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Condos should NOT come with just one car park

My good friend excitedly told me that she has made her first purchase of a property. The said property is a new condo in a popular area with a mall right beside and a reclaimed beach within some walking distance away. I asked her what is the price per sf. She said the size is slightly over 1,000sf comes with one car park and it is just RM680psf. I asked if she bought another car park which she replied she did and the price paid was RM40,000. I told her, in this case, the actual price psf should be RM720psf instead. Actually, when you buy a SOHO unit of say 650sf, I think one car park is definitely a fair deal.
However, these days, when we buy any condo with 1,000sf and above, we should expect two car parks. Please do not be fooled that the MRT is next door, MRT is within walking distance or even MRT is connected via the mall which is right beneath your condo. Answer is NO. A condo of 1,000sf would have a typical 3 room and 2 bath room format and more often than not, due to the price it will be paid for by a couple who may or may not have kids yet. Even if they do not, sometimes the parents would drop by, sometimes their siblings may drop by etc. One car park? Are you sure?
According to the sales data for cars, the number of cars sold is still on an uptrend. It’s just that during better times like today, more foreign branded ones are bought while during the crisis years, the local cars being sold are much higher. In fact Malaysians drive their cars way over 10 years, most of the time unlike in US or Japan where you may want to hide your face if you dare to ever drive your car over 100,000km which is a typical 5 years period or lesser. My Japanese GM in my first company laughed at me when he learnt my first car, Nissan Sunny was already clocking 190,000km then. By the time I sold it, it has already hit very close to 500,000km. Thus cars, whether your home is nearby MRT, LRT or BRT is a necessity. Car park space is needed, definitely.
Thus, my question to any condo project would always be do you have 2 car parks for all the units, at least? If the answer is no, please do get ready to have cars parked haphazardly outside your so-called ‘luxury’ condo which is totally not luxurious at all. Some may then argue that even with two car parks, some people might still park haphazardly outside the condo. Sure, but tell me which is worse? The prices MUST include 2 car parks and should not have one price for one car park and then if you need another, they charge you extra. To developers launching new CONDOS, please be very honest and transparent. Older projects, I have no comments but newer ones, it is a must in my 2.8 cents opinion. Happy buying a new condo.
written on 18 Mar 2015
Next suggested article: Days of queuing to buy condos are over?

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Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of kopiandproperty.com He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. kopiandproperty.com is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.

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  1. I absolutely agree with you. Look at some of the condos in Penang and the cars parked outside the condos. Where there is empty space you see cars. Really bring down the value of the condos. Besides it is a real inconvenience to the public who lives nearby. That is why people start to sell their landed properties whenever condos spring up. I agree that developers should not give second car park as an option. It should be a must and factored into the price of the condo. When there is an option, everyone choose the cheaper option. I also think this kind of option is a sales gimmick- the condo price is “apparently” cheaper than it should be.

    1. In Penang, there are not many choices really due to scarcity of land. That’s why I would skip those which cannot even have roads huge enough for people to park their cars.

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