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Thread: End of the road for Market Street Car Park

  1. #1
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    Default End of the road for Market Street Car Park

    http://www.businesstimes.com.sg/sub/...40740,00.html?

    Published June 17, 2011

    End of the road for Market Street Car Park

    By FELDA CHAY


    MARKET Street Car Park will be closed for good at the end of this month for demolition and an ultra-modern Grade A office tower will spring up in its place before the end of 2014.

    CapitaCommercial Trust (CCT), which has been granted permission to demolish the car park amid concerns of a resultant shortage of car park space in the area, said the 245-metre tall tower to be developed will be an exciting addition to the skyline of Singapore's Central Business District (CBD). It is expected to have a gross floor area of 887,000 square feet.

    Announcing the redevelopment yesterday, CCT said: 'As a result, Market Street Car Park, including the food court and all the shops, will be closed permanently from 2359 hours on Thursday, 30 June 2011 for demolition.'

    The car park, which was built in 1964 and has 704 lots, is one of the major sources of parking space in the Central Business District today.

    CCT said that existing season car park holders have already been told since April to start sourcing for alternative car parking and have been provided with a list of alternative car parking facilities in the surrounding commercial buildings.

    There has since been 'a steep decline' in the number of season car parkers at the car park, said CCT.

    BT had earlier reported that owners of some developments near the property had jointly written to the Urban Redevelopment Authority (URA) for a dialogue to address concerns over the supply of parking lots in the area when Market Street Car Park is being redeveloped.

    Several buildings in the vicinity have either few or no parking lots, which means that many of their tenants or visitors have hitherto been relying on Market Street Car Park for their parking needs.

    Plans for the redevelopment of the car park emerged more than 15 years ago but firmed up only recently. CCT said in April that it will work with CapitaLand to re-build the car park into a Grade A office tower for around $1.4 billion. This includes a differential premium for the change of land use.

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    http://www.straitstimes.com/Money/St...ry_680761.html

    Jun 17, 2011

    CBD carpark crunch looms

    Drivers scramble to find alternatives as Market St Carpark's demolition nears

    By Cheryl Lim and Esther Teo & Mark Tay


    DRIVERS are scrambling to lock in alternative parking spaces in the Central Business District (CBD) as demolition day looms for the landmark Market Street Carpark.

    The carpark, including its food court and all its shops, will be closed on June 30 and eventually torn down, CapitaCommercial Trust (CCT) said yesterday.

    A towering $1.4 billion office building of up to 40 storeys will be built in its place, with its completion due by 2014.

    All that is of no comfort to drivers. Waiting lists for downtown parking spots already run up to more than 400 names in some buildings, so the loss of the 704 spaces in Singapore's oldest multistorey carpark will add severely to the crisis.

    CCT said existing season parking space holders - who buy their spaces on a monthly basis - were told in April that they needed to find alternative spaces.

    There were 685 season parking holders in April, but that number has since been whittled down to 170, said a spokesman for CapitaCommercial Trust Management (CCTML), which manages CCT.

    A list of alternative carparks in surrounding commercial buildings has also been given to the season parking holders.

    These include those in China Square Central, Far East Square, One Fullerton and Fullerton Hotel in the Raffles Place and Collyer Quay areas, as well as in GB Building, AXA Tower and 80 Robinson Road around Shenton Way.

    CCTML told The Straits Times yesterday that there were as many as 90 season carpark spaces in total still available in these buildings when it checked last week.

    The company added that up to 250 parking spaces reserved at the Esplanade could be taken by the 170 season parking holders still at Market Street Carpark.

    'When we first announced the news, there were some calls from the season carparkers, who asked for assistance in finding alternative parking,' the spokesman said. 'We have provided them the list of alternative carparking and advised them to contact the respective owners.'

    Many drivers are increasingly worried over the carpark crunch, with long waiting lists and high season parking costs.

    Lawyer Daniel Lim said the waiting list at Parliament House, near the Boat Quay area, is three to four months. With the spaces in the Market Street Carpark gone, the parking situation in the area is only going to be worse, he added.

    Mr William See, a Market Street season parking holder, said he has tried to get a parking space in the area near Lau Pa Sat, where he works, but was turned down because he was not a tenant in those buildings.

    'I have to park all the way at the Golden Shoe Carpark and walk to Lau Pa Sat now. It is very inconvenient as it is a 10-minute walk away,' he added.

    A check with the management offices of some CBD buildings found that season parking remains in high demand.

    Workers at the Marina Bay Financial Centre, One Raffles Quay and those displaced from the Market Street Carpark have been making inquiries, they added.

    The Golden Shoe Carpark, which has a monthly season parking fee of $305, has a waiting list of about 400 names, while The Sail, at $400 a month, has about 40 on its list.

    Only Fullerton Hotel, with a fee that will rise to $450 next month, still has spaces available for season parking.

    Experts reckon the dire parking situation is unlikely to ease up.

    New buildings in the CBD will have tighter limits imposed on the maximum number of carpark spaces allowed, said Mr Nicholas Mak, head of research at SLP International.

