Mass market appeal of mega condominium developments

The next half of 2019 may welcome up to 50 new project launches.

How will they match up against one another and will the mass market mega condominiums have an advantage over smaller boutique developments?

Collective sales from previous years driving upcoming launches

Many of the upcoming launches are the products of the collective sale fever the market experienced in the past few years.

Some of these sites acquired by developers are of considerable sizes and hence some mega condominiums could be expected to result from them. Mega properties are typically those with over 1,000 units for sale.

While many are hesitant about buying into the mass market suburban non-landed residential property segment due to reasons such as longer waiting periods, congestion and lack of privacy, these large-scale projects do also provide some pros.

These mega developments often come with a wider range of them to cater to the needs of the residents.

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Lap Pool, The Florence Residences Condo.

Take The Florence Residences and Treasure at Tampines for example, where both projects have 128 facilities each.

Some developments also come with expansive landscaping to create a desired ambience or amenities to suit specific lifestyle concepts.

Economies of scale apply to maintenance fees

Some of these larger projects do provide buyers and investors with competitive pricing and cost savings.

At Treasure at Tampines for example, the sheer size of the project allowed for lower maintenance fees of approximately $150 per month for a 1-bedder unit to $180 and $240 per month for a 3-bedder and 5-bedder unit respectively.

That said, location and accessibility are still large factors governing buyers’ decisions. Besides mega condominiums such as The Florence Residences, Treasure and Tampines, Stirling Residences, Affinity at Serangoon and Riverfront Residences, buyers can also look forward to the launches of Avenue South Residences and Parc Clematis.

An up-and-coming trend is communal living and at Parc Clematis, this may be possible with units offering residents amenities that cater to multi-generation living.

Co-living facilities such as shared kitchens or self-service washing machines may be made available, in addition to efficient usage of space through clever designs.

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