$1.3 million parking spot in Hong Kong sets new record

Hong Kong’s property market is breaking yet another record.

Wharf Holdings Ltd. and Nan Fung Group sold a parking space for HK$10.2 million ($1.3 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 HK$7.6 million for a spot in an office tower set in 2019.

A Wharf representative said the company didn’t have further information to provide on the sale. Hong Kong Economic Times reported on the sale of the parking spot earlier.

Hong Kong’s luxury home market has seen record-breaking transactions as buyers’ confidence comes back. A house on the Peak, a luxury residential area on Hong Kong Island which overlooks the city, rented for a record HK$1.6 million a month ($206,232 at today's exchange rate) in May.

Mount Nicholson, also located on the Peak, is one of the most iconic upscale projects in Hong Kong. Previously, one of the project’s apartments was the most expensive in Asia before the title was taken by CK Asset Holdings Ltd.’s 21 Borrett Road in February.