More mixed-use property launches soon

SINGAPORE - Several upcoming property launches will feature mixed developments rather than being purely residential, a sign of changing lifestyles.

Younger people now want homes near shops, and developers are responding, say real estate agents. This could mark a shift from the first three months of the year, when purely residential projects drew a strong response when they were launched.

Analysts say nearly 2,000 private homes could have been sold last month alone, with healthy sales chalked up at projects in suburban areas such as D'Nest in Pasir Ris.

In recent weeks, agents have been busy garnering interest for the next round of projects.

One upcoming mixed-use project, The Midtown and Midtown Residences in Hougang, is expected to launch on Monday.

Sitting on a 57,000 sq ft site where Hougang Plaza used to be, the 99-year leasehold development has 160 residential units and 107 commercial units.

The commercial units include duplex restaurants, shops and a supermarket. It is expected to be completed by 2017.

Another mixed-use project expected to launch in the middle of this month is NeWest on West Coast Drive, where Hong Leong Garden Shopping Centre used tobe.

The 12-storey residential and commercial development is on a 999-year lease. An Oxley Holdings-led consortium bought the site for $171.1 million in September 2011.

Freehold mixed development Novena Regency, on the old Novena Ville site, is also expected to launch before the end of June. The project has 55 residential units and 45 commercial units.

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