Brace yourselves for fewer parking spaces

75% minimum adjustment ratio applied.

According to the announcement by the Planning Department, parking standards for private housing now include the assessment of a development’s intensity ratio apart from the development’s flat size and the distance from rail station, Barclays says.

For example, for a private housing development for which 100 parking spaces were previously allowed, an adjustment ratio of 0.75 will be applied if the plot ratio is higher than 8.0. By applying the new standard, only 75 parking spaces will be permitted.

Here’s more from Barclays:

The adjustment ratio is 0.9% for development with plot ratio of 5.0-8.0, 1.0 for plot ratio of 2.0-5.0, 1.1 for plot ratio of 1.0-2.0 and 1.3 for plot ratio below 1.0.

Market participants warn that the new standard is likely to push up the price of car parking spaces.