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 Hong Kong - Golf cart prices in a Hong Kong property developmentwhere they are the only allowed transport have outpaced the cost of many luxury cars to reach a record 2.2 million Hong Kong dollars (282,000 dollars), a newspaper report said Wednesday.

The price of the electric carts has doubled in the past two years, the South China Morning Post said.

The carts are used in place of normal vehicles in Discovery Bay, a car-free residential and commercial development on Lantau Island, one of Hong Kong's outlying islands.

An influx of new residents to match the continued development of Discovery Bay plus a strict government cap of 490 carts meant prices have soared as demand has outstripped supply.

An unnamed airline pilot who paid 2 million Hong Kong dollars for a cart in June said, 'It's a ridiculous amount of money, I know. But, I said, I have the cash. I can put it back into property, but the market is berserk. Sitting in the bank it's doing nothing. So I thought, why not? It's not a bad return.'

Resale prices of the carts have since edged up to around 2.2 million Hong Kong dollars.

By comparison, the on-the-road price of a new Mercedes Benz S500 is around 1.9 million Hong Kong dollars, while a Lexus LS600 hybrid is 1.7 million Hong Kong dollars and a BMW 7 series is 1.8 million Hong Kong dollars.


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