luxury condominiums there.

Already possessing the record for the world’s most expensive parking bay, Hong Kong one-upped itself recently with a new record that healthily eclipses the previous one. One very affluent petrolhead paid a whopping USD1.3 million (RM5.35 million) to outright own a parking bay (yes, just a single lot) at an ultra-luxury residential development called The Peak at Mount Nicholson. The previous record was a paltry USD980,000 (RM4.03 million) back in 2019.

According to Car & Driver, the prime terra firma is unsurprisingly home to some of the priciest, well… homes, in Asia.

Knowing very well that the ultra-rich and those that wipe tears with dollar bills enjoy a certain level of anonymity, the management of The Peak didn’t respond to requests for comments. However, the original report did state that an actual residential unit there was rented out recently for USD210,000 (RM865,000) a month.

Although most of these bays are in Hong Kong, New York can lay claim to being home to the first million-dollar parking bay at a luxury condominium in Manhattan.

Most high-ride homes are allocated a bay or two for their occupants and more can usually be bought if a few cars are owned. Back in 2012, even a regular parking bay in an average residential complex could reach as high as an insane USD82,000 (RM340,000).

As the absurd costs of a parking bay in major cities continues to rise, it has also brought about a new industry that deals in housing or storing the vehicles of the wealthy in exclusive, climate-controlled garages for a hefty fee.

Of course, that also means your pride and joy won’t be within reach all the time if you ever feel like just starting her up and going for a spin. If that’s what your heart desires and you live in Hong Kong, USD 1.3 million ought to settle it.

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