Car park sells for $1.7m in Hong Kong

The single carpark is part of an exclusive development.
The single carpark is part of an exclusive development. Photo credit: Getty Images

A car park in Hong Kong has reportedly sold for more than NZ$1.7 million (HK$10 million). 

The car park is part of an exclusive development called Mount Nicholson in an affluent suburb The Peak overlooking Victoria Harbour. 

According to the South China Morning Post, the car park has smashed the previous record for most expensive car park sold which fetched more than $1.3 million. 

William Lau, a sales director at the development, told the publication it's "definitely the most expensive car parking spot in Hong Kong".

Lau said for people who are spending up to HK$400 million on an apartment in the development, another HK$10 million for a parking spot isn't a big deal. 

"What concerns them most is that they need space to park their cars and not the money. They have bought it for their own use and not as an investment."

Last month a home at The Peak was rented out for $291,411 a month. 

The parking spot market is fast becoming popular amongst property investors in Hong Kong who wish to make money with a quick turnaround.