| IN this new condominium, it actually pays to give up one of the five Cs - a car. Homeowners who don't drive and are willing to forego their parking right will be paid more than $100 every month - plus dividends that could push the total cash back to over $230 a month. The reason - the condo's management intends to make money by allowing shoppers at an adjacent shopping mall to park in these vacant lots. The management council (MC) of the new development in Jurong, The Centris, will reimburse 'non-parking' residents $3.50 a day. The money can be used to pay off their monthly maintenance fee.  | | Profit at home: Owners of units at The Centris can opt to let shoppers going to the Jurong point Mall next door park in their car space and share in the revenue it generates. | The parking rebate works out to about $105 a month ($3.50 x 30 days). That's not all - there's also an annual 'dividend' which ranges from $1,500 to $2,000 for these residents if the MC achieves a revenue surplus from carparking fees. Conservatively speaking, this works out to another $125 per month ($1,500 over 12 months). That means residents who don't drive stand to receive more than $230 a month. This development, a joint venture between Guthrie GTS and Lee Kim Tah Holdings, could be the first in Singapore to offer this unique proposition. The new condo, which will be ready in 2009, will sit above a retail podium which is an extension to the existing Jurong Point Mall next door. Due to its proximity, its basement carpark can be opened up to shoppers at Jurong Point to generate revenue. Since the condo is just five minutes walk away from Boon Lay MRT station and a new air-conditioned bus interchange will be built next to the retail podium, some owners are likely to give up driving. These residents may end up not paying any maintenance fees. The estimated maintenance fee for a typical 2-bedroom unit in the complex is about $196. Assuming the family doesn't own a car, they could stand to receive a total of $230 every month ($105 + $125 dividend) - which more than covers the maintenance fee. This 99-year leasehold project was launched last week. Guthrie's executive director Michael Leong explained that it's a matter of equity: If a family doesn't own a car nor use the parking lot, it is effectively subsidising those who own cars, since they pay the same maintenance fees. 'We want to return some money to the purchasers and help defray their maintenance fees. If their parking lots can make money, they'll get dividends too,' he added. The new retail and residential development will have about 1,000 carpark lots in total, with about 600 for residents and 400 for commercial and retail users. There are 610-units in the development. Mr Leong estimated that about half of the homeowners will take advantage of the scheme because the project is located so close to a transport hub. But as the offer will come into effect only when the project is completed in three years' time, it's too early for buyers to decide whether or not they'll take up the offer, said Mr Leong. About 80 per cent of the 200 units launched have been sold so far. Average prices range from $500 to $550 psf. But one thing for certain - the scheme is an innovative way to maximise space, said Assistant Professor Muhammad Faishal of NUS' Department of Real Estate. In a city-state like Singapore with a good transport system, this idea could take off and be adopted by other integrated developments in the future, he added. 'But for such an idea to be successful, accessibility must be there first. If you just have a bus-stop, the degree of accessibility could be limited. But if it's near an MRT station, this scheme might be more successful,' said Dr Faishal of future projects. The other factor is that the development must be linked to a development that needs carparks, such as commercial and retail buildings. But the other thing to note, he added, was that such a scheme could encourage some people to give up their cars. He added: 'If the development is linked to a busy shopping mall and the residents and shoppers share the same parking entrance, it can be a stressful environment. 'This scheme will encourage some residents to take public transport instead.' For administrator Caroline Wee, the option of generating revenue from a private parking lot is attractive. The 42-year-old was at The Centris' showroom with her family last week. The family hasn't decided whether to buy a unit there. She said: 'It's an interesting offer. We do own a car now, which is very convenient. 'But if our project is located at the cross-roads of a good transport system with a shopping mall nearby, the reasons for giving up the car become greater.' | 
