R8.7-mil­lion for a park­ing space!

The Star Early Edition - - MOTORING - MO­TOR­ING STAFF

EX­PEN­SIVE in­ner-city park­ing might be a for­eign con­cept to South Africans, who reg­u­larly plonk their cars on shoul­ders, side­walks or even in the mid­dle of a lane and get away with it, but over­seas it’s a dif­fer­ent story.

Most metro dwellers in big cities around the world make use of public trans­port be­cause the cost of park­ing can be ex­or­bi­tant, but a wealthy man in Hong Kong has re­cently taken pricey park­ing to a new level.

Busi­ness­man Kwan Waim­ing paid $664 200 (R8.7-mil­lion) for a sin­gle space in the Chi­nese fi­nan­cial hub, set­ting a record for the most ex­pen­sive park­ing space in a res­i­den­tial build­ing ac­cord­ing to Reuters.

Park­ing has long been a prized com­mod­ity in land­scarce Hong Kong. Ten­ants out­num­ber avail­able slots by as much as 20 to 1 in some res­i­den­tial build­ings, cre­at­ing strong de­mand for spa­ces.

Hong Kong is cur­rently one of the most ex­pen­sive prop­erty mar­kets in the world and pri­vate home prices have been hit­ting record highs for six months in a row.

But for ref­er­ence, this sin­gle park­ing costs more than a 19 square me­tre “nano apart­ment” which on av­er­age sells for around R6.5-mil­lion in Hong Kong.

The space is re­port­edly un­der­neath a high end apart­ment build­ing called The Up­ton, where Wai-ming ap­par­ently has three park­ing spots in to­tal. We won­der how much he paid for the other two, and, more im­por­tantly, what cars oc­cupy these spa­ces.

Park­ing is a prized com­mod­ity in land-scarce Hong Kong.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.