There are a lot of things to invest in, but someone from Hong Kong decided to purchase a 12.5 square-meter parking space worth 1.3 million dollars or almost 62 million pesos.

The parking area is located in The Peak, one of the city’s luxurious development residential spaces, BBC News reported. It has an overlooking view that shows Victoria Harbour and expensive real estate.

The price overthrows the previous record of another Hong Kong parking space sold for $980,000 or P46,744,530 in 2019. A representative of Wharf Holdings Ltd., one of the developers, said that they have further details to disclose regarding the sale, according to Japan Times.

parking, <b> Would you pay 62 million pesos for a parking space? </b>
Victoria Peak | Cultural Heritage Online

Hong Kong is extremely crowded, as explained by Hindustan Times. Affording any type of space in their country is costly, whether it’s an actual house or parking a car. On the other hand, millions of residents in their country grapple with affording rent. It is also important to note that the so-called shoebox apartments are smaller than the parking space.

To further Hong Kong’s real-life crazy rich Asian lifestyle, SCMP also announced that a house on the Peak leased for around $206,000 (P9,827,951) monthly or about $29 (P1383) per square foot. This record made it the most expensive in per square foot terms in 2021.

parking, <b> Would you pay 62 million pesos for a parking space? </b>

Banner: Cultural Heritage Online and Unsplash/John Matychuk