The sold parking spot is in front of The Center, Hong Kong's fifth-tallest building

By Georgia Slater
October 24, 2019 10:17 AM
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A parking space in Hong Kong just sold for more money than a few luxury cars.

On Thursday, a 135-square-foot parking spot in front of The Center, the city’s fifth tallest building, was purchased for $969,000, according to the South China Morning Post.

Businessman Johnny Cheung, who owned four of the 400 spaces in front of the building, sold his final spot after making six-figure profits on his three previous listings, CNN reported.

The Center Hong Kong
Credit: Nora Tam/South China Morning Post via Getty

“There aren’t many car park lots in Central’s office towers for sale, so prices have always been kept high,” James Mak, Midland Commercial’s district sales director, told the Morning Post.

Despite the city’s ongoing political issues, Mak shared that this hasn’t stopped the wealthy from spending.

He added, “Good times or bad times, there are still ultra-rich people paying whatever needed to get what they like.”

The Center is a 79-floor steel office building home to major companies. A parking spot in front of the tower is prime real estate as the building is located in one of the busiest, most central areas of the city.

The person who purchased the parking spot has yet to be identified, according to the outlet.

The Center Hong Kong
Credit: Isaac Lawrence/AFP/Getty

Previously, the most expensive parking spot in the city was sold for $760,000 in 2018, and was in front of the Kowloon luxury apartment building, according to CNN.

It doesn’t come as much of a surprise that the prices for something as simple as a parking spot are so extreme. For the past two years, Mercer Cost of Living Index has put Hong Kong at the top of the world ranking for the cost of living in the city.