The $640,000 Parking Space

If you think it’s expensive to own a parking space here at Carlyle Towers see what this Hong Kong executive would pay for a parking space.

Hong Kong (CNN) — Nestled within Hong Kong’s dense skyscraper jungle, a $640,000 property sits among some of the world’s most expensive commercial and residential spaces.

The price might sound like a steal. This Asian financial capital has the world’s priciest property, according to Savills. Since the start of 2010, average Hong Kong home prices have doubled.

But the price tag mentioned here is neither for a home nor an office.

It is for a parking space: A slab of undecorated concrete, stained by black motor oil, about 8-feet-by-16-feet in size. Price per square foot: nearly $5,000.

Jacinto Tong has owned and used this space for the past ten years. Described in local media as “the tycoon of parking spaces,” he is effusive when talking about this particular “priceless” gem.

“I think this is the best car park space I ever had,” said the CEO of Gale Well Group, a property firm that owns hundreds of residential and commercial spaces across the city. “You can go straight to the office and the elevator. Only 20 steps — 20 steps!”

Read more at this link.

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