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A SINGLE car parking space has been sold for a whopping RM5,336,500 (HK$10m) at a luxury Hong Kong apartment complex, local media reported last Friday.

The 12.5 square metre (135 square foot) spot is part of a development on The Peak, a swanky area that has attracted some of the city’s richest residents since colonial times.

Boasting breath-taking views over Victoria Harbour, the hilltop has eye-watering property prices – including some of the world’s most expensive real estate.

A 2019 report by UBS said a “skilled worker” needed 22 years of income to afford a 60-square-metre flat, up from 12 years a decade ago, with salaries staying largely the same since 2008.

Another study from the same year listed the average property price in Hong Kong at RM4.9 million.

The luxury property market has rebounded following a period of uncertainty around growing political unrest in the city, and appears to have weathered the economic impact of Covid-19.

This year, a 313.8 square metre (3,378-square foot) penthouse sold for RM242,195,000, setting a new benchmark for price per square foot at RM71,837. – ETX Studio


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