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Singapore’s HDB and URA to raise parking rates and their profits.

Starting from December, it will be more expensive to park at public car parks in Singapore.

The new rates were released by the Housing and Development Board (HDB) and Urban Redevelopment Authority (URA)

For public car parks outside of the restricted zone or outside designated areas close to the restricted zone, the parking charge will be raised by S$0.10 from S$0.50 to S$0.60 per half hour.

For public car parks within the restricted zone or within designated areas close to the restricted zone, the parking charge will increase by S$0.20 from S$1 to S$1.20 per half hour.

Season parking rates in HDB car parks will go up as well, the cost of season parking will increase by S$15 for surface car parks from S$65 to S$80 per month, and by S$20 for sheltered car parks from S$90 to S$110 per month.

For non-residents and residents getting season parking for a second and subsequent car, the rate will increase by S$25 for surface car parks to S$90 per month and by S$30 for sheltered car parks to S$120 per month.

The net car parking profits (income less expenses) of the HDB and URA was $575.7 million for FY14/15.
With the subject increase of about 20 per cent won’t the profits increase to about $690 million ($575.7 x 120%)?
And since the car park charges increase is up to 40 per cent, isn’t it true that the profits will be over $700 million?