The term “integrated development” is bandied about quite a bit in the Singapore private property market. Often, it’s confused with mixed-use developments, or as just a condo with a few shops.

In actuality, an integrated development is one that combines elements such as major malls, transport nodes, and civic facilities such as community centres or libraries.

These developments have continued to grow in popularity: investors like them for their high rentability, while home buyers appreciate the greater convenience.

Here’s a five-year update on how these integrated developments have performed:

Major integrated developments to watch:

Note: In addition to providing the price movement for the past five years, we have also included the highest, median, and lowest profitable transactions throughout the development’s history, for the sake buyers who want a longer-view.

The data below is provided by Square Foot Research.

• Hillion Residences
• North Park Residences
• Watertown
• The Centris
• Compass Height
• Park Place Residences

1. Hillion Residences

The Hillion Residences averaged $1,399 psf in 2015, as compared to the recent past 6 months where it has hit $1,496 psf. This is an increase of about 6.9 per cent.

Profitable transactions over entire history:

Fact sheet:

Address: Jelebu Road (District 23)

Developer: Sim Lian

Lease: 99-year leasehold

Top: 2017

Number of units: 546

MRT station: Bukit Panjang

Attached mall: Hillion Mall

Profile:

Hillion Residences is the first west-side development to integrate a mall, MRT station, and residential units.

The attached Hillion Mall is about 240,000 sq. ft. of retail space, with approximately 100 stores over four floors (including an NTUC FairPrice).

By chance or design however, Hillion Residences is also across the road from Bukit Panjang Plaza – the main mall that services the neighbourhood. Residents thus get a double dose of retail.

This is fantastic as far as amenities go, but cost could be a drawback. Here are the average prices for private non-landed homes in District 23:

As of September 2020, average prices stood at just $1,033 psf; about 35 per cent below the $1,400+ psf we’re seeing for Hillion Residences.

That said, almost no other condos in the vicinity can boast similar accessibility and amenities. Some buyers may feel the price difference is justified.

2. North Park Residences

North Park Residences has risen from $1,361 psf in 2015, to an average of $1,495 psf today. This is an increase of about 9.8 per cent.

Profitable transactions over entire history:

Transaction	Purchase date	Sale date	Unit size (sq. ft.)	Purchase price	Sale price	Percentage profit
Highest	Aug 22, 2015	22 Nov 2019	1,023	$1,121	$1,475	31.5 per cent
Median	May 14, 2015	10 Mar 2020	861	$1,262	$1,510	19.6 per cent
Median	April 30, 2017	29 Jul 2020	829	$1,312	$1,556	18.6 per cent
Lowest	May 20, 2015	5 May 2020	560	$1,465	$1,465	($100 profit)

Fact sheet:

Address: Yishun Central 1 (District 27)

Developer: North Gem Development Pte. Ltd.

Lease: 99-year leasehold

Top: 2018

Number of units: 920

MRT station: Yishun

Attached mall: North Point City

Profile:

North Park Residences is more commonly called Northpoint City. That’s actually the name of its retail portion, but this development is better known as a mall than a residence.

Northpoint City is currently the largest mall in the north end of Singapore. It’s about 500,000 sq. ft., with approximately 400 shops and a “food precinct” called The Makan Town.

The Nee Soon Central Community Club is also here, and was the first CC to be located inside a mall. The Yishun public library is also located inside this mall, and it’s connected to the Yishun MRT station and bus interchange.

As an aside, note that there’s a childcare facility within the condo, along with the attendant play spaces.

Some investors may be worried about the high number of units. Any competition for tenants or buyers will likely come from within this same development, given the lack of equivalent alternatives; and 920 units brings the potential for a lot of competition.

3. Watertown

In 2015, prices averaged $1,186 psf. This has appreciated to $1,345 psf, a percentage gain of about 13.4 per cent.

Profitable transactions over entire history:

Transaction	Purchase date	Sale date	Unit size (sq. ft.)	Purchase price	Sale price	Percentage profit
Highest	Feb 13, 2012	April 24, 2020	1,119	$975	$1,463	50 per cent
Median	Feb 6, 2012	May 19, 2017	1,216	$960	$1,110	15.6 per cent
Lowest	Feb 13, 2012	Oct 6, 2015	1,119	$1,126	$1,134	0.7 per cent

Fact sheet:

Address: Punggol Central (District 19)

Developer: Emerald Star Pte. Ltd.

Lease: 99-years from 2011

Top: 2017

Number of units: 992

MRT station: Punggol

Attached mall: Waterway Point

Profile:

This is the first integrated development on the Punggol waterfront, and it’s quite sizeable at 992 units. There are two main highlights:

The first is Waterway Point mall, which has about 370,824 sq. ft. of retail space. The tenant mix has been described as 30 per cent dining, 43 per cent retail, 15 per cent entertainment, and 12 per cent “others”. Conveniently, the NTUC FairPrice on basement two is open 24 hours.

(The “others” include civic facilities, such as the library, and banks).

The second highlight is Punggol Waterway itself. This is a four-part park, consisting of the Nature Cove, Recreation Cove, Heritage Zone, and Green Gallery. The park is good for cyclists, nature walks, heritage trails, etc.

This development appeals to the sort of buyer who appreciates Punggol’s greenery, the outdoors, and the waterfront view. But Punggol is one of the more fringe districts, and it won’t appeal to buyers who want to live in a mature estate.

