Homebuyers in Singapore always want a place that is close to amenities. Whether it be an eatery or mall, residents need quick access and easy transportation so they can spend more time at home! Mixed-use developments offer these features perfectly because you get both residential space and commercial space.
The idea of living in a condo and having easy access to all these great restaurants, shops, or other attractions is really appealing. You don’t have a far walk from your home you can be right next door!
As the population of this community increases, so does its vitality. The bustling atmosphere and active lifestyle are more than just living above a shopping mall; it’s an exciting environment for residents!
What does Mixed-Use Development mean?
Mixed-use developments are great for those who want the best of both worlds. The first floors typically contain commercial spaces, while residential units sit on top and provide an added incentive to shoppers that need their convenience with easy access right from home or work!
Mixed-use developments are a great way to utilize land that would otherwise be unoccupied. To do this though, developers need to take care and make sure they dedicate at least 40% towards commercial uses while not exceeding 60%.
Developers are utilizing the great opportunity of building Mixed-Use Developments that allow for residential as well commercial use. This can help generate revenue so your development isn’t dependent on just one type!
The Contrast between Mixed-Use Development & Integrated Developments
The other type of residential hybrid development is integrated development. They also offer convenience and accessibility to residents.
With Integrated Developments, you can have all your needs met in one place! These developments include MRT stations and bus stops as well. Not only do they provide convenience by not having to figure out how much time it’ll take for each individual service/functionality but also offer greater flexibility with regards to what type of lifestyle suits you best.
Integration of transport facilities is a huge benefit for those who want to buy property in the area. Buyers are often looking at projects that have easy access and good public transportation, so they will go with an integrated development instead!
Mixed-use developments and integrated developments are both great for providing a variety of amenities in one location! They generally offer similar advantages but may have some disadvantages too.
The Advantages & Disadvantages of Mixed-Use Developments
- Convenience – There is no need to spend hours on end taking public transport just so you can get from point A to B. If your new home has easy access and visibility, it’ll be easier for people in the area around that block as well!
- Dynamism – The retail infrastructure of the city is often a hot spot for businesses and non-residents to hang out in. This can contribute towards an exciting atmosphere that will keep you coming back again!
- Strong Property Value & Rental Yield – Hybrids offer you the best of both worlds – an investment opportunity in real estate that is still stable, even during times where other investments might be declining. You won’t have to worry about losing money on your home because it isn’t as susceptible or hardest hit by changes within the economy!
- Crowds – Living near a major traffic hub can be very inconvenient especially if your home falls within earshot of MRT stations or bus interchange locations. The noises from these areas may also make it hard. The crowd at commercial spaces downstairs is another huge disadvantage.
- Parking –Homeowners who own more than one car may face some problems when it comes to parking. Mixed-use and integrated developments that are located in city cores or on fringes might not provide as many spaces for residents, which could be an issue if you have a vehicle and need spots!
5 Mixed-Use Developments in Singapore
Below are five examples of mixed-use developments in Singapore that you should consider if your dream is to live above a shopping mall.
With a quick walk or cycle to work, this mixed-use development is perfect for those who want the excitement of city life without all that pesky pollution.
Midtown Bay is an exciting development that’s located in the heart of Singapore. The 219 units are spread across 33 floors, with about half being one-bedroom apartments perfect for young professionals working near Raffles Place who want to live close by and enjoy easy access via transport or bicycles! The rest of the development space comprises office space and shops.
The condo complex, Le Quest has obtained its TOP. It’s located on top of the mall and houses a big Koufu food court making it very convenient for residents who live there!
This is a 99-year leasehold property located at Bukit Batok West Avenue 6. With an available price range of $680,000 – $1.6 million depending on whether or not you’re willing to wait until 2027 when Tengah Park MRT station opens nearby! It’ll be just steps away from new developments and other great amenities that are coming soon.
The Tedge development is set to TOP this year, in 2022. Located on Changi Road and a seven-minute walk from Kembangan MRT station with its convenient transportation links – it’s sure not hard for you to find an option if your travel needs arise!
Tedge is a great way to own your very own freehold property in an appealing neighborhood. The prices start at $1,147 500 for the smallest unit and go up from there.
Avenue South Residence
This brand new residential project is located just outside of Outram MRT station and consists entirely of high-end suites. The luxurious amenities are sure to meet even your most demanding needs!
The project consists of two 56 story apartment blocks and five four-story residential units that can also contain shops, childcare facilities for residents who want convenience on site. The expected TOP is 2023!
The luxurious new apartments provide their residents with an unblocked view of Singapore’s skyline and sea. The function rooms have panoramic city views, a piano room & KTV lounges as well spa treatments available on site! These luxury units are priced at $781,000 – $2,707,000.
The luxurious Piccadilly Grand will be a new mixed-development that is set to launch this April 2022.
One of the most sought-after condominiums in this city, Piccadilly Grand has been compared to luxury hotels for its high-end living accommodations. With three towers each 23 stories high and 407 apartments available; some ranging from one-bedroom flats all way up past five bedrooms – there really is something here perfect just waiting on your needs!
Located on the first floor is Piccadilly Galleria, which has a variety of shops and restaurants. There’s also a childcare center up top so it makes this place perfect for working parents!
Mixed-use developments are the future of Singapore! As more high-quality projects come onto this trend, there is no doubt that it will continue. We hope you have learned about mixed-use development after reading our article. Read more on properties in Singapore and upcoming launches (such as Piccadilly Grand) with us here on Betterhome!