    'Building more lots is unlikely, because it means less space available for offices, which are deemed to be more valuable,' he added.

    Other analysts noted that unlike in Hong Kong, Singapore's CBD does not have sufficient infrastructure or transport and pedestrian links to support those who do not drive. The increased demand would also lead to a rise in season parking rates, they said.

    Mr Ku Swee Yong, chief executive of property consultancy International Property Advisor, said some simple improvements could help ease the problem.

    'Singapore could start building more above-ground linkways to connect the various buildings. We could also put in more covered walkways,' he noted.

    The Market Street Carpark was built in 1964. Its redevelopment plans have been on the drawing board for more than 15 years, but it was only in 2008 that the authorities granted permission for the move. The redevelopment was deferred in 2009, owing to the financial crisis.

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    Season Parking fee at Emerald Garden (opp. china square) is charging below market rate in this area. Time to increase rate given such a high demand.
    Quote Originally Posted by mr funny
    http://www.straitstimes.com/Money/St...ry_680761.html

    Jun 17, 2011

    CBD carpark crunch looms

    Drivers scramble to find alternatives as Market St Carpark's demolition nears

    By Cheryl Lim and Esther Teo & Mark Tay


    DRIVERS are scrambling to lock in alternative parking spaces in the Central Business District (CBD) as demolition day looms for the landmark Market Street Carpark.

    The carpark, including its food court and all its shops, will be closed on June 30 and eventually torn down, CapitaCommercial Trust (CCT) said yesterday.

    A towering $1.4 billion office building of up to 40 storeys will be built in its place, with its completion due by 2014.

    All that is of no comfort to drivers. Waiting lists for downtown parking spots already run up to more than 400 names in some buildings, so the loss of the 704 spaces in Singapore's oldest multistorey carpark will add severely to the crisis.

    CCT said existing season parking space holders - who buy their spaces on a monthly basis - were told in April that they needed to find alternative spaces.

    There were 685 season parking holders in April, but that number has since been whittled down to 170, said a spokesman for CapitaCommercial Trust Management (CCTML), which manages CCT.

    A list of alternative carparks in surrounding commercial buildings has also been given to the season parking holders.

    These include those in China Square Central, Far East Square, One Fullerton and Fullerton Hotel in the Raffles Place and Collyer Quay areas, as well as in GB Building, AXA Tower and 80 Robinson Road around Shenton Way.

    CCTML told The Straits Times yesterday that there were as many as 90 season carpark spaces in total still available in these buildings when it checked last week.

    The company added that up to 250 parking spaces reserved at the Esplanade could be taken by the 170 season parking holders still at Market Street Carpark.

    'When we first announced the news, there were some calls from the season carparkers, who asked for assistance in finding alternative parking,' the spokesman said. 'We have provided them the list of alternative carparking and advised them to contact the respective owners.'

    Many drivers are increasingly worried over the carpark crunch, with long waiting lists and high season parking costs.

    Lawyer Daniel Lim said the waiting list at Parliament House, near the Boat Quay area, is three to four months. With the spaces in the Market Street Carpark gone, the parking situation in the area is only going to be worse, he added.

    Mr William See, a Market Street season parking holder, said he has tried to get a parking space in the area near Lau Pa Sat, where he works, but was turned down because he was not a tenant in those buildings.

    'I have to park all the way at the Golden Shoe Carpark and walk to Lau Pa Sat now. It is very inconvenient as it is a 10-minute walk away,' he added.

    A check with the management offices of some CBD buildings found that season parking remains in high demand.

    Workers at the Marina Bay Financial Centre, One Raffles Quay and those displaced from the Market Street Carpark have been making inquiries, they added.

    The Golden Shoe Carpark, which has a monthly season parking fee of $305, has a waiting list of about 400 names, while The Sail, at $400 a month, has about 40 on its list.

    Only Fullerton Hotel, with a fee that will rise to $450 next month, still has spaces available for season parking.

    Experts reckon the dire parking situation is unlikely to ease up.

    New buildings in the CBD will have tighter limits imposed on the maximum number of carpark spaces allowed, said Mr Nicholas Mak, head of research at SLP International.

    'Building more lots is unlikely, because it means less space available for offices, which are deemed to be more valuable,' he added.

    Other analysts noted that unlike in Hong Kong, Singapore's CBD does not have sufficient infrastructure or transport and pedestrian links to support those who do not drive. The increased demand would also lead to a rise in season parking rates, they said.

    Mr Ku Swee Yong, chief executive of property consultancy International Property Advisor, said some simple improvements could help ease the problem.

    'Singapore could start building more above-ground linkways to connect the various buildings. We could also put in more covered walkways,' he noted.

    The Market Street Carpark was built in 1964. Its redevelopment plans have been on the drawing board for more than 15 years, but it was only in 2008 that the authorities granted permission for the move. The redevelopment was deferred in 2009, owing to the financial crisis.

    [email protected]

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    [email protected]

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