Hong Kong Businessman Pays RM2.8 Million for World’s Most Expensive Parking Lot

If you think paying for parking fees in Kuala Lumpur is expensive, think again. That’s because it’s certainly no match compared to the price this Hong Kong businessman paid for his parking lot in one of the world’s most expensive cities. 

Source: godzilla

According to SCMP, Kwan Wai-ming, the executive director of Huarong Investment Stock Corp., paid HK$5.18 million (approx. RM2.8 million) for a space to park his vehicle and inadvertently set a global record of being the owner of the most expensive parking lot in the world. Imagine how much his car must cost!

The costly parking spot is actually 58-year-old Kwan’s third parking spot in Upton apartment complex in western Hong Kong’s Sai Ying Pun. He already owns two apartment units that cost HK$75.6 million (approx. RM41.2 million) and two other parking lots in the complex that cost HK$3.78 million (approx. RM2.06 million) and HK$3.98 million (approx. RM2.17 million) respectively. That makes the grand total of his property in Upton complex to come in at a cool HK$88.55 million (approx. RM48.3 million)!

Source: hong kong free press

Kwan broke the record for the priciest car park that was set in October last year at 55 Conduit Road at the Mid-Levels, which was priced at HK$4.8 million (approx. RM2.6 million). 

The parking lot Kwan bought is Lot No. 14, and based on records by the Land Registry, it is apparently 40 per cent bigger than an average parking lot, coming in at 188 square feet. That’s almost as big as an apartment unit in Hong Kong!

Source: the times

Which isn’t really surprising, because according to agents’ listings, the price Kwan paid is equivalent to a 200 square feet apartment unit at the One Prestige apartment complex in North Point or even buying a bigger three-bedroom flat at Kingswood Villas in Tin Shui Wai.

It’s no secret that Hong Kong is one of the costliest urban centres to live and work in, especially with the soaring prices of property that has caused many of its citizens to endure living in cramped and crowded spaces.

Source: infonetorg

And if you are looking to buy some more of these prime parking lots in Hong Kong, fret not, because next month, Sun Hung Kai Properties will be releasing 224 parking lots priced at HK$3.2 million (approx. RM1.7 million) and HK$4 million (approx. RM2.18 million) for its luxury project, The Ultima in Ho Man Tin.

Now, if only us ordinary Malaysians had that much money to splurge on a single parking lot!

Also read: Dinner Receipt Costing RM78,000 in KL’s Fine Dining Restaurant Shocks Malaysians