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Finding a place to park amid the tangle of Hong Kong’s traffic is no small feat: the city’s roads are perpetually tangled with traffic, and according to the BBC there’s roughly 29 square feet of park space per resident, essentially the size of a coffin. The city’s moneyed elite, however, are willing to pay the cost of convenience to land a primo parking spot so much so, in fact, that one of them just set a world record by dropping a stunning $1.3 million USD on a single parking space in the city’s Mount Nicholson development.
Shawna Kwan
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Hong Kong | Hong Kongâs property market is breaking yet another record.
Wharf Holdings and Nan Fung Group sold a parking space for $HK10.2 million ($1.7 million) at the luxury Mount Nicholson residential project, according to a person familiar with the matter who asked not be named discussing private deals. The price beat the previous record of $HK7.6 million for a spot in an office tower set in 2019.
Residential houses at the Mount Nicholson project in the Peak district of Hong Kong.Â
A Wharf representative said the company did not have further information to provide on the sale.
A single car parking space has been sold for a whopping HK$10 million ($1.3 million) at a luxury Hong Kong apartment complex, local media reported on Friday.