Apparently, car parks are serious business in some parts of the world. We all know that escalating price of homes and properties into unimaginable level is happening in any major cities in the world. One can imagine a small shoebox size apartment in Hong Kong or Tokyo will fetch prices that you can buy a decent 3 storey bungalow with five maids in Manila or Bangkok.
Now, the property market in Hong Kong has gone into the next level when people started selling car parking lots, at crazy prices. What if we tell you you can buy a decent condo in Mount Kiara, Kuala Lumpur, for the price of a car park in Hong Kong?
Cheung Kong Holdings has sold 514 spaces for between USD$126,000 and USD$167,000 each, with every slot can generate USD600 per month for rental to the apartment residences nearby. One space sold at a astounding price of USD$387,000 last May, which is close to supercar price range.
The reason behind this skyrocketing and rather ridiculous of selling car park slots was because the Chinese government has passed legislation aimed at calming skyrocketing housing prices, and that caused a knee-jerk reaction to some existing car park slots, jumping up to 20% at some areas.
So this may explain why we might see more luxury and super cars selling well in Hong Kong but not so for normal general cars.