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Is this the starting point for crazy parking space price?

How much can ONE (1) car park slot be worth? Well in some places, it could be so expensive that just buying that spot is already like buying a secondary condominium here in Malaysia. Read here: RM348,000 for a 12-square metre car park slot  In Hong Kong, a car park space in the CBD may be priced higher! Reported in South China Morning Post (April 19 2016). When a consortium of developers launched 147 parking lots in a resident project in West Kowloon called The Hermitage, the lots were sold out within first day and the prices ranged between HK$2.3 million (RM1.19 million) to HK$2.7 million.(RM1.4 million). YES, this is ONE CAR PARK LOT only.
In KL, motorists would soon be able to park for just TWO hours as per the Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor. He said, “We also want to encourage people to take the public transport when they come into the city as well as encourage people to park at designated parking centres and walk.” He added that this will help the people stay healthier. The price of the parking fee would also be increased toRM2 for the first hour and RM3 for the second hour. Anyone caught exceeding this, the car will be clamped or towed away. The two hour ruling will start at CBD (Central Business District) areas like Bukit Bintang, KLCC, Ampang and other areas in the city centre.
To be honest, if it’s two hours, I think it’s best to park at some LRT stations and take it into the city centre instead. Else, GRAB or UBER. One usual meeting with a customer could easily take more than one hour and it would be terribly impolite to leave just because ‘my car is about be towed away.’ The article  does not state if private owners of car parks inside CBD is exempted. It does not also say how would it track the 2 hour because assuming I parked at left side of the road for the first two hours, then I move my car to another road, would I be able to park for another 2 hours? As usual, Malaysians are the most creative lot. I think we would be able to figure out a solution to this pretty fast. As for walking, I do think everyone should do more walking.We areal becoming lazier and fatter too. Sigh, that includes me. Will this be the start for expensive car park lots? I think we are still safe. Nothing much changes for now. Happy parking.
written on 7 July 2016
next suggested article:   KL prime office space rental rates on the way down, accelerating too

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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’m curious how they will be able to enforce the 2-hour parking limit too. Knowing us Malaysians, we’d probably just move the car out, then move it back in. 😛 There are also 2-hour parking lots in KLCC, but I’ve never seen any action taken on cars that overstay their time limit. Perhaps the high parking fees help too.

    1. Haha…. Laura, my friend who’s been to NZ said that CBD’s there has it and they tried parking in two different carparks. They still get a summon!! haha. Somehow, I think we need to learn from New Zealand…

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