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BENEFITS OF MIXED DEVELOPMENTS IN SINGAPORE

Live, Work and Play – the philosophy that everyone in the world tries to attain. The ability to concentrate at work, the convenience of going home, and the availability of various recreational activities all within easy access. Who wouldn’t want this kind of lifestyle? In a busy country like Singapore, where the economy and global population has always been on the upside, it is not impossible to experience this ambitious way of living. With the rise of mixed development properties, the “live, work, play” philosophy is now made imaginable.

In a land-scarce country, addressing the concerns of creating residential properties while mixing urban livability has always been a major problem. Being able to offer homes and amenities all at the same time is not easy, but possible. With mixed development properties, residents can enjoy the convenience of having commercial spaces right where they live. From supermarket, grocery store, restaurants, pubs, retail shops, beauty salons, clothing stores and cinemas – you literally have a mall just below your unit.

Mixed-used development is a type of urban housing that combines residential and commercial spaces in one. Other services can likewise be integrated into the development such as industrial, cultural and institutional trades. Mixed developments can be a single building, city block or complex of buildings that forms a community.

Residential units plus shopping mall is the most common type of mixed development in Singapore. Usually, the shopping mall is located on the first few floors while above are the residential units. There are also mixed developments with integrated hotel rooms inside the building.

5 Benefits of Mixed Developments Singapore

Utmost convenience and accessibility are not the only advantages of mixed developments. It’s more than just a residential unit and shopping mall combined as one. While most people see mixed developments as something risky for their private life, there’s more to these properties than privacy issues. Check out their advantages below.

1. Unparalleled Convenience

Convenience at its finest is the ultimate advantage of mixed development properties. With everything you need right within reach, you don’t have to travel far from home just to fetch daily necessities. From doing your grocery to obtaining basic supplies, you can even buy a brand new shoes or shirt just by going down on your unit. Bringing retail therapy close to home has many advantages such as:

• You don’t have to strain your arms travelling with huge grocery bags on your hand.
• Restaurants and food shops within the building provides an easy access to sumptuous meals.
• Driving away from home just to visit shopping malls is virtually not needed.
• You don’t have to rush from home just to catch your favorite movie.
• You can even find a work right inside the building saving you tons of precious time and money.
• With different recreational activities within reach, it’s impossible to have a dull moment.

2. Saving Costs

There are many advantages of mixed developments, to one of which is that your expenditures will be greatly minimized. The cost of fuel is on all-time high, and by reducing the need to travel, it allows you to save a huge amount of sum. Also, you don’t have to pay parking fees and take public transport just to buy a bag of chips or frozen meats. Right within your development grounds are various stores to cater all your needs. Less travel definitely means less spending.

3. Higher Chances of Passive Income

They say that properties close to MRT stations always fetch higher rental income, but this isn’t always the case. The added benefit of having a mall just below your unit can likewise fetch high rental income. Mixed developments are attractive to tenants because of the convenience and accessibility it brings. Tenants are willing to shell out more provided that they have everything they need in just one roof. Additionally, since there are office spaces and employees within the development, it equates to unlimited supply of possible tenants.

4. Increasing Location Value

There is a common notion that mixed-used developments are only for affluent people. Why? Because most of them are priced so high that a low income Singaporean won’t be able to afford. While this might be true in some forms, it plays a huge role on increasing the intrinsic value of the district or location. With affluent people flocking the area, it significantly intensifies the reputation of the district. Attracting more wealthy spenders, it makes the area a highly “desirable” location.

5. Flexible Investment

Last but definitely not the least benefits of mixed developments Singapore is its flexibility to hold your investmentdepending on your desires. If you decide to let go of your unit, listing it on the open market is a great option. Keep in mind that a well-designed mixed-used development sitting on a great location can draw hundreds of potential buyers. Furthermore, you could sell your unit to foreigners since most of them are attracted on convenient city living. On the other hand, if you don’t want to let go of your property, there’s always a possibility of renting it out to gain valuable income.

