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International and Stratech Systems team up to combine the
latest carpark management technology and expertise to offer e-Parking
in Singapore and the region
PREMAS International Limited, one of Singapore's largest asset and property management companies has signed a joint venture agreement with Stratech Systems Limited ("Stratech") to form a company that will offer the latest carpark technology sensation, SmartPark™, in a nation-wide network of carparks.
This strategic alliance for carpark management and systems is a great opportunity to bring the carparking industry to a higher plane - making e-Parking a reality. The patent pending SmartPark™ technology is a revolutionary and cost-effective intelligent carpark system which will make parking more convenient and hassle-free for motorists. It uses advanced artificial intelligence and vehicle licence plate recognition to achieve this. SmartParkTM also employs Internet and IT technologies to enable efficient operation and management of carparks, including cashless payment collection and processing. This will be the first time such technology is used on a widespread basis in Singapore and in the region.
The new technology has a lot of advantages for motorists as well as carpark operators. The system will deliver to motorists a convenient and enjoyable parking experience with hands-free access and cashless payment, eliminating the need to collect parking tickets and digging for notes and coins at the payment booth.
Besides cost savings, SmartPark™ provides carpark operators and owners with the flexibility and means to implement innovative approaches to meet carparking needs. For season or pre-paid parking motorists, there is no need for any in-vehicle devices or carpark access cards to be used, or even labels to be displayed when their cars enter or exit carparks managed by the new technology. They simply drive in, park and drive out of the carparks.
Besides being extremely convenient to the motorist, this service approach also results in lower season parking management costs for the carpark operator. With the technology, separate auto-pay machines are optional. For open car parks, motorists using the SmartPark™ management system, no longer need to tear coupons and this will translate into substantive savings in paper, printing and manpower costs. This solution is therefore cost-effective, environmental and user friendly.
The carparking business has traditionally been labour intensive. By harnessing the latest technology, this joint venture company intends to improve operating profits with operational efficiency and reduced manpower. This is achieved through application of a proprietary wide area management system, and lower hardware costs. As a result, the technology opens opportunities to upgrade the skills of the carpark cashiers to e-manage carparks and enrich their professional experience.
The joint venture company intends to expand its market share in the carparking industry with its enhanced combined strengths - Stratech's SmartPark™ technology and PREMAS' management expertise. Real estate and building owners will be able to focus on their core businesses and leave the carpark operations in the capable hands of professionals who have a passion to provide excellent carpark services.