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Who cares about the driver when there's money to be made?

By Blogger on 27 Jun 2011

Attached Image: MktStCp_1.jpg

It is official. Market Street Car Park will be no more. In its place? Yet another office building in the heart of Raffles Place. The CBD parking crunch just got worse.

With rental values of office space back on the upward trend again, it is no surprise that the owner of the Market Street Car Park has decided that the land it sits on would be better utilized as a proper commercial/office property rather than serving the needs of hundreds of drivers who work in Raffles Place.

Well, it is hard to say no to money. But, perhaps businesses and organizations in Singapore should be quicker to do a rethink of their mentality that provision of car parking spaces as a drain on profit.

Owners of commercial properties and shopping malls should be the first to take heed. After all, despite whatever the Government is trying to do; most middle and upper class Singaporeans simply refuse to travel on public transport. And, if you make parking difficult or if you charge an exorbitant rate for parking; there will come a time when the balance is tipped and drivers will simply figure that it isn't worth it any more and they will choose to pass on the shopping mall. Drivers are customers too; often generous ones at that.

Property developers too have been all too anxious to cut down on the provision of car park spaces once the Government authorities have relaxed the requirements. Every square foot expended on parking, is one less square foot to be sold. While their sales talk about how providing 1 lot per unit is enough may smoke the first time house hunter, savvy drivers/house buyers are increasingly becoming aware of parking woes cropping up in newer private properties. After all, most who can splash the cash for the record breaking property prices today have the means to buy a second, third or fourth car. And when parking spaces become scarce, neighbourly relations take a beating and sometimes the parking woes get published all over the internet or the papers. That can only be bad for the property value.

So to the big-wigs at these huge businesses, it is time to do a rethink. It might be a wise investment to build a little bit more parking space than you deem necessary. In quasi-business lingo, this is a hedge against the risk that the market attitudes change.

discussions, local, parking and 2 more...

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  • 1
Watwheels Jun 27 2011 11:02 AM
Perhaps the businesses should consider moving out of the CBD. Make life easy for everyone. No more parking woes, no more high office rental.
Mustank Jun 27 2011 11:57 AM
yalor!!! support decentralisation of city centre!!!!!!
Darthrevan Jun 27 2011 05:58 PM
yup..agreed. most businesses should consider moving out of the CBD, it does not make sense to locate so many offices there to create unnecessary traffic situation and parking woes
Jason8 Jul 27 2012 08:46 PM
I agree with you, it's hard to say no to money. Business sharks are ready to forget about everything if they have a chance to make more money, it's the world today and values are different. But it's not worth to forget about such simple things as parkings and convenience, lots of people drive cars and there should be a place where they can leave their cars, as for me, it's simple to understand. But to make more money and live without a need of using quick lending services lots of people are ready to forget about everything, even about such simple things.
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