New World Record: Parking space sells for $1 million

 New World Record: Parking space sells for $1 million

The parking space in Hong Kong sold for $1.3 million last week.

Islamabad, 09June: A world record was built when parking space in Hong Kong sold for $1.3 million last week.

The parking space was located at the Mount Nicholson residential project, a luxury residence.

The buyer was not identified(anonymous).

The per square foot price of parking space was calculated at about $9,500 per square foot.

The previous world record for a single parking space was $969,000 at the 79-story Hong Kong office tower The Center. That sale occurred in October 2019.

In October 2019, Hong Kong businessman was set a new record for the city when he sold a coveted downtown parking space for a total $969,000.

Johnny Cheung, who formerly owned four parking spaces in front of the 79-story office tower The Center, previously sold three spaces for sums in the high six digits, but the final spot ended up fetching the highest price: $969,000.

Johnny Cheung did not identify the buyer, but he said it is someone with office space inside the skyscraper, which has only 40 total parking spaces available.

The amount was the largest ever paid for a parking space in the city, beating out a $760,000 price shelled out in 2018 for a parking space in front of a Kowloon luxury apartment building.

At that time, it was the most expensive parking space in the world, costing more than three times the median cost of a home in Hong Kong.

Web Desk

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