RM2.8 million for one parking spot! World record. Not in KL…. yet.

How much would you be willing to pay for a car park spot? Assuming this spot is your favourite spot? RM50,000? Well, someone just paid RM2.8 million for one. This is the full article in NST.  The price was paid by Kwan Wai-ming, the executive director of Huarong Investment Stock Corp. It is his third parking spot at the Upton apartment complex in western Hong Kong’s Sai Ying Pun. The price paid has surpassed the previous high of HK$4.8 million set in October 2016. The price paid is equivalent to the price of a 200-sq ft apartment unit at the One Prestige apartment complex in North Point. Major reason for such crazy prices? Hong Kong’s property prices. This meant that the prices of offices, apartment units and villas have also lifted the costs of car parks.Only the wealthiest could afford this symbol of status. Next month, Sun Hung Kai Properties, Hong Kong’s biggest developer by market value will release 224 car parking lots for sale at its upscale project The Ultima in Ho Man Tin. Prices per lot? Only between HK$3.2 million and HK$4 million each. Full article here in NST. 
Actually the price of parking spots in Hong Kong has always been crazy. Land is expensive okay. Here’s an earlier article: RM348,000 for a 12-square metre car park slot Obviously no comparison at all. Then again, beyond just car park prices, even the taxi licenses in Hong Kong is expensive. Read about it here: Even taxi licenses are over RM4 million How could Hong Kongers afford such a parking space price? Well, they really do earn by far more money than the average professionals in Malaysia. In fact, I think only Singaporean professionals earn close to what Hong Kong professionals earn. The difference may be  that Singapore’s HDB flats are cheaper for successful Singaporean applicants.
Most of my manager colleagues here in Hong Kong own a car, especially those with a family. However they do not drive because the parking is way too expensive. Fuel is still bearable. They would take the MTR or the public bus instead. They told me that it’s best to save for a property instead. Actually, I do agree because affordability wise, only a couple would be able to afford an apartment of a decent size. Marriage provides property affordability, seriously One question though. Oh yeah, do you know that the number of car park spaces in Hong Kong numbers around 700,000? Here’s the Transport Department of Hong Kong site providing that information.  The number of taxis are also certain because the licenses are regulated and UBER is currently illegal. Total number of the red coloured taxis are only slightly above 15,000 units. Here’s the information from the Transport Department of Hong Kong.  I love Hong Kong for many reasons. Car park prices and property prices are not those reasons. Hopefully, those senior citizens who are staying in ridiculously small spaces would get attention from the government.
written on 15 June 2017
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