Integrated Developments have always been a popular choice among home buyers and tenants in Singapore. With the amalgamation of residential and commercial spaces, integrated developments are more competitive than pure single-use type developments especially with the convenience and accessibility.
Live, Work, Relax and Play – All in One Place
The idea that you can live, work, relax and play all in one place is a dream to many. Imagine waking up on a Monday morning with no peak hour traffic and your office mere minutes walk away. Running errands, dining out or even catching a midnight movie are made truly possible. Living in an integrated development offers the ultimate convenience that both owner occupiers and tenants seek.
A Score in Your Investment Portfolio
Compared to single-use residential properties, integrated developments typically offer higher rents and much better value due to the community and ecosystem effect of an integrated development. A study from Knight Frank indicated that private homes within integrated developments with close or direct proximity to MRT stations typically command a premium of 25 to 30 per cent over comparables in non-integrated developments that are further away from MRT stations.
Integrated developments with direct connectivity to the MRT transport network or key transport nodes also tend to attract a strong pool of tenants.
On top of the premium that integrated developments typically command, the location of the development is an important factor. An integrated development that also sits on a great location is a rare combination and those tend to draw strong interest from buyers who are prepared to invest in such homes.
Is it common to invest in an Integrated Development?
Not at the moment. Integrated developments are rare in Singapore, especially ones that are of scale and in good locations. Due to its rarity, it is also a common perception that integrated developments are more expensive than single-use development which may not be true.
A good example of a very affordable integrated development would be Park Place Residences at PLQ by Lendlease where prices were transacted at as low as $786,999.
Park Place Residences, the residential component of PLQ has been long anticipated since its announcement three years ago. The long wait finally ended last year when the first Phase was launched in March, and was fully sold out within the first day of launch.
One major factor that contributed to the success of Park Place Residences at PLQ was its location. PLQ is strategically located beside Paya Lebar MRT Interchange , providing easy access to both East-West and Circle MRT lines and falls within Singapore government’s wider plans to grow Paya Lebar into a commercial hub.
The entire integrated development fills a total land space of 4.0 hectares with a retail mall housing 200 over shops, a 12-screen cinema, three Grade-A office towers and three residential towers, of which half the units have been fully sold in its first phase of launch.
Despite the prime location and well-designed infrastructure, property prices of units in Park Place Residences are extremely competitive compared to other integrated development that are of smaller scale. Average transaction price of units sold in Phase 1 was recorded as S$ 1,800 PSF, almost comparable to a single-use private condo.
So, Are Integrated Developments Worth Buying?
In short, the answer is definitely a yes. Be it for own stay or for investment, the attractiveness of an integrated development is multi-faceted. However, integrated developments of scale that offer both connectivity and a good location are difficult to find in a land-scarce country like Singapore.
Park Place Residences is one of the rare city-fringe integrated developments that fronts Paya Lebar MRT interchange and offers a true live-work-play lifestyle at that level of scale. On a side note, all units released in Phase 1 were fully sold in the first week of launch. Register your details below for a Preview of Phase 2.
*This is a sponsored article