In light of
ongoing attempts by the Hong Kong government
to deter investors from further inflating the already sizzling property market,
wealthy Asians are looking at other long term investment opportunities, and
parking spaces are the latest attraction, according to reports.

As a result of
increased demand, the price of a
previously owned parking spot in a residential
complex has increased by 6.7 per cent from the previous quarter. The current
average going rate is $82,600, according to Centaline Property Agency,
setting the second highest price on record in the last 3 months.

At the higher end
of the market, a space in the prestigious Repulse
Bay area of Hong
Kong sold for an eye-watering $387,000 in May this year, according
to carpark.com.

But if you think
Hong Kongers are going crazy lengths to keep their Lambos warm, then a
Singaporean property company has taken its investment to another level, quite
literally. The “parking experience”” at The Hamilton Scotts
luxury development starts with a biometrically
controlled glass elevator that lifts cars from street level into individual
residences and parks them behind a glass wall next to the living room. Starting
prices for these extravagant dwellings are $10million upwards.

Your glamorous correspondent, of course, has no need to bother about such matters: using a limousine means one does not have to bother about finding a parking slot in the first place.