4 Smart Tips to Save up to $700 When You Need to Park in the CBD

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In Singapore's Central Business District (CBD), everything is more expensive—and that includes the parking! A typical CBD worker who drives can spend as much as S$1,000 per month just on parking, and S$100 just for ERP!

Even if you're just entering on the weekdays to run errands, you can be prepared to fork out S$2-4 per hour, on top of ERP. Luckily, we've got some smart tips for you that can help you beat these costs and save hundreds!

1. Park Outside and Take Public Transport In

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CBD parking may be extremely expensive, but MRT and bus fares are the same everywhere! One way you could save on your parking fees is to park your car somewhere just outside the CBD, and then take public transport to your destination. One convenient parking spot is HDB Hub at Toa Payoh. You can park there at HDB rates ($10 for the entire day), and take the MRT down to Orchard in only 12 minutes. Compared to parking at Orchard Central, that's $144 in savings per month, not counting the ERP charges you save daily by taking public transport!

With Singapore's public transport system being so easily available, it makes sense to take advantage—the slightly longer journey will save you thousands in the long run.

2. Season Parking

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If you have to enter the CBD every day, and you don't mind walking a little, you might want to consider season parking in a building near your workplace. Season parking charges may look expensive at first glance, but if you do the math, they actually save you a lot of money. For example, if you work at UOB Plaza at Raffles Place, parking there every day will cost you $3 for every 30 mins, amounting to a stunning $1,080 per month!

But season parking at the nearby Golden Shoe Complex costs only $305 for the same amount of time, and guarantees you a parking spot whenever you need it. Season parking is such a popular option that many buildings which offer it have long waiting lists, so if this is something you're considering, apply quickly! It may not be as convenient as parking exactly at your workplace, but an extra few minutes' walk is a small price to pay for hundreds of dollars saved.

3. Start a Carpool Group

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Want to build good relations with your colleagues, while saving money on driving expenses? Try carpooling! If you and a small group of your colleagues live in the same neighbourhood, you could consider forming a carpool group and splitting parking fees. You might have to wake up a little earlier in the mornings to pick up your passengers, but if you pick up even just two passengers, that's two-thirds of your parking costs reduced, which can be very significant when you park in an area like the CBD.

On top of that, you could also arrange to split petrol price and even ERP costs, saving you even more on a daily basis! Just make sure to agree on the splitting of costs with your group beforehand to avoid any confusion or complications later on. Alternatively, if you can't find colleagues to form a group with, you could try searching for passengers in your area with carpool websites.

4. Take Advantage of Free Parking Promotions

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This tip will be especially helpful for those who have to move to several different places in a day. Some areas in the CBD have promotions where you can park free for about an hour or so. If your job requires you to be constantly on the move, you can park there for the duration of the promotion period while you get your job done, and then move on to the next place.

Some places you can consider are Clarke Quay, or the Singapore Flyer, which offer free lunchtime parking from 12 to 2pm. The important thing is to make sure that you keep strictly within the promotion period—if you overshoot by even a few minutes, you might end up having to pay for the full hour, which will be a real pain in the wallet.

Read more: Free Parking in Singapore (2019 Edition)

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