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HONG KONG (June 4): With over RM4 million in Malaysia, one could buy a bungalow or posh apartment in an established location, while in Hong Kong (pictured) this is a price tag for just a parking lot at a luxury condo.
According to an AFP report, a 135 sq ft parking space of a development at The Peak, a swanky area that has attracted some of the city’s richest residents since colonial times, was sold for a whopping US$1.3 million (RM4.6 million).
The Peak, boasting breath-taking views over Victoria Harbour, has recorded several of world's most expensive deals.
While Hong Kong’s wealthy are spending millions on properties, millions of its citizens are struggling to pay for the rent of their shoe-box apartments, which are around 200 to 300 sq ft.
A study revealed that the average property price in Hong Kong stood at US$1.2 million.
Meanwhile, the luxury property segment in Hong Kong has rebounded. This year, the market has seen a 3,378 sq ft penthouse sold for US$59 million, setting a new benchmark price of US$17,500 psf.
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