Empty space in car park
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This Hong Kong Developer Is Selling Apartments That Are Smaller Than Parking Spaces

Dec 22, 2016

A new residential complex in Hong Kong will feature apartments that are smaller than the parking spots.

According to the South China Morning Post, apartments at the 356-unit TPlus development in the suburban New Territories district start at 128 sq. ft. The 52 parking spaces at the complex are each 134 sq. ft. in size.

As reported by TIME earlier this month, the shrinkage of new apartment sizes comes hand in hand with increasingly unaffordable price levels in the densely populated territory. There are at least a dozen residential projects unveiled by Hong Kong developers this year that feature apartments sized around or below 200 sq. ft.

Joseph Tsang, the managing director and head of capital market of Jones Lang LaSalle's Hong Kong division, told the Post that the downward trend of new apartment sizes was a sign that the property market had peaked.

"Simply put, there are fewer buyers out there" who have enough money to buy normally-sized units, he said.

For more on the housing market, watch Fortune's video:

Anthony Poon, director of Chun Wo, TPlus' developer, offered a lifestyle rationale for the ultra-small apartments. "Young people stay in their bedrooms after meals," he suggested to the Post. "What they need is just a room."

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