29th October 2026 – (Hong Kong) A car park space at Ultima, 23 Fat Kwong Street, Ho Man Tin, has been put up for sale at an asking price of HK$5.8 million with a sitting tenancy of HK$10,000 per month, igniting disbelief among motorists and property watchers who have derided the valuation and rent as bordering on the absurd. The bay, designated B048 and described as a single‑side, independent, large space that is easy to park, is offered with the lease running until 2nd March 2027. Monthly outgoings include an estimated HK$800 in management fees, while rates and government rent are about HK$1,872 per quarter.
The pricing has been lampooned on social media as yet another example of luxury‑estate exuberance, with critics pointing out that the gross yield implied by the HK$10,000 rent is roughly two per cent before expenses—and closer to the high‑one‑per‑cent range after accounting for fees and levies—hardly a compelling return for parking a vehicle. By contrast, recent October transactions cited by market trackers placed most standard spaces across the city between the low hundreds of thousands and under HK$4 million, underscoring how sharply this Ultima listing sits above prevailing levels.
Agents note that premium developments can command steeper tags for larger, more accessible bays and for the perceived cachet of the address, but even by that yardstick the combination of a HK$5.8 million ticket and a five‑figure monthly rent has been widely mocked as detached from everyday reality. With the tenancy in place until early 2027, any buyer would be inheriting today’s rent and costs, a calculation that many observers say only reinforces the sense that this price is, in practical terms, difficult to justify.
