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About Integrated Development | The top-first private home to be connected to an integrated transport hub and a shopping mall was Compass Heights. It was completed in 2002 and perpetually leads to a 3.3% rental yield.
In addition, Ms Lau, a Singaporean believes she is the pioneer resident of the 536-unit compass Heights condominium located in Sengkang when it was freshly completed in 2002. However, when it was started in 2002, the demand for this condo was intense. It is the first private home to lay on top of an integrated transport hub with LRT stations and MRT and shopping mall as well as an air-conditioned bus interchange.
According to URA statistics, the average price for these private homes was roughly SGD482 psf during the first 2 months of launch in 2001.
On the other hand, integrated development is laced with stunning attributes that make it attractive to many. For instance, the super attention grabber trait endorsed in Compass Height is its convenience. That’s to means: it is integrated with the bus interchange, Shopping mall, and Sengkang MRT station proposed by Lau.
Integrated Developments in the North
Also, the place is an ideal spot for retirees as well. Moreover, Real Estate bought the shopping mall connected with Compass Heights and refurbished it, and re-launched it as Compass One in September 2016. It has dawned into the minds of several investors that integrated developments make a perfect place for investments with their low rentability.
Therefore the managing partner of SRI, Ken Low stated that when he was marketing and promoting the North Park Residences 920-units in 2015, exceedingly 486 units were fetched within the top month of launch at SGD1,374 psf median price, concerning the URA data.
Also, the rental market for integrated development is resilient. Ever since North Park Residences was done in 2018, a 2-bedroom unit and Low’s studio has been constantly rented out, he adds. Thusly, the average rental rate at North Park Residences is SGD3.60 psf monthly, being a 20% premium to the other average rents of SGD2.90 to SGD3.10 per square foot of the 3 condos in the Yishun area, having 2 mixed-use developments namely The Wisteria and Nine Residences and the third being Symphony Suites.
In the same vein, the North Park Residences is found on top of Northpoint City which was initially called Shopping Center.
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The existing mall is linked to the Nee Soon Central Community Club; the Yishun integrated Transport Hub, the Yishun North Neighborhood Police Center, and the Yishun Library. This was the first time such public amenities were integrated this way.
Note all the different elements in an integrated development are perfectly linked to integrated concepts. So, holding to this definition, there are 14 finished condominiums with 13 integrated developments across Singapore off late. These include North Park Residences and Compass Heights.
On the flip side, there are other 4 more integrated developments in pipeline such as 219-unit Midtown Bay at Guoco Midtown on Beach Road; the 558-unit Midtown Modern, the 667-unit at Bidadari Estate the Woodleigh Residences; the upcoming 600-unit Pasir Ris 8 at Pasir Ris and the 680-unit Sengkang Grand Residences in Buangkok. These together will sum up to another 2,724 units as part of the TOD stock condominium projects.
Besides, Sengkang Grand Residences lies on top of Sengkang Grand Mall 160,000 square feet is integrated with Buangkok MRT Station. You can find other public amenities such as community clubs, childcare, and a hawker center. This project started in November 2019 and on average, SGD1,737 psf units were sold which equates to a 32.6% premium to the nearby Jewel @ Buangkok.
Another place where integrated development is sought after is in the City fringe as well as Downtown Core where a vast concentration of integrated developments is in the Central Region.
