Singapore -- (SBWIRE) -- 04/25/2013 -- According to the Far East Organisation’s chief operating officer for property sales, mixed-use developments integrating residential and commercial units have become an attractive proposition for homebuyers, notably couples and young professionals.
If recent indications are anything to go by, mixed developments seem to be gaining popularity amongst investors in Singapore. Projects such as Watertown in Punggol and Greenwich in Seletar have all seen substantial transactions. According to PropertyGuru, the homes at the Hillier, a 528 units mixed development which comprises two towers of SOHO apartments and an adjoining two-storey retail podium, have seen extremely brisk sales (close to 100% sold).
Why are mixed developments popular? Condolaunchguru explores some of the reasons.
Mixed developments are perfect for buyers who seek convenience above all. These buyers are often young couples and professionals who prefer a place that encompasses work, live and play spaces as this resonates with their desired lifestyles. With these amenities located right at their doorstep, residents will no longer have to go to far places to do their shopping or buy their groceries.
Mixed developments also possess a better potential for capital appreciation. The high human traffic attracted to the mixed development due to the presence of retail outlets will surely increase the market value of the property. Indeed, such developments will appeal greatly to people who prefer to stay outside the city centre, but still want to remain close to retail amenities as well as major transportation networks.
Following the immense success of Hillier, Watertown and Greenwich, developers have rolled out some more promising mixed developments such as NeWest at West Coast, The Midtown (aka Midtown Residences) at Hougang and Novena Regency.
One notable project that is generating a lot of hype is NeWest at West Coast. Conveniently located at the junction of West Coast Drive, NeWest is a prominent landmark that will not be missed. The location of West Coast is a rare gem for investors as it is the area of major educational institutes and business parks. This promises a great potential for capital and rental appreciation. The development also promises an excellent range of amenities with 65 retail shops, 44 restaurants, 31 food kiosks and 1 supermarket. NeWest is also very well connected by major expressways such as AYE and West Coast Highway, which links commuters to the CBD in just a few minutes.
Another question that investors often ask is if mixed developments will phase out after a period of time. Condolaunchguru believes that with the increasing demand for convenience as well as the shortage of land supply in Singapore, it seems like the integration of commercial and residential components is here to stay.
Janice is the author of CondoLaunchGuru . To find out more about NeWest , be sure to visit the website.
Name: Janice Kong
Company: District65 Pte Ltd
53 Mohamed Sultan Road, #04-00,