Making parking a cruise

IT’S an all-too familiar story in Malaysia. Urban centres that are choked with vehicles, traffic jams and lots of time spent driving in search of a parking spot, which in turn contributes to further congestion.

It can be quite painful. But not if Times24 Malaysia Sdn Bhd, the country’s largest car park management company, has its way.

Specialising in end-to-end parking management services, the business designs, develops, and manages parking facilities, using advanced technology and data analytics to optimise parking spaces and streamline traffic flow.

“Our objective is to transform underused spaces into valuable assets for property owners while enhancing accessibility and convenience for the public,” says Times24 co-chief executive officer and chief commercial officer Ong Yeong Wee.

Established in 1994, the company works with more than 100 business partners and manages over 160 parking lots across Malaysia.

It is also a member of the Japan-based PARK24 Group, an affiliation which Ong says ensures the business continually upholds the highest industry standards.

“As part of PARK24 Group, we have a wealth of experience and expertise from one of the largest car park management operators in Japan,” he notes.

This knowhow is exemplified in the meticulous and comprehensive approach in transforming a lot into a Times24 parking space.

“It begins with an initial site assessment, including feasibility studies and traffic analysis, to evaluate factors such as location, accessibility, potential traffic flow improvements, and environmental impact,” he says.

Another key step in the early stages is to engage with stakeholders such as developers and landowners to discuss the potential benefits and returns of the proposed parking solution. Following this, a customised parking layout is designed by the team, tailored specifically to the needs of its location.

During construction, top priority is placed on safety and environmental regulations.

“There is also a focus on creating a facility that is both functional and aesthetically pleasing. This phase considers essential aspects like lighting, signage, and accessibility,” Ong adds.

Upon completion of a parking space, Times24 typically takes on the management of the facility. This includes overseeing day-to-day operations, maintenance, and customer service. Management systems implemented include 24/7 customer support, automated access control, and regular maintenance services.

“We also handle all aspects of sales and marketing to maximise the profitability of the parking site.”

The structured nature of the process, he says, allows Times24 to offer a seamless experience for users while maximising yield returns for property owners.

According to Ong, factors such as location, safety, convenience, and cost are of prime importance to consumers and landlords when it comes to choosing parking facilities. “Consumers prefer well-located, secure, and easy-to-access parking with fair pricing. Landlords seek efficient management and potential revenue generation,” he observes.

To address these needs, the business offers facilities that are strategically located with robust security features, competitive pricing and management solutions geared towards heightening user experience and property value.

To meet evolving consumer needs, Times24 embraced the integration of technology.

An increasing number of its parking spaces feature cashless systems and Licence Plate Recognition (LPR) technology, which allow for a smoother parking experience and lessen the need for physical infrastructure like ticket booths and payment machines.

“LPR is gaining popularity in Malaysia, enhancing the efficiency and convenience of parking management. Our survey in Malaysia shows that over 60% of users prefer cashless, with approximately 70% of our car parks already integrating them,” he says.

“This not only reduces resource usage but also contributes to a more efficient and eco-friendly parking experience. Additionally, we support the use of electric vehicles by providing charging stations.”

Successful projects by Times24 include ones at Taman Desa Business Park in Kuala Lumpur, Lebuh Noordin in Penang, and Jalan Jubilee in Ipoh.

“By converting underused areas into state-of-the-art parking facilities, we have significantly alleviated traffic congestion and provided convenient parking solutions for local businesses and residents.”

Citing the increasing rate of vehicle ownership, demographic expansion in urban areas, and the rise in commercial and residential developments, Ong says the market for parking areas in Malaysia is poised for significant growth in the next three to five years.

“The availability of approximately 20% unused land in regions like the Klang Valley presents an opportunity for the development of new parking facilities.”

To strengthen its position as a leading parking management provider, Times24 is now focused on increasing its presence in key urban areas through new parking sites.

“The number of managed lots is continually expanding as we identify new opportunities,” Ong further adds.

“We aim to leverage our experience and market knowledge to target high-demand locations, ensuring convenient and accessible parking solutions for our customers.”

“We are also committed to developing and deploying innovative parking management technologies.

“Our sustainability initiatives are a key focus area, as we aim to enhance eco-friendly practices within our facilities.”