Why did HDB increase its parking charges after 14 years?
Posted on 05 Jul 2016 |
Car park charges were last reviewed in 2002. Since then, the costs of constructing and operating car parks have increased significantly, by about 40%.
This has been due to:
- Rising overheads in the construction industry
- Improvements to new and existing HDB car parks for the convenience of residents – installing lifts in multi-storey car parks, providing link bridges to connect car parks to surrounding flats, installing the Electronic Parking System to regulate the demand for parking
- Additional repair works to maintain an increasing number of ageing car parks
Our operating costs* from building, maintaining, and improving HDB car parks add up to more than $700 million per year. Without the increase in the car park charges, we will face a shortfall of more than $100 million to fund our car park operations in the coming financial years.
The new parking charges implemented would help meet some of these rising costs.
*Total costs of operating car parks include maintenance, financing, depreciation, and overall operating expenses