Reasonable parking rates in Singapore: survey

Subject: Reasonable parking rates in Singapore: survey Mon Jul 26, 2010 10:09 am

By Ewen Boey – July 24th, 2010

A recent global poll has revealed that parking in Singapore isn’t as expensive as most citizens think.

A survey on global financial centres by Colliers International has ranked Singapore 50th out of 145 countries, based on daily parking rates. The information was collected from more than 20 car parks in the Central Business District (CBD) around Shenton Way, Marina Bay and Orchard Road.

Topping the list is Abu Dhabi in United Arab Emirates, where drivers fork out a whopping S$76 a day to park their cars in the city.

In comparison, parking in Singapore’s CBD costs approximately S$30 a day. Asian cities such as Tokyo and Hong Kong which rank 3rd and 29th, charge S$75 and S$39 a day for parking respectively. Chennai, ranked bottom of the list, charges just S$1.30 for an entire day of parking.

For monthly parking rates, Singapore does not even rank within the top 50 most expensive cities. It is also the cheapest global financial centre to park in per month at S$266.50, ranking 10th out of 10 cities including Zurich (S$837), New York City (S$743.50) and Shanghai (S$385).

Car owners Yahoo! Singapore spoke to were surprised.

Said salesman Nicholas Teo, “I think if you park in the CBD for the whole day, it’s definitely more than S$30 so I am not sure how they came up with that figure.”

Web designer S. Yusof, 43, agreed. “The parking charges in town are so expensive but I guess if you want to own a car, you just have to be prepared to pay.”

While Singapore seems to have relatively lower parking rates when compared with other cities, rates have still risen about 4.3 percent from the previous year.

In a Straits Times report, Ms Tay Huey Ying, director of research and advisory at Colliers International, predicts that parking rates in Singapore will continue to increase as the car population continues to rise, leading to higher demand for parking space.

So should drivers be concerned about parking rates rising sharply to the levels of those in Abu Dhabi?

Not likely, according to Ms Tay. “Drivers have better alternatives now with MRT lines coming up and premium buses serving these areas, so landlords are unlikely to raise prices too high.”

* I am not too sure about this report, I know a golf kakis went to Sands for a wedding dinner and paid a BOMB for his parking...$8/= an hour !!!!! affraid

Committee Posts : 2369 Join date : 2010-02-19

This report is, in essence, a guilt trip article. They are trying to say, "See how cheap our parking is compared to all the other countries!"

What we don't see is that we are comparing with Oil rich countries like Dubai, where $20 of petrol can get you about 3/4 tank. Then again, Dubai "markets" itself as the "Most ATAS-ified country in the world". Are we going in that direction?

Why not compare ourselves to our neighbors? Do our neighbors impose COE, ERP, Fine for not giving way to YOG bus, bus lane?

Take the report as it is and nothing more. Parking charges in the CBD are just as what it is - parking charges in the CBD. They did not consider outskirts of CBD. Bear in mind, parking charges in SG apply to all HDB estates. Do residents in other countries pay for their own parking in that proportion?

Food for thought, guys... Cheers!

Committee Posts : 2369 Join date : 2010-02-19

Oh and btw, the key word here in this article is "REASONABLE". So exactly what is "reasonable"?

Smile

The most reasonable is let us pay $100 a month and can park anywhere..... when will this day come?

Neutralgolfer wrote:: The most reasonable is let us pay $100 a month and can park anywhere..... when will this day come?

Wait Long Long bro...Wait Long Long..... cyclops

Oh, did I hear BS spoken out loud... probably it is true...

Parking in SG not ex... the survery is wrong.

Mathematically, we can count... 30 x 30 = 900 dollars... We arent idiots you know...!

Uncle Lau wrote:

Neutralgolfer wrote:: The most reasonable is let us pay $100 a month and can park anywhere..... when will this day come?

Wait Long Long bro...Wait Long Long..... cyclops

If have to wait long long, means existing parking rates are unreasonable... Evil or Very Mad

Totally agree with rocky. While parking may be 'reasonable' when comparing with Australia for instance but the drivers there get to park for free for 15mins, 30 mins, 1 or up to 4 hr free. They also dun hv any COE, ERP more ex than toll etc. Bias report!!!

Committee Posts : 2369 Join date : 2010-02-19

Jazz: You are right. If you factor in the free parking at home in Australia, the carpark charge rates here are pretty "interesting".

Another interesting find from the article:
"For monthly parking rates, Singapore does not even rank within the top 50 most expensive cities. It is also the cheapest global financial centre to park in per month at S$266.50, ranking 10th out of 10 cities including Zurich (S$837), New York City (S$743.50) and Shanghai (S$385)"

Is that true? $266.50 for season parking here in Singapore CBD area? Can someone verify this? Last I heard was $300 minimum... hm...

Legendary Member Posts : 2795 Join date : 2010-02-21

everything in Shanghai is more expensive than Singapore. Do u guys know that?

RDG Top Contributer Posts : 5681 Join date : 2010-03-01

rocky wrote:: Jazz: You are right. If you factor in the free parking at home in Australia, the carpark charge rates here are pretty "interesting".

Another interesting find from the article:
"For monthly parking rates, Singapore does not even rank within the top 50 most expensive cities. It is also the cheapest global financial centre to park in per month at S$266.50, ranking 10th out of 10 cities including Zurich (S$837), New York City (S$743.50) and Shanghai (S$385)"

Is that true? $266.50 for season parking here in Singapore CBD area? Can someone verify this? Last I heard was $300 minimum... hm...

I think season parking in CBD area is ard $200 plus. Suntec city is abt that figure.

Normally when these kind of reports came out, it only provides the mall owners more reasons to increase their price further. We shall wait n see when is the next report of price increase.

Committee Posts : 2369 Join date : 2010-02-19

prettygolf wrote:: everything in Shanghai is more expensive than Singapore. Do u guys know that?

Correct! In fact, a lot of places are more expensive than in SG!

Committee Posts : 2369 Join date : 2010-02-19

Seiko wrote:: I think season parking in CBD area is ard $200 plus. Suntec city is abt that figure.

Normally when these kind of reports came out, it only provides the mall owners more reasons to increase their price further. We shall wait n see when is the next report of price increase.

Great! I think you are right on that pricing.

However, technically speaking, CBD would probably more aptly describe Shenton way, Anson road, tanjong pagar and maybe Chinatown area.

But I still like your point on mall owners having more reason to increase prices of their carparks. I would expect the Marina Bay Sands carpark rates to have a "splash damage" onto surrounding areas such as SG Flyer, Marina Square, Ritz Carlton and even Suntec City.

In Rock's opinion, carparks in the shopping malls should be free. Rationale is that people come to shop and bring revenue to the malls. Why do you still want to charge for carpark?

My 2 cents. Cheers.

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