The space is on the first floor at a luxury apartment complex near the harbourfront in the west of Hong Kong Island, according to records from the city's Land Registry.
Measuring 188 square feet (17.5 square meters), it was bought by Kwan Wai-ming, an executive director at an investment firm, said the South China Morning Post which called the sale a world record.
It tops the HK$4.8 million paid for a parking space last October at another luxury residential complex.
The sale comes a month after a Hong Kong tycoon paid US$3 billion for a prime commercial lot in the Central business and shopping district, in another record for the city where property prices have become a political issue.
Commercial and residential property prices have been fuelled by an influx of money from wealthy mainland Chinese investors and developers.
Critics also accuse the government of having cosy ties with developers, rather than prioritizing the construction of more reasonable public housing.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.