Sunday, April 7, 2013

Thinking about buying into a mixed-use property? More launches soon!


It was reported in our de facto English newspaper today that several upcoming property launches will feature mixed developments rather than being purely residential - a sign of changing lifestyles.

Younger people now want homes near shops, and developers are responding, say real estate agents.

This could mark a shift from the first three months of the year, when purely residential projects drew a strong response when they were launched.

Analysts say nearly 2,000 private homes could have been sold last month alone, with healthy sales chalked up at projects in suburban areas such as D'Nest in Pasir Ris.

In recent weeks, agents have been busy garnering interest for the next round of projects.

One upcoming mix-use project, The Midtown and Midtown Residences in Hougang, is expected to launch tomorrow.

Sitting on a 57,000sqft site where Hougang Plaza used to be, the 99-year leasehold development has 160 residential units and 107 commercial units.

The commercial units include duplex restaurants, shops and a supermarket. It is expected to be completed by 2017.

Another mixed-use project expected to launch in the middle of this month is NeWest on West Coast Drive, where Hong Leong Garden Shopping Centre used to be.

The 12-storey residential and commercial development is on a 999-year lease. An Oxley Holding-led consortium bought the site for $171.1 million in September 2011.

Freehold mixed development Novena Regency, on the old Novena Ville site, is also expected to launch before the end of June. The project has 55 residential units and 45 commercial units.

Being in the Novena area, which is fast becoming a medical hub, Novena Regency prices are expected to be in the $2,000psf range.

According to the chief executive of PropNex, there is a greater demand for mixed-use developments among younger home buyers seeking the convenience of nearby shops. Such developments have become more popular compared with 20 years ago, when they were considered less exclusive and more congested.

Another mixed-use site on Yishun Ave 9 could be launched within the next few months as well.

The hotly contested 99-year leasehold site attracted 13 bids from developers before its tender closed in January. It was won by Chip Eng Seng's CEL Property with a top bid of $212.1 million.

These mix-development launches come on the heels of the successful launch of The Hillier, a 528-unit small office, home office development on Hillview Avenue, which comes with a two-storey mall called HillV2.

It launched in January last year, and all the residential units were sold by the end of January this year.

Our "2 Cents" For those who are thinking about buying into a mix-use project and expecting the convenience of shops and amenities within the development, you may want to review the project carefully before splashing out the cash. While developments such as The Hillier may turn out to be a winner, other mix-use projects in suburban areas with strata-titled shops may end up very wrong. Just ask the folks who are living at Thomson V, for example.

 
 
 
 

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