(SINGAPORE) Parking a car in Singapore's central business district (CBD) may seem expensive, but it still costs substantially less compared to other cities such as London and Hong Kong.
Colliers International tracked parking rates across the CBDs of 145 cities in June and found those in London to be the highest.
It would cost US$932.99 a month to park a car in the city of London.
In local currency terms, the rate had risen 2.1 per cent in the last 12 months, 'highlighting the bounce-back in a number of financial centres', Colliers said.
London's West End took second place with a parking rate of US$873.50 a month.
Hong Kong was third with a CBD parking rate of US$744.72 a month.
This also made it the most expensive Asia-Pacific city for parking.
Other Asia-Pacific cities on the top ten list are Tokyo (fourth), Sydney (sixth) and Perth (seventh).
Singapore ranked low in Colliers' survey with a monthly parking rate of US$192.89 in the CBD. In local currency terms, that increased by around 4.3 per cent year-on-year.
Colliers' research and advisory director Tay Huey Ying believes there will be upward pressure on parking rates in Singapore.
With more offices, hotels and shopping areas coming up in the CBD, demand for parking space can be expected to increase, she said.
But the demand can be price sensitive and carpark operators and landlords should take note of that, she added.
Source: Business Times, 22 Jul 2010
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