The full article can be found in The Straits Times, Home Section, Page B12, 12 May 2018.
ZACD Executive Director and Chief Investment Officer, Nicholas Mak said, “From a developer’s point of view, they look at the specific clientele for the project. For retail spaces like malls, carpark spaces are very important for shoppers. With less, they will be less competitive. For example, VivoCity has over 1,000 spots, but in festive periods they are all filled up. This is indicative of people’s preference for driving to malls in Singapore. Developers will not compromise on this.”
He cited luxury condominiums, where developers might have to provide more rather than fewer spaces regardless of the new ruling to cater to residents with multiple cars.
Read the full article here.