One Couple Made Millions Re-selling Their Parking Space

Samuel Reason | June 10th, 2018

A couple in Hong Kong made a decision to resell their parking space and actually, it paid off in the millions. They were able to generate about HK$2.6 million in profit by reselling their parking space just nine months after they bought it.

i.amz.mshcdn.com

The parking bay at the Sun Hung Kai Properties Ultima apartment complex actually became a new world record when it was sold for six million hong kong dollars on Monday the 4th June 2018, which is about $760,000 US dollars. That means it worked out at about HK$44,444 per square foot.

And the seller which was a Hong Kong couple only paid around three million hong kong dollars for the parking bay in September 2017 according to official Land Registry documents. The price per square foot in the luxury apartments of Ho Man Tin is much higher than your average Hong Kong residential prices and when people pay over hundreds of millions for a place to live it seems they really are not that bothered about a couple of million for a parking space.

The previous record was held in Hong Kong also, at 5 million hong kong dollars in the Sai Ying Pun area, so it seems locals are really used to paying this much money just to park their vehicle safely. And this new record makes Ultima the highest priced area in the world to park your car.

The price of the parking bay spaces is reflected in the cars driven by the residents. One local reflected, that he only ever sees Ferraris and high-end European sports cars entering the Ultima complex. As parking spaces in the area are in extremely short supply they normally get snapped up quickly. Though the prices are high, the city believes they will not jump much higher mostly because many people in Hong Kong believe a parking space is not a necessity.

Driving around Hong Kong is difficult at the best of times and it will only get worse as population and traffic continue to increase on a yearly basis.

Next Article
  • In 1962 Maryland Declared Jousting Their Official State Sport

    One would have thought that jousting was reserved for a bygone time, the medieval ages. A time of knights, kings, and princesses; all galloping furiously on their noble steeds. Tipped from head to toy in ancient armor, jousting was a sport that was much loved for decades. Of course, as we entered the modern times...

    Read More
  • There Has Only Ever Been One Submarine VS Submarine Fight Ever!

    A famous film that dramatized underwater battle for the whole world to see is, of course, The Hunt For Red October, it portrayed a nerve-racking experience with crews deep under the ocean searching for their enemy with sonar. And though it is true that hunting undersea enemies is, of course,...

    Read More
  • Nuclear Pasta The Strongest Material In The Universe

    If you happen to be in the industry of creating the strongest materials in the universe, then you are in luck. We have the recipe and it only takes three easy steps: Find yourself one dying star and put into your favorite boiling pot, boil it until it goes supernova and explodes. Beware this could...

    Read More
  • Sometimes Little Galaxies Are Actually Cannibals

    Astronomers around the globe have long seen big galaxies like the Milkyway swallow up some of their little brothers and sisters. In fact, the sky is full of cannibals. They swallow up stars that are in their cosmic neighbors, and over time eat up whole galaxies. It seems only natural, that even in space, the...

    Read More
  • A 20 Min Extra Commute Is Worse On The Mind Than A Pay Cut

    A new study into what is seen as most negative when it comes to our daily work routines shows that being told you will need to commute an extra 20 mins to get home is just as bad as being informed about a pay cut. When it comes to job satisfaction it seems that commuting...

    Read More
  • The Oolichan Fish That Can Be Used As A Candle

    Oolichan fish is a type of fish that is so greasy it can actually be burnt and used as a candle. Hence it has the popular nickname the candlefish. The Oolichan is seen as a savior for many North Coast First Nations, the indigenous tribes of the Pacific northwest coast. This is because even though...

    Read More
  • Walt Disney’s Not So Happy Family

    You would think that growing up around animated series and seeing the creation of Disneyland first hand, would ensure that you would become a loving and happy family. In the case of Walt Disney’s grandchildren, this is just not the case, Michelle and her twin brother Brad Lund is far from being the happiest family...

    Read More