{"id":32405,"date":"2016-10-31T16:02:40","date_gmt":"2016-10-31T09:02:40","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/someone-just-spent-usd620k-on-a-luxury-car-parking-space\/"},"modified":"2016-10-31T16:05:30","modified_gmt":"2016-10-31T09:05:30","slug":"someone-just-spent-usd620k-on-a-luxury-car-parking-space","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/someone-just-spent-usd620k-on-a-luxury-car-parking-space\/","title":{"rendered":"Someone just spent USD620k on a luxury car parking space"},"content":{"rendered":"


\nSetting a new record
\nOn top of the price of the car itself, thats a lot of money. Image credit: Max Plocek\/Shutterstock
\nA car parking space in Hong Kong was sold for a record HKD4.8 million (USD619,000) last week, setting a record for the most expensive of its kind in the city.
\nThe 135 sqft (12.5 sqm) space, at 55 Conduit Road, was bought as part of an apartment for HKD56 million (USD7.2 million) by a mainland Chinese buyer last month, who sold the parking space to another resident.
\nThe sale confirms Conduit Road as quite possibly the most expensive place to park a car in Hong Kong, writes South China Morning Post.
\nMore: Why you should (and shouldn\u2019t) want a car-free or driver-less city
\n\u201cInvestment interest in the sector is growing as the number of parking lots are declining especially in Mid-Levels,\u201d said Louis Chan, managing director at Centaline Property Agency\u2019s residential department.
\nA space at 39 Conduit Road previously sold for HKD4.24 million (USD546,700) in May 2014.
\nPrices of parking spaces are predicted to increase alongside the rise in Hong Kong apartment values. The size of the island doesn\u2019t allow for the demand of wealthy individuals who tend to own more than one car.
\nThe average price of a car park increased 204 percent between 2005 and 2015, alongside a 233 percent rise in apartment prices in the same period, Dorothy Chow, regional director of valuation advisory service at JLL told the Post.
\nRead next: Luxury luggage set that\u2019s more expensive than a car? You got it
\n
\nSource : property-report.com
\nRead more…Someone just spent USD620k on a luxury car parking space<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Setting a new record On top of the price of the car itself, thats a...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-32405","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-8qF","jetpack-related-posts":[{"id":31870,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/whod-buy-a-car-park-space-for-hk4-8-million-someone-on-conduit-road-just-did\/","url_meta":{"origin":32405,"position":0},"title":"Who\u2019d buy a car park space for HK$4.8 million? Someone on Conduit Road just did","date":"October 27, 2016","format":false,"excerpt":"\r The car parking space of a luxury apartment at the Mid-Levels on Hong Kong island sold for HK$4.8 million (US$619,000) on Thursday, setting a record for the city\u2019s most expensive lot. The sale of the 135-square feet space at 55 Conduit Road was a confirmor deal, where properties are\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":111816,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/car-parking-space-at-the-center-in-hong-kong-changes-owners-for-a-record-hk7-6-million-triple-the-citys-median-home-price\/","url_meta":{"origin":32405,"position":1},"title":"Car parking space at The Center in Hong Kong changes owners for a record HK$7.6 million, triple the city\u2019s median home price","date":"October 23, 2019","format":false,"excerpt":"\r A parking bay at The Center, the 73-storey Hong Kong office tower that held the 2018 world record as the costliest commercial building ever sold, changed hands recently for HK$7.6 million (US$969,000), making it possibly the most expensive spot on earth to park a vehicle.Johnny Cheung Shun-yee, one of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57822,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sai-ying-pun-etches-a-world-record-with-a-hk5-18-million-car-parking-lot\/","url_meta":{"origin":32405,"position":2},"title":"Sai Ying Pun etches a world record with a HK$5.18 million car parking lot","date":"June 14, 2017","format":false,"excerpt":"\r A Hong Kong executive has forked out HK$5.18 million (US$664,260) for space to leave his vehicle, setting yet another record in the costliest major urban centre on earth to become the owner of the world\u2019s most expensive car parking spot. Kwan Wai-ming, the executive director of Huarong Investment Stock\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":72235,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/want-to-see-your-money-grow-buy-a-car-parking-space-in-hong-kong-instead-of-a-flat\/","url_meta":{"origin":32405,"position":3},"title":"Want to see your money grow? Buy a car parking space in Hong Kong instead of a flat","date":"November 19, 2017","format":false,"excerpt":"\r If house values in Hong Kong have been rising for the past 18 consecutive months, then a bigger surprise would be the price of parking spaces, which have grown much faster than homes in some areas. It all comes down to supply and demand. Similar to the shortage of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123687,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-car-parking-space-transactions-to-hit-record-high-this-year-as-investors-return-after-stamp-duty-rollback\/","url_meta":{"origin":32405,"position":4},"title":"Hong Kong car parking space transactions to hit record high this year as investors return after stamp duty rollback","date":"December 8, 2021","format":false,"excerpt":"\r A limited supply of car parking spaces in Hong Kong, coupled with the removal of double stamp duty, has whetted investors\u2019 appetite for this corner of the property segment, which is likely to push turnover to an all-time high this year.A total of 9,600 parking spaces in the city\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":90530,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-couple-earn-a-us330000-profit-in-nine-months-by-reselling-a-parking-space\/","url_meta":{"origin":32405,"position":5},"title":"Hong Kong couple earn a US$330,000 profit in nine months \u2026 by reselling a parking space","date":"June 5, 2018","format":false,"excerpt":"\r A Hong Kong couple pocketed a staggering HK$2.6 million (US$330,000) profit by reselling a car parking space in less than nine months after buying it. The single parking bay at Sun Hung Kai Properties\u2019 Ultima apartment complex in the Kowloon district set a new world record on Monday, changing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/32405"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=32405"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/32405\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=32405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=32405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=32405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}