Someone Bought ONE Car Park Lot In Luxury Apartment Complex For RM2.6 Million

And I mean 1 single lot, not the whole damn floor!

This case happened at the Mid-Levels, which is a very expensive and affluent residential are in the Central and West District of Hong Kong.

It is reportedly sold for a whopping HK$4.8mil (RM2.6mil) and the lot was about 135 sq. ft. which is roughly just over 3m x 2m.

Source:scmp

The seller, who hails from mainland China purchased the parking lot on 55 Conduit Road together with an apartment complex for HK$56mil (RM30.3mil).

He sold it to another resident, who already owns a parking space. This was confirmed by the Hong Kong Land Registry.

Source: south china morning post

This purchase sets a new record, beating out the parking lot at 39 Conduit Road, which was sold last May for HK$4.24mil (RM2.29mil)

Both of these sales further strengthen Conduit Road’s reputation as one of the most expensive places to park your vehicle, be it car, bike or truck.

In fact, 54 parking lots on 31 Conduit road were recently released for sale between HK$3.28mil (RM1.77mil) and HK$4.38mil (RM2.37mil) a piece.

Source: executive homes

Louis Chan, managing director of Centaline Property Agency’s residential department had this to say;

“Investment interest in the sector is growing as the number of parking lots are declining especially in Mid-Levels”

“Residents at super luxury properties own more than one car, they have to buy an additional parking lot in the secondary market at higher prices.”

Real estate experts predict that the price of parking lots will rise alongside the soaring price of homes and businesses, especially due to the island not having enough space for the high population.

And they are right, for the most part as data taken from 2005 to 2015 has shown a 233% increase in apartment prices and 204% increase in parking lot prices.

Seriously, can you image paying over millions for a car park???