Caveat Emptor

Behind the many benefits of mixed developments Singapore are disadvantages that buyers should be aware of. Not everything about mixed developments are wonderfully great, there are drawbacks that you need to consider such as:

• Overcrowding and high-density living
• Industrial noise from shops, pubs and restaurants
• Privacy issues with people loitering around your home
• More expensive than regular condominiums
• Possibility of parking shortage as shoppers get prioritized

Final thoughts…

We can’t deny the fact that Singapore is indeed an overcrowded country. And as the economy grows, with people coming in from all parts of the world, expect to see more mixed-used properties being developed from time to time. Before handling over that cash, consider the many benefits of mixed developments Singapore but don’t forget to ponder on its drawbacks.

The addition of having utmost convenience and accessibility to everything are the driving factors of mixed-used properties. These reasons and more makes them uniquely wonderful and practically stellar.

SENGKANG OVERVIEW

Sengkang is a sub-urban town in the north-eastern part of Singapore. The town is bounded by the Tampines Expressway (TPE) to the north, Sungei Serangoon (Serangoon River) to the east, Buangkok Drive to the south and Jalan Kayu to the west. Sungei Punggol (Punggol River) cuts through the new town, and divides the town into Sengkang East and Sengkang West.

A new industrial area, 'Sengkang West Industrial Area', is to be built to the west of Jalan Kayu in the near future, bounded by a road which is estimated to be completed this year. The new road, Sengkang West Road, begins where Yio Chu Kang Road and Jalan Kayu intersect, passes through the Fernvale neighbourhood, cuts through TPE across the proposed Seletar Aerospace Flyover and links to the future upgraded Seletar Aerospace Park.

Sengkang is well connected to other parts of the island with the North East MRT Line (NEL) at Sengkang MRT Station and Sengkang LRT that have direct access to Sengkang Bus Interchange which provide residents with convenient public transport.

• 1 MRT stop to Punggol Town Centre- Upcoming S$1 Billion Mega Mall cum residential/ Horse Riding
• 2 MRT stop to Hougang Mall and Bus interchange
• 3 MRT stops to Heartland Mall and Bus Interchange, Kovan Market and Food centre
• 4 MRT stops to Serangoon MRT Interchange which serves Circle Line, Bus interchange, NEX mega mall
• For vehicle owners, it will take less than 30 minutes drive to Tampines Regional Centre, Changi Business Park, Changi Airport and vibrant Orchard Road shopping district. Island wide connectivity via Tampines Expressway TPE, CTE, and SLE.

• The completion of Sengkang West Road to ease the traffic to Seletar Aerospace Park and Sengkang West Industrial Estate
• Widening and expansion of CTE/ SLE/ TPE/KPE, between Jalan Kayu flyover and Punggol West Flyover and construction of road between TPE and Yishun Ave 6

• Sengkang Sports and Recreation Centre- Sitted on a 4 hectares of land besides Sungei Punggol and houses a community club and features sports facilities including 4 swimming pools
• Sengkang Riverside Park- The park has unique water features , a constructed wetland that collects and filters rain waters naturally through its aquatic plants. The wetland doubles as a wildlife habitat and attracts many mangrove birds nto the park such as purple heron, collared kingfisher and little tern.
• Sengkang Sculpture Park- For leisure in the park and sculptural playground.
• Sengkang Hockey Stadium- State of art hockey pitches. Held 2010 Youth Olympics Games.
• Enjoy jogging, cycling via the scenic North Eastern Riverine Loop
• Marina Country Club
• Seletar Country Club

• Sengkang General Hospital by 2020
• Seletar Aerospace Park
• Sengkang West Industrial Park

ENHANCED CONNECTIVITY

TOP BIDDER CAPITALAND-CDL JOINT VENTURE FOR GLS MIXED DEVELOPMENT LAND SITE SENGKANG CENTRAL BUANGKOK MRT

FOR the first time in about a decade, property heavyweights CapitaLand and City Developments are teaming up for a project in Singapore.

The duo have just clinched a plum 3.7-hectare commercial and residential site at Sengkang Central, next to Buangkok MRT Station under a dual-envelope (price and concept) state tender. The site can yield a maximum gross floor area of 842,124 sq ft.

Their winning bid of S$777.78 million  works out to S$923.59 per square foot per plot ratio (psf ppr) for the 99-year leasehold site along Sengkang Central.

