Generating Annual Income of Around 1 Million KRW by Sharing My Home Parking Lot After Setup

Published 07 May.2020 06:46(KST)

Geumcheon-gu Implements Green Parking and Parking Sharing Project...Tearing Down Confined Home Walls, Creating Free Parking Lots, Flower Beds, and Green Spaces

Before and After Views of the Green Parking Project for Detached Houses in Geumcheon-gu

[Asia Economy Reporter Jongil Park] Geumcheon-gu (Mayor Yuseonghun) is recruiting participants year-round for the ‘Green Parking Project,’ which demolishes fences at houses lacking parking spaces to create free parking lots and flower beds.

The ‘Green Parking Project’ creates parking spaces within residential properties to reduce illegal parking in densely populated residential areas and secure pedestrian pathways, thereby fostering a safe and pleasant living environment.

Since 2004, the district has been promoting the Green Parking Project, creating a total of 1,568 parking spaces to date, effectively saving public parking lot construction budgets and improving residential environments.

The Green Parking Project is open to single-family homes, multi-family, and multi-unit row houses where gates and fences can be demolished to create parking spaces. Upon application, a staff member visits the site to assess the feasibility of creating a parking lot within the property and then finalizes the project eligibility.

If approved, the project supports construction costs of 9 million KRW per parking space, with an additional 1.5 million KRW per extra space, allowing up to 28 million KRW support per household.

Since the district handles all matters related to parking lot design and construction, applicants can conveniently prepare a parking lot at their home. However, the created Green Parking lot must be maintained for five years; otherwise, the project funds will be reclaimed, so applicants should be aware of this condition.

Additionally, the district is also recruiting participants for the ‘Green Parking Sharing Project,’ which allows owners of created Green Parking lots to share parking spaces and earn income.

The ‘Green Parking Sharing Project’ installs Internet of Things (IoT) sensors and closed-circuit television (CCTV) in existing Green Parking lots, enabling users to check available parking spaces in real-time via a mobile app and use them.

To this end, last December, the district signed a business agreement with the private parking sharing company Hancom Mobility to receive support for the necessary systems and equipment for the project.

When a Green Parking lot owner applies to participate, the district installs the required facilities and equipment, and through a contract between the owner and Hancom Mobility, they decide on facility management and parking fee revenue sharing.

Parking lot owners can earn approximately 1 million KRW annually by sharing parking spaces, assuming a usage rate of 1,200 KRW per hour per vacant space, 4 hours per day, and 20 days per month.

After signing the contract and setting time slots for sharing, anyone can reserve and pay for parking via a smartphone mobile app to use the parking lot.

Yuseonghun, Mayor of Geumcheon-gu, said, “Through the Green Parking and parking sharing projects, we expect a triple benefit: resolving parking difficulties in residential areas, allowing parking lot owners to earn income by utilizing vacant times, and enabling users to park conveniently and affordably.”