A Parking Spot in Hong Kong's Mount Nicholson Development has Sold For $1.3 Million USD

Apparently parking is not gratis with the development’s $100 million-plus homes.

Automotive 
15,546 Hypes 5 Comments

Finding a place to park amid the tangle of Hong Kong’s traffic is no small feat: the city’s roads are perpetually tangled with traffic, and according to the BBC there’s roughly 29 square feet of park space per resident, essentially the size of a coffin. The city’s moneyed elite, however, are willing to pay the cost of convenience to land a primo parking spot — so much so, in fact, that one of them just set a world record by dropping a stunning $1.3 million USD on a single parking space in the city’s Mount Nicholson development.

Located on “The Peak,” a hill on the western half of Hong Kong Island, Mount Nicholson provides some of the most spacious, extravagant and expensive living arrangements in the city. In fact, the houses and condominiums on Mount Nicholson go for an average of $100 million USD, which, as William Lau, sales director for a property agency on The Peak, pointed out to the South China Morning Post means that paying over a million dollars for a parking space “[is] not a big deal for [the residents].” Parking spaces in Mount Nicholson are highly coveted, and sold auction-style — unfortunately they don’t come gratis with a $100 million house/condo.

Reporting by Newsweek also indicates that one in seven people in Hong Kong are millionaires (making it the richest city in the world), but also that one in five people live below the poverty line, making the disparity between HK’s haves and have-nots the worst it’s been in 45 years. Land for dwellings is in short supply as well: only seven percent of Hong Kong land is available for housing at any given time, though the city plans to expand this allotment by 2030.

Elsewhere in the world of pricy living, Sotheby’s International Realty has listed an angular “Darth Vader House” for $4.3 million USD.

Read Full Article

What to Read Next

Hypebeans Opens First Standalone Café in Fashion Walk, Hong Kong
Food & Beverage

Hypebeans Opens First Standalone Café in Fashion Walk, Hong Kong

Offering exclusive drinks, treats, and merch.

Al-Hilal Expected to Close $1.3 Billion USD Deal for Lionel Messi
Sports

Al-Hilal Expected to Close $1.3 Billion USD Deal for Lionel Messi

Almost immediately after his final game with PSG.

Katy Perry Has Sold Her Catalog Rights for $225 Million USD
Music

Katy Perry Has Sold Her Catalog Rights for $225 Million USD

To Litmus Music.


Sony’s ILX-LR1 Is a Nearly $3K USD Tiny Camera Built for Drones
Tech

Sony’s ILX-LR1 Is a Nearly $3K USD Tiny Camera Built for Drones

The lightweight device packs a 35 mm full-frame sensor.

Juan Wauters Is Sifting Through Real Life Situations
Music 

Juan Wauters Is Sifting Through Real Life Situations

The Uruguay-born, Queens-raised singer returns to a changed-New York and documents it all across 21 songs.

Nike Celebrates Swedish Football Club AIK Fotboll's 130th Anniversary With Special Air Max 90
Footwear

Nike Celebrates Swedish Football Club AIK Fotboll's 130th Anniversary With Special Air Max 90

The design nods to the club’s storied history, the Stockholm metro system and more.

NASA Is Sending New Missions to Venus for the First Time in 30 Years
Tech

NASA Is Sending New Missions to Venus for the First Time in 30 Years

To better understand why the inferno-like planet is so different than Earth.

Swiss Artist Accuses London Design Biennial For Copying Massive Forest Installation
Art

Swiss Artist Accuses London Design Biennial For Copying Massive Forest Installation

The centerpiece of the exhibition which features 400 trees planted in the courtyard of Somerset House.

New Balance Launches MADE "Version Series" with New MADE 990v1
Footwear

New Balance Launches MADE "Version Series" with New MADE 990v1

A celebration of the beloved 990 line ahead of its 40th anniversary.


Twitter Blue Subscription Service Launches in Australia and Canada
Tech

Twitter Blue Subscription Service Launches in Australia and Canada

Featuring bookmark folders, an undo tweet feature and a new reader mode.

Nike Releases a Trifecta of Colorful Quadruple Swoosh Sneakers
Footwear

Nike Releases a Trifecta of Colorful Quadruple Swoosh Sneakers

Detailing the Air Force 1 Low, Air Max Plus and Air Max Plus 3.

UNIQLO UT x PEANUTS Gets Cozy With New Pajamas Collection
Fashion

UNIQLO UT x PEANUTS Gets Cozy With New Pajamas Collection

From pajamas to home accessories.

What to Expect from the Rumored ‘Zelda: Breath of the Wild 2’ E3 Announcement
Gaming

What to Expect from the Rumored ‘Zelda: Breath of the Wild 2’ E3 Announcement

More concrete details about the long-awaited sequel are widely believed to be coming at Nintendo’s upcoming event.

Byredo Scented Hand Creams Get Limited Edition Pop Art-Inspired Packaging
Fashion

Byredo Scented Hand Creams Get Limited Edition Pop Art-Inspired Packaging

For its iconic scents Mojave Ghost, Rose of No Man’s Land and Bal D’Afrique.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Looks like you’re using an ad-blocker

We charge advertisers instead of our readers. Support us by whitelisting our site.

Whitelist Us

How to Whitelist Us

screenshot
  1. Click the AdBlock icon in the browser extension area in the upper right-hand corner.
  2. Under “Pause on this site” click “Always”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlock Plus icon in the browser extension area in the upper right-hand corner.
  2. Block ads on – This website” switch off the toggle to turn it from blue to gray.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlocker Ultimate icon in the browser extension area in the upper right-hand corner.
  2. Switch off the toggle to turn it from “Enabled on this site” to “Disabled on this site”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the Ghostery icon in the browser extension area in the upper right-hand corner.
  2. Click on the “Ad-Blocking” button at the bottom. It will turn gray and the text above will go from “ON” to “OFF”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the UBlock Origin icon in the browser extension area in the upper right-hand corner.
  2. Click on the large blue power icon at the top.
  3. When it turns gray, click the refresh icon that has appeared next to it or click the button below to continue.
screenshot
  1. Click the icon of the ad-blocker extension installed on your browser.You’ll usually find this icon in the upper right-hand corner of your screen. You may have more than one ad-blocker installed.
  2. Follow the instructions for disabling the ad blocker on the site you’re viewing.You may have to select a menu option or click a button.
  3. Refresh the page or click the button below to continue.