Credit: Propnex Research
Convenience is important to many in a fast-paced Singapore. In fact, most people prioritize convenience in their house hunting criteria checklist. While online grocery shopping and food ordering provided great convenience, nothing beats heading downstairs to get food as and when you like.
In the effort to create a space where one can live, work, eat and play in the same area, more and more mixed-development site are up for Government Land Sales (GLS) Program.
So what exactly is Mixed-Use Development?
Well, Mixed-Use Developments are a residential-commercial hybrid. The lower floor of the development are dedicated to shopping facilities, and residential floors are built on top of that.
Mixed-Use Developments can only be built on land designated by URA for both commercial and residential use. In such cases, developers must ensure that at least 40% of the gross floor area (GFA) is dedicated to commercial use, while no more than 60% can be allocated to residential use.
How is Mixed-Use Development different from Integrated Development?
Integrated Development is just like Mixed-Use Development, but it has an added benefit of having a transport hub (Bus Interchange, MRT Station) located within or next to the development.
Although Mixed-Use Development doesn't have the transport network integrated, it is still highly sought after by many, because you have the ease and convenience of dining, retail and entertainment in one place.
Should you buy a Mixed-Use Development?
Pros
Convenience – Biggest advantage is the proximity to shopping and, in the case of integrated developments, transport infrastructure. Commuting time to and from shopping malls and transport interchange is significantly reduced.
Lively – Retail infrastructure attracts non-residents to the area, and can contribute to a robust atmosphere.
Resilient property value and rental yield – Hybrid developments tend to enjoy high demand due to the greater convenience it offer, and their prices tend to be less affected in a market downturn. This make them a good choice for investors who wish to rent out or sell the property at a later date.
Cons
Crowds and congestion – The human and road traffic around a Mixed-Use or Integrated Development can be a disadvantage for those who are looking for a quieter living environment. Drivers might need to deal with heavy congestion when returning home during peak hours. In most development there are dedicated parking space for residents.
Parking Lots – Some mixed-use and integrated developments in the Core Central Region and Rest of Central Region, may allocate fewer parking lots to residents. For owners with more than 1 car, this could be a potential issue.
So if you are looking for Mixed-Use Development, keep a look for the upcoming new launch in 2H2022:
Jalan Anak Bukit
This new mixed commercial and residential development is expected to house up to 700 residential units and 150 service apartment, up to 36 storey high. This new condo at Jalan Anak Bukit includes approximately 20,000sqm of retail, food and beverage and office space in a podium
4mins walk to Beauty World MRT Station
6mins walk to Bukit Timah Market & Food Centre
3mins walk to Beauty World Plaza & Bukit Timah Shopping Centre
6mins walk to Pei Hwa Presbyterian Primary School
Lentor Modern
Integrated with the new Lentor MRT station, Lentor Modern will be a mixed used development comprising of three 25-storey towers with around 605 residential units. Lentor Modern will feature a double-volume sky terrace in each tower. The ground floor will offer commercial, F&B and retail spaces.
Residents of Lentor Modern and the neighborhood can look forward to the convenience of having a wide range of F&B and retail options at their doorstep, including a supermarket and childcare facilities.
3 towers of 25 storey with 605 units residential units from 1bedroom to 4 bedroom
Close connectivity to Thomson Nature Park, Reservoir, Country Club and Seletar Aerospace Park
96,000sqft of commercial space including 12,000sqft of supermarket and 10,000sqft of childcare centre
Sceneca Residence
Sceneca Residence is a 99 years leasehold upcoming condo launch development that is right in front of Tanah Merah MRT station in District 16. This Mixed-Use Development has a commercial space of about 21,528sqft on the ground floor, and about 265 residential units on the upper floors.
1 station to Changi Business Park, 2 stations to Airport and 2 stations to Tampines Central.
Close proximity to schools like Red Swastika School, St Anthony's Canossian and Bedok Green Primary
Within 1km to Tampines Round Market and Simpang Bedok Food Center,
Now if you are interested in Mixed-Use Development, let's have a quick chat. I will share with you a more in-depth look at these new launch, it's potential future resale value and rental yield.
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