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Car parking space at The Center in Hong Kong changes owners for a record HK$7.6 million

A parking bay at The Center – the 73-storey Hong Kong office tower that held the 2018 world record as the costliest commercial building ever sold – changed hands recently for HK$7.6 million (US$969,000), making it the most expensive spot on earth to park a vehicle.

Johnny Cheung Shun-yee, one of the 10 investors in the consortium that paid US$5.15 billion last year for The Center, told the South China Morning Post that he had sold the last of his four car parks in the tower to someone who owns an office in the same building because “the buyer now needs a car park lot,” declining to identify the buyer.

The transacted price is equivalent to HK$56,505 per sq ft for a standard parking space that measures 134.5 sq ft (12.5 square metres), more than three times Hong Kong’s median home price, which itself had topped global rankings for nine consecutive years

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