27 Apr '16, 2am

Better use of excess carpark space

In the effort to make Singapore car-lite, building owners can now apply to permanently convert excess carpark space to commercial or other uses in the central area . Taken with effect on April 15, the area includes Orchard, Bugis, City Hall, Chinatown, Raffles Place, Tanjong Pagar and Marina Bay. Some are strata-titled, but any conversion opportunity must be evaluated in terms of an asset's overall plan and financial feasibility. There is consistent demand for carpark space in the central area, she noted. Previously, building owners could convert surplus carpark spaces to other uses only for up to 10 years, and so had to ensure the spaces could be restored. 'the rule change comes after Transport Minister Khaw Boon Wan said recently there could be less space for parking as policies are adjusted to be in line with other global cities. The Land Transport Authority (LTA) said ...

Full article: http://www.srx.com.sg/singapore-property-news/18242/bette...

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