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Why Is Mixed-Use Development On The Rise?
Mixed-use development is a common real estate segment in Malaysia. It is a combination of residential and non-residential buildings that are planned and developed within a plot and is usually pedestrian-friendly that blends all components into one wholesome development.
Mixed-use development is always characterized as a way to rejuvenate communities by creating spaces where a cross-section of a community gathers to work, live and play. In fact, the benefits of mixed-use development extend much more beyond just enhancing the social good, and that is why mixed-use development has always been the popular development project in Malaysia. Some of the most successful mixed-use developments in Klang Valley are:
1. Mid Valley City
![Mid Valley City](https://hartamas.biz/wp-content/uploads/2020/12/mid-valley-city.jpg)
Located in the southwestern of Kuala Lumpur city center, Mid Valley City consists of shopping malls, hotels, corporate offices and residential towers all on a 50-acre plot situated less than 15 minutes away from KLCC.
2. KL Sentral
![KL Sentral](https://hartamas.biz/wp-content/uploads/2020/12/kl-sentral-1.jpg)
KL Sentral is also the largest transit-oriented development in Kuala Lumpur that house the main railway station of Kuala Lumpur, international corporate offices, hotels and residential development on a 71.6-acre land in Brickfield, Kuala Lumpur.
3. Bangsar South
![Bangsar South](https://hartamas.biz/wp-content/uploads/2020/12/bangsar-south-1.jpg)
Not a typical mixed-use development that all components housed within one building structure, Bangsar South is a 60-acre fully integrated residential and commercial enclave that consist of malls, convention center, central park, hotels, medical centres, corporate offices and residential projects.
4. Solaris Dutamas
![Solaris Dutamas](https://hartamas.biz/wp-content/uploads/2020/12/solaris-dutamas.jpg)
Solaris Dutamas is 20 minutes away from Kuala Lumpur, nestled on 17-acre plot in the affluence Mont’Kiara. It consists of retail outlets, shopping mall, office suites and residential suites. The main selling point of Solaris Dutamas is its well-integrated living-and-business development with a promotion of the arts to further enhance the wellbeing and vitality of all those who live, work and visit.
All of the above-mentioned mixed-use developments have remained a popular property investment hotspot in town and the price and rental trend have been growing positively over the years.
A carefully thought and well-planned mixed-use development is said to continue receiving good market respond no matter at what time hence the upcoming significant mixed-use developments in Klang Valley are making good progress despites overall property market has slowdown due to Covid-19 pandemic.
Some of the upcoming mixed-use developments in Klang Valley include the Bukit Bintang City Center, Tun Razak Exchange, Bandar Malaysia and KL Metropolis. The question is, why are mixed-use developments market-proven and always on the rise? Here are the top 5 benefits of investing in a mixed-use development:
1. All-in-one living idea
When everything you need – retail shops, grocery store, restaurants, gym, cafés or even your workplace and home, are all within a short walking distance, does it sound attractive to you? With the rise of mixed development properties, the all-in-one living philosophy is now made imaginable.
2. Cost and time saving
By living in a mixed-use development, rush home from work just to catch your favorite TV show or drive far away from home just to get a bottle of soy sauce is virtually not needed anymore. You may never realise how much you could save on the travel time and cost before you live in a bustling mixed-use development.
3. More chance of passive income
Most of the residential components of a mixed-use development are commercial land title, and some residential units were designed to be meet the need for short- or mid-term rental. The added benefit of having a mall and other attractions just below your unit can therefore attract more tourists, which could help to create more passive income from short- to mid-term rental income.
4. Higher exposure opportunity
As a retail business owner, footfall and exposure are keys to sustain your business. Owning a shop in a mixed-use development may gain you customers outside of the usual clientele than a standalone store would. Many residents will also likely become your regular customers due to convenience.
5. Lower risk
If you are a conservative REIT investor, investing in a mixed-use development may suit your investment pattern more than investing in a standalone office building or retail mall as the diversification of a mixed-use development posses less risk for investors. For example, if there is a retail property downturn, investors will still have other property components such as hotel and office to lean on.
[Image source: Photo by Maxime Francis from Pexels]
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