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Shaw Li's avatar

Why... "underground parking space is charged at 70% of the residential space." Is this to discourage parking and private car ownership?

I assume developers pass these cost to residential buyers?

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Joni Baboci's avatar

Developers here sell their parking slots independently of the residential or commercial units. So if you don't own a car, you don't have to buy parking. Further a lot of older buildings did not have underground parking, so it is not uncommon for individuals buying parking in the next door building for example.

The reason why there is a charge, as well as a parking minimum is to find a balance between too little and too much parking - effectively pricing parking as any other commodity, rather than subsidizing or prohibiting it.

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