Monday, April 08, 2019
Mixed-used development can be defined as a type of urban housing that combines residential and commercial spaces in one. There are certainly other services that can also be integrated into the development. These commonly include industrial, cultural and institutional trades. Mixed developments can be a single building, city block or complex of buildings that make a part of a community.
Most of the residential units plus shopping mall is the most common type of mixed development in Singapore. In general, the shopping mall is located on the first few floors while above are the residential units. There are certainly mixed developments that have integrated hotel rooms inside the building.
The demand for homes and amenities is rising in Singapore. Mixed developments have become a benefit in the past few years. Along with people, developers and the Government stand benefit by leveraging on these mixed developments.
Mixed Developments in Singapore is going mainstream. Currently, it is the smartest option in accommodating a lot of people and their needs. Mixed developments are really the long-term choice for many.
However, mixed developments do come with their pros and cons.
One of the good things of living in a mixed development with a shopping mall is that you rarely have to travel far from the comforts of your home in order to do some retail or grocery shopping. In case you drive, you might just get to save money and time on fuel and parking.
The convenience provided by mixed developments is unparalleled since you have everything you need right within reach. Thus, you don’t have to travel far from home just to fetch regular necessities.
If you bring retail therapy close to home, it has certain advantages such as:
Most of the mixed residential developments fetch a high price, in terms of rental amount. Thus, such developments are highly desirable due to the added benefits of a mall. The investment is well worth!
A good neighborhood
There was a time when a mixed development was nothing but a quiet neighborhood. However, in the present times, it is sure to increase the prominence of that neighborhood. Most of the amenities attract buyers and more of it. It has many well-known retail clothing outlets and restaurants. These are sure to drive up the value of the district. This is sure to attract highly affluent people to the area.
You need not to spend a lot of money on fuel. You also need not hunt for parking spaces. In case you are one of those who takes public transport, you can benefit from having shops and grocery stores in your development grounds. Surely, you can save a good deal of transport money.
Getting Passive Income
Most of the properties close to MRT stations fetch higher rental income. However, this might not be the case. The other benefit of having a mall just below your unit can fetch high rental income. This is why most of the mixed developments are attractive to tenants. Also, these provide convenience and accessibility to a great extent. Additionally, since there are office spaces and employees within the development, people can enjoy unlimited supply of possible tenants.
Heightening Location Value
People often think that most of the mixed-used developments are only for affluent people. Since most of them are priced extremely high, a low income Singaporean will never be able to afford. This is a major factor why the intrinsic value of the district or location increases. Since many high-earners flock the area, it heightens the reputation of the district. If you lure in more rich spenders, it makes the area a highly desirable location.
This is probably the worst thing about living in a mixed development. Many mixed developments are the cause for overcrowding. Since many mixed developments are cropping up, it is expected that the shopping malls will become a beacon for everyone in the area.
When you have a good number of shops, bars and pubs in the vicinity, there is a likelihood for high human traffic. However, the level of noise can get pretty unmanageable.
Too much costs
When it comes to a mixed development, you will have to be ready for paying the high costs. These developments come with convenient amenities. However, most of the medium-waged earners cannot afford such developments in Singapore.
It is quite evident that high-income earners can afford these residential units. Thus, they are likely to drive up prices of shops and restaurants in the development. This usually works against medium-income to low-income earners. This pretty much leads to an unbalanced population model in the country, from an overall perspective.
However, most of the cons can be overlooked. Noise is a by-product of overcrowding, in usual. So, it can be subconsciously tolerated. The price tag will affect those who cannot afford it. This clearly means little as these developments are sought out by the elite class of people.
It cannot be denied that Singapore is an overcrowded country. Since the economy is growing, with people coming in from all parts of the world, it is expected that more mixed-used properties will be developed. You must consider the many benefits of mixed developments, before making a deal! Consider the drawbacks as well.
Amongst the benefits, convenience and accessibility top the list. These are considered to be the major drivers behind the popularity of mixed-use developments.