When we talk about real estate, it is much more than just a physical structure. The environment, the community and the feeling that evokes within an individual throughout their stay. In a bustling city, the lives of many are caught in the fast-paced cycle. Therefore, people seek quality of live in convenience. Our government’s motto of ‘Work, Live and Play’ has imprinted itself on integrated developments.
The term integrated development had been loosely used, confusing people with a mixed-used development. A mixed-used development only comprises of a combination of residential and commercial component, without connectivity to a MRT or bus interchange. Whereas an integrated development, comprises of a residential and commercial space component with seamless connectivity to the MRT/Bus stop, its attractiveness lies in the convenience that it provides.
Integrated developments are known to have low supply in the market, roughly there are about close to 20 of them currently. In recent years, we have numerous launches such as Piccaddily Grand, Lentor Modern, Sceneca Residences as well as Reserve Residences. These launches drew big crowds and garnered very positive take-up rates on it’s launch weekend.
Lentor Modern: 84% Sold over launch weekend.
Sceneca Residences: 60% Sold over launch.
Piccadilly Grand: 77% Sold over launch weekend.
Reserve Residences: 71% Sold over launch month.
Due to the low supply of such integrated developments, they have been well-received when one is launched into the market. The idea of a commercial space reflects retail stores, food stores as well as entertainment which creates a lifestyle of convenience with everything within your grasp. We take Watertown in Punggol as an example; it is well connected to the park connector leading to Punggol Safra. The mall below has a 24/7 NTUC as well as 24/7 eateries. With so much convenience in place and nature incorporated in the development, it is truly a lifestyle that buyers are buying into.
Many applauded that having an MRT directly below is more convenient than having to drive back from the city during peak hours, sheltering you from the rain as well as the long wait on the road. As such, buyers are buying into these developments at a premium as they see the potential on exit strategies. Savvy investors buying into these developments understood the rentability that it carries a higher rental as well as higher rental transactions.
If you had a chance to buy into an integrated development, would you?
