This news piece offers an insightful analysis of the ongoing shift in the real estate industry from commercial to residential properties, driven by the COVID-19 pandemic and changing market behaviors & demands.
The redevelopment of Bedok Point mall to Sky Eden is just the first of the many projects to come that will take up the conversion of older office developments into mixed-use properties.
75% of the units in Sky Eden@Bedok were sold on the first day of its launch, showing the strong demand for residential properties in Singapore.
Jcube in Jurong will also be launching its new project probably second half of the year after getting the go ahead from the authorities.
The 2019 introduced CBD incentive scheme allows the increase of the plot ratio, allowing for the maximization of a development’s gross floor area and also increase the potential profitability of the property.
Maxwell House (TMW Maxwell) and Fuji Xerox Tower (Newport Residences) are among the firsts to take up the incentive scheme to be redeveloped & introduce more residential components into the building.
Old and languishing retail malls that are strata-titled need to be sold collectively for redevelopment, which can be a complicated process. Katong Shopping Centre, Sultan Plaza, Sim Lim Square, Sim Lim Tower are just some of the examples.
Enbloc hopefuls who bought into these projects may have to face a more uncertain future about the fate of such buildings.
It is important to keep updating on what is the current trend in Singapore’s real estate market. An unexpected global event like Covid will shift people’s behavior and that shifts the demand & supply of different properties segment.
