Private parking operators expected to raise the cost of parking in order to the match the higher public parking rates starting December this year. Industry leaders claims that private operators peg their fees to public rates and usually raise them in tandem.
When mainstream media contacted building developers and other private parking operations, most said they were looking at the increase public charges closely. One major operator said they will have to match the increase because if it is too cheap, drivers will flood in and demand will outstrip supply of private parking lots.
There is a high chance of private parking operators raising their fees because during the last increase in public carpark fees back in 2002, private operators used the opportunity to up their prices too.
As how one industry leader calls it, “if the Housing Board goes ahead with the increase, we will just follow the leader!”