Singapore Integrated Development Outlook Housing integrated development is enjoying strong demand from homebuyers and investors in the current market. North Gaia EC In July, approximately 86% of the 487 units of the Pasillis 8 multipurpose facility adjacent to the Pasillis MRT station were sold in the first week of launch. But what exactly is integrated development? It is not an officially recognized term. According to authorities, the Integrated Transport Hub (ITH) is a fully air-conditioned bus hub that seamlessly connects to nearby commercial areas such as nearby MRT stations and shopping centers. Therefore, to qualify as an ITH, you must connect through air-conditioned bus stations, MRT stations, and commercial areas. You do not need to connect a residential area to a bus node to qualify as a ITH. For example, the bus hubs of Ammocchio, Toa Payo and Serangoon and the ITH of MRT stations are not seamlessly connected to private or public housing. North Gaia Floor PlanAmong Singapore’s real estate market participants, integrated development refers to residential and commercial development connected to MRT stations. Changing the bus is optional. In residential / commercial real estate, commonly known as mixed-use real estate, home development is usually built on top of a shopping mall. Impact of pandemics on integrated development The current coronavirus pandemic has led to a rapid spread of home office practices among white-collar workers, with social issues such as last year’s circuit breakers and two Phase 2 (high news). Distance bans occasionally occurred. This year. Therefore, it is claimed that living near the mall can meet the retail and dining needs of residents, especially during the COVID blockade. In addition, residential properties near the MRT station are always popular with residents, investors and tenants. As a result, apartment apartments have become increasingly popular over the past year as they connect retail space and MRT stations to residential properties. However, the counter-argument is that most people who work from home rarely need an MRI station because they don’t have to commute to the office on a daily basis. Is Integrated Development Always Popular? Given the strong demand for the recently launched Pasir Ris 8, it is easy to forget that the integrated settlement housing units have not been very popular in the past. When some of the early integrated developments hit the market over 15 years ago, some homebuyers preferred condominiums without attached malls. This is because these buyers prefer recreational facilities such as tennis courts, jogging trails, large swimming pools, and event spaces, usually in large condominiums. In addition, these buyers may feel that the condo offers more privacy as they are not located above a busy shopping center. However, homebuyers’ preferences change over time. Extra Charges Integrated settlement apartments are said to always incur additional charges compared to nearby condominiums. This North Gaia Yishun study examines whether the price of a residential unit in an integrated settlement is always higher than the price of a comparable condominium in the same district. The results of the survey show that the median value of most residential units in Singapore’s integrated settlements is generally higher than the price of comparable condominiums near the same type of ownership and about the same age. increase. In this survey, equivalent condominiums are not connected to malls or MRT stations. Access to public transport hubs such as retail facilities and MRT stations is a major factor added to the price premium for homes in integrated settlements. North Gaia Price Orchard Integrated Development ION Orchard & Orchard Residences Additional charges for residential units in integrated development compared to equivalent condos can be between 4% and 30%. However, there are some integrated developments that have little or no premium compared to comparable condos nearby. In the years before the integrated development apartment started, if there is no new housing development in this place, the additional charge will be high. The lack of new private apartments offered at this location leads to the need to catch up, which new integrated development developers can take advantage of. In addition, homes under integrated development may also enjoy higher markup if launched in a bullish housing market driven by strong demand and sufficient liquidity. The Orchard Residence was developed above the Aeon Orchard Shopping Center and MRT Orchard Station. Development is at the busiest part of the Orchard shopping belt. This was one of the earliest integrated developments on the market in 2007. At the time of this writing, this is the only integrated development and the tallest building along Orchard Road. As a result, Orchard Residence has achieved one of the highest markups in residential real estate in integrated development. In the 12 months since the launch of Orchard Residence, the average transaction price of $ 3,064 psf was 25% above the median of equivalent new 1999 condominiums traded in the primary market. The North Gaia Showflat median Orchard Residence, which has a history of 99 years, was even higher than the median total transaction price of some new condominiums in the Cairn Hill area.
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