The CapitaLand and CDL joint venture will be subject to the previous additional buyer's stamp duty (ABSD) rules for this site- since the tender closed before July 5, when the latest cooling measures were announced. (The measures had spelt out more punitive ABSD rules starting July 6.)

In a joint release on Thursday evening, CapitaLand and CDL said their joint venture will transform the Sengkang Central site - the largest commercial and residential site awarded since 2015 - into an integrated community hub with 682 residential apartments, meeting the needs of residents in Buangkok with amenities such as a hawker centre, community club, childcare centre, retail shops, as well as public rail and bus transport facilities sited in a one-stop location.

The integrated development is targeted for completion in the first half of 2022, they added.

The winning bid was the highest of the four shortlisted tenderers for the dual-envelope tender, said the Urban Redevelopment Authority (URA), which awarded the site on Thursday.

The other three shortlisted bids came from:

• A tie-up between Perennial Singapore and Qingjian Realty, which bid nearly S$682 million or S$809.86 psf ppr;
• A Singapore Press Holdings and Kajima Development tie-up, which bid S$636.39 million or S$755.69 psf ppr; and
• A  Wing Tai Holdings and Keppel Land tie-up, which bid S$608.9 million or S$723.05 psf ppr.

The four bids were shortlisted from among seven bids submitted by six tenderers. (One of the tenderers submitted two concept proposals.)

All bidders were required to submit their concept proposals and tender prices in two separate envelopes. Only the envelopes containing concept proposals were opened  when the tender closed on June 21. The URA had released on the same evening the names of the bidders, but not the bid prices.

At the first stage of the tender process, those concept proposals that had substantially satisfied the evaluation criteria were shortlisted by the Concept Evaluation Committee (CEC) to proceed to the second stage of tender evaluation.

At the second stage, only the price envelopes submitted by the tenderers of the four shortlisted concept proposals were opened for consideration. The site was then awarded to the tenderer with the highest bid among the tenderers with shortlisted concept proposals.

The last time CapitaLand and CDL joined forces in Singapore was to develop the Botannia condo project in the West Coast area. The 493-unit project was launched in 2007.

CapitaLand's president and group chief executive Lim Ming Yan said: "CapitaLand looks forward to partnering CDL to shape and transform the Sengkang Central site into a landmark development that will be an identity marker and new focal point for the Buangkok neighbourhood.

"Winning this bid attests to CapitaLand's track record in creating quality integrated developments fusing live, work and play elements that serve the needs of the community."

CDL's group chief executive Sherman Kwek said: "There is deep emphasis on design as the site was put up for sale under a dual-envelope concept and price tender.

"Over the years, CDL has built up a strong track record for compelling design concepts, which has enabled us to secure prime sites like The South Beach and Quayside Collection in Sentosa Cove under the two-envelope system.

"We see tremendous potential in this site, which has exceptional attributes. Envisioned as a one-stop community hub, Sengkang Grand Residences will be integrated with a new bus interchange and connected to the existing Buangkok MRT Station. Various amenities and recreational facilities such as a hawker centre, childcare centre and civic plaza will be right at residents' doorsteps, giving rise to a vibrant and bustling community.

"Through our partnership with CapitaLand, we hope to create a distinctive and endearing landmark that will serve as the nucleus for the whole Buangkok and greater Sengkang area."

URA said that overall, the winning bidder's concept proposal is "compelling in its design concept and planning of the public realm".

The proposed mixed-use development will have an integrated community and transport hub with a bus interchange on the first storey, a hawker centre on the second, and a community club spanning across three storeys.

The scheme demonstrates a design strategy under which the existing park is extended to the community through a series of public spaces. There will be an accessible garden ramp to give residents and park users direct access from Compassvale Ancilla Park to the second-storey hawker centre.

There will also be a linear park designed with play areas and street furniture with an outdoor activity plaza along the entire front of the development, enhancing a sense of place for its visitors.

A community plaza in the heart of the development will be an attractive, naturally ventilated, but sheltered public space that can accommodate a wide range of activities from organised events to informal gatherings.

URA noted on Thursday that the four shortlisted tenderers submitted strong overall development concepts and architectural designs that responded appropriately to the site context.

Source: Business Times 16th August 2018

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