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Inside Asia’s wealthiest estate where the filthy rich pay £1million just for a PARKING SPACE

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LOOKING for a parking space in the crowded streets of Hong Kong can be nothing short of a nightmare – but if you’ve got £1million to spare, you’re in.

This is Mount Nicholson, where the city’s richest live in ultra-luxury homes on the affluent residential estate, known as The Peak.

A parking space in the Mount Nicholson development has sold for almost £1million

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A parking space in the Mount Nicholson development has sold for almost £1millionCredit: LWK & Partners
Homes in the lavish development sell for an average of £70million

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Homes in the lavish development sell for an average of £70millionCredit: Getty
The Hong Kong development was completed in 2017

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The Hong Kong development was completed in 2017Credit: Getty
It has some of Asia's most valuable living spaces

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It has some of Asia’s most valuable living spacesCredit: LWK & Partners

Perched on a hill, Mount Nicholson boasts some of the Asia’s most extravagant living spaces – which come with a hefty price tag.

Homes in the area sell for around £70million – but it’s not just the housing that attracts a huge premium.

Parking spaces are highly sought after, so much so that one has just been sold for an eyewatering £930,000, South China Morning Post reports.

It was one of 29 sold through a closed tender to homeowners by developers Wharf (Holdings) and Nan Fung Group.

The almost million-pound price tag for the 134.5sq ft space works out at around a spendy £6,900 per square foot.

It tops the previous record price paid for a parking spot, also in Hong Kong, at £690,000 in 2019, according to Bloomberg.

But after parting with millions to live lavish in the development, an extra million for a space to park “is not a big deal” for residents, William Lau, sales director for a property agency on The Peak, told SCMP.

The development has views overlooking Victoria Harbour

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The development has views overlooking Victoria HarbourCredit: LWK & Partners
The living spaces have lavish interior designs

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The living spaces have lavish interior designsCredit: Getty
The development has a mix of houses and apartments

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The development has a mix of houses and apartmentsCredit: Getty

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With stunning views overlooking the city’s Victoria Harbour and classy interior designs, the mix of detached houses and luxury apartments are snapped up for extraordinary prices.

Just in May, a house on the Peak secured a record rental cost of £150,000 a month, reports BBC.

In 2018, one of the four-bedroom homes sold for almost £69million.

Known as House No. 16, it has approximately 7,987 square feet of living space, featuring a private swimming pool in its 5,163-square-foot garden, according to co-developer Wheelock Properties.

Another home of a similar level luxury sold for around £71million that same year, reports Mansion Global.

One of the house’s interiors is the work of renowned designer Alexandra Champalimaud, who previously helped put together high-end projects such as Bel-Air in LA and the Dorchester in London.

Speaking to SCMP in 2017, when the development was completed, she said: “You’ve got an incredible space here.

“There is a beautiful flow to the whole arrival process and the whole house; I can’t wish for anything more.

“I think it’s a beautiful house and I hope we made it even more glorious.”

Phase one of the project saw the release of 17 two to four-story residences.

Meanwhile, phases two and three, in which the parking spaces were sold, include four apartment towers and two single-family houses.

The development is known as The Peak

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The development is known as The PeakCredit: Getty
One of the house's interiors is the work of renowned designer Alexandra Champalimaud

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One of the house’s interiors is the work of renowned designer Alexandra ChampalimaudCredit: Getty





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