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ParkIt

Mobility

Cover Story

About

The city center of Kuala Lumpur is the hub of businesses that offers the most job opportunities. However, if you have to drive to work and your workplace doesn’t provide you with a designated parking spot, you will have to fight for parking space which can also cost a bomb—easily up to RM24 per day.

Knowing that finding parking especially in the city center can be a huge pain point, Kyan Liew set out to make a change in the industry. Seeing the dire state of parking in SS15 reminded him of parking rentals available back in London, and he set about looking for a similar solution to be localised in Malaysia.

He finds it doesn’t make sense to spend millions to build multi-level car parks while leaving so many residential car parks under-utilised.

Taking inspiration from sharing communities that have popped up recently such as co-working spaces, Kyan wants to make parking spaces accessible to those who need them via the sharing economy business model.

Thus, in August 2016, he rented out his first parking space at KL Sentral where he worked at PricewaterhouseCoopers to validate the parking rental concept. After it proved a success, Kyan established ParkIt in December 2016.

ParkIt is a peer-to-peer car park sharing platform where anyone with a vacant parking space is able to rent it to drivers who are in need of those parking spaces.

Kyan’s past experience as a Management Consultant in PwC has provided him with many of the skills necessary to build and operate ParkIt. He is supported by two other co-founders.

ParkIt is designated for people ranging from homeowners, tenants, and developers in both residential and commercial buildings to earn extra money by renting out their vacant parking space.

At the same time, those who work within the vicinity and are tired of paying the expensive daily parking rates and wasting time finding parking space every morning can rent a parking space using ParkIt.

The ParkIt team is targeting anybody who has a vacant parking space in an area that is commercially thriving, such as places like KL Sentral, KLCC, Pusat Bandar Damansara, Bangsar, TTDI, Damansara Heights, and more. Kyan added, “These are most often than not, homeowners of condominiums within the vicinity.”

As Malaysians, price plays an important factor in our daily lives, which is why the price of parking also matters. ParkIt team understands the importance of it and tries to keep their prices as competitive as possible compared to the seasonal parking rentals offered by traditional vendors.

The prices on the platform range from RM150 for areas with lower demand up to RM350 in areas with high demand. However, the asking price is usually determined by property owners, while ParkIt team will try their best to advise the best price taking into account market rates, supply and demand economics, and commercial car park prices.

Besides enjoying the competitive price, ParkIt users will also have the convenience of having their own personal reserved parking space, as opposed to a floating one provided in parking areas.

In the future, Kyan would be looking to expand their services beyond Klang Valley and even beyond Malaysia as they have recognised multiple areas throughout the country and abroad that would benefit from the service offered by ParkIt.

ParkIt has joined ZOM-IN.com to collaborate in efforts to empower aspiring youths. Join us now at www.zom-in.com to participate in exciting events coming soon!

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