Mixed-use or integrated properties that incorporate residential and commercial uses in a single entity are growing in popularity.
Price premiums for integrated properties can be up to 19%
Home buyers are picking up on the benefits of integrated properties and liking them so many premiums for the residential units at these developments have risen to as much as 19%.
Integrated or mixed-use developments are projects which consist of private homes and shopping malls with at least 100,000 sq ft of leasable area, direct MRT access and sometimes even direct links to a bus interchange.
Developers who have kept the residential area exclusive to the otherwise busy retail and commercial parts of the project have fared better. Keeping the retail sections separate also aids in the planning for increased footfall and population catchment.
The highest price premium (during the year it was launched) of 19% belongs to Watertown in Punggol.
Some of the other integrated properties that are doing well in the market include Park Place Residences with a 18% price premium, and Wallich Residences, Bedok Residences, The Orchard Residences, Hillion Residences and North Park Residences with price premiums of 13%, 11%, 10%, 8% and 7% respectively.
All the numbers were calculated according to the prices recorded during the year of the properties’ launches.
The rarity of mixed-use projects could also account for rising demand
The convenience of having retail shops, dining and entertainment options just an elevator ride down, access to the MRT station and buses a few steps away all add to the demand for integrated property units.
Resale prices at Bedok Residences and The Orchard Residences have also maintained above-median levels. At Bedok Residences, for example, the median resale price is $1,447 psf, above the $1,089 psf for leasehold properties in the vicinity.
Buyers can look forward to a few new integrated properties in the pipeline – Woodleigh Residences in Bidadari Park Drive, and possibly another 2 such properties in Sengkang Central and Pasir Ris Central.
Woodleigh Residences will boast a 28,000 sq m mall and is linked to Alkaff Lake and Heritage Walk, the Woodleigh Village hawker centre, Woodleigh MRT station and also Singapore’s first air-conditioned underground bus interchange.