Gangnam-gu Expands IoT-Based 'Smart Shared Parking'

Additional 2,679 Parking Spaces Installed by July, Usable via ‘The Gangnam’ and ‘Parking Friends’ Apps

[Asia Economy Reporter Park Jong-il] Gangnam-gu (District Mayor Jung Soon-gyun) will expand the installation of the IoT-based ‘Smart Shared Parking Service’ to prevent illegal parking and alleviate parking difficulties in 2,679 resident-priority parking spaces by July.

The ‘Smart Shared Parking Service’ allows shared use of vacant resident-priority parking spaces through the applications ‘The Gangnam’ and ‘Parking Friends.’ Residents assigned a parking space can register the time their vehicle will be absent on the app, enabling anyone to prepay and use the vacant parking space by the hour.

The parking fee is 900 KRW per 30 minutes. Residents who share their space receive 50% of the parking revenue and also earn bonus points when applying for resident-priority parking space allocation. Interested parties can apply through the Gangnam-gu Urban Management Corporation or Parking Friends.

Meanwhile, Gangnam-gu, which installed sensors on 1,834 parking spaces in Cheongdam, Sinsa, Samsung, and Nonhyeon-dong in the first phase last year, has completed sensor installation on 4,513 spaces (58.6%) excluding 3,187 spaces (41.4%) in front of residents’ homes out of a total of 7,700 resident-priority parking spaces in operation as of the end of last year.

Hwang Gwan-woong, Head of the Parking Management Division, said, “This year, we plan to encourage the opening of private parking lots by expanding incentives for shared parking participants,” adding, “We will take the lead in creating a ‘Refined Gangnam’ where people live together through the activation of shared parking.”