Investors should note the high number of units, and potential competition in future.

4. The Centris

In 2015, prices at The Centris averaged $1,047 psf. This is an increase of 4.5 percent (it’s currently at $1,095 psf over the last 6 months).

Profitable transactions over entire history:

Transaction	Purchase date	Sale date	Unit size (sq. ft.)	Purchase price	Sale price	Percentage profit
Highest	Dec 1, 2006	Feb 14, 2018	1,259	$469	$1,120	138.6 per cent
Median	Aug 19, 2008	March 20, 2015	1,109	$643	$1,173	82.3 per cent
Median	March 12, 2009	June 17, 2016	1,238	$610	$1,111	82 per cent
Lowest	Oct 6, 2011	May 13, 2019	969	$1,156	$1,161	0.4 per cent

Fact sheet:

Address: Jurong West Central 3 (District 22)

Developer: Prime Point Realty Development Pte. Ltd.

Lease: 99-years from 2006

Top: 2009

Number of units: 610

MRT station: Boon Lay

Attached mall: Jurong Point

Profile:

This development is also better known as a mall than a residence. It’s usually referred to as Jurong Point (the mall component), rather than The Centris.

Jurong Point may be the largest heartland mall in Singapore, at around 750,000 sq. ft. and approximately 490 shops over seven floors.

The mall also includes 11 civic facilities, including a SAGE counselling centre, the Disabled People’s Association, SINDA service centre, etc. My First Skool is also here, for residents who need childcare.

This development has seen a huge boost, due to the transformation of Jurong into a “second CBD”. Rentability is especially high, thanks to the MRT station and mall.

For home owners who prize convenience over all else, this development should be a prime consideration for west-side living. However, it can get noisy living on top of Singapore’s biggest suburban mall; and we’ve heard a few complaints about the crowds.

5. Compass Heights

Prices in 2015 averaged $824 psf, and have currently fallen to $808 psf. This is a percentage decline of about 2 per cent.

Price transactions over entire history:

Transaction	Purchase date	Sale date	Unit size (sq. ft.)	Purchase price	Sale price	Percentage profit
Highest	March 19, 2001	Jan 15, 2018	667	$465	$1,041	124 per cent
Median	June 19, 2009	Feb 2, 2018	1,324	$582	$891	53.2 per cent
Median	July 31, 2008	May 10, 2019	1,238	$549	$840	52.9 per cent
Lowest	Sept 8, 2011	Jan 17, 2017	1,249	$823	$825	0.19 per cent

Fact sheet:

Address: Sengkang Square (District 19)

Developer: Nasidon Investments Pte. Ltd.

Lease: 99-years from 2000

Top: 2002

Number of units: 536

MRT station: Sengkang

Attached mall: Compass One

Profile:

At 18 years, Compass Heights is the oldest integrated development on this list. The development is in the Sengkang Town Centre, and is adjacent to the Compass One mall.

Due to its location in the town centre, Compass Heights is also within seven minutes’ walk of the wet market, and about three minutes from the Sengkang CC.

One of the key highlights is access to schools: Compassvale Primary School is within five minutes’ walking distance, while Seng Kang Primary is about seven minutes away.

The Compass One mall is about 269,098 sq. ft., and has around 180 shops. The Sengkang public library is also located within the mall. Do note that the Compass One is the same as 1 Sengkang Mall. This was due to a brief name change in 2016, before the mall reverted to its original name.

Compass Heights has long been positioned against The Luxurie, which is about a five-minute walk way. The pricier Luxurie is averages $1,222 psf; but it’s much newer (completed 2015), and is only slightly further from the MRT and mall. This is a toss-up for home owners; but investors may be more wary of the competition.

6. Park Place Residences

This is very new development, with the first recorded sales being in 2017. At the time prices averaged $1,805 psf. The last recorded transaction was in July 2020, which was also the only recorded resale transaction to date – this was at $2,050 psf. This is a 13.5 per cent increase.

There is the one recorded resale transaction to date:

Purchase date	Sale date	Unit size (sq. ft.)	Purchase price	Sale price	Percentage profit
March 25, 2017	July 27, 2020	678	$1,932	$2,050	6.1 per cent

Fact sheet:

Address: Paya Lebar Road (District 14)

Developer: Roma Central Pte. Ltd., Milano Central Pte. Ltd., Verona Central Pte. Ltd.

Lease: 99-year lease

Top: 2019

Number of units: 429

MRT station: Paya Lebar

Attached mall: Paya Lebar Square

Profile:

Paya Lebar is one of Singapore’s newest commercial hubs, anchored by Paya Lebar Quarter (PLQ).

The residential component of PLQ is Park Place Residences, and PLQ Mall is the retail component; this spans around 340,000 sq. ft., with about 200 shops over six floors. PLQ Workplace is the office component, consisting of three Grade A office towers.

For home owners, the main appeal of PLQ – besides the amenities – is that the location is at a midpoint between east and central.

It’s equidistant from the amenities of the Katong / Joo Chiat area, and the Orchard area. Coupled with MRT access, PLQ Mall, and the revamped SingPost Mall, this is one of the most attractive integrated developments to date.

As you would expect, however, Park Place Residences is not cheap. Average private non-landed home prices in the same district are around $1,571 psf:

That said, while many considered Park Place Residence’s 2017 prices ($1,800+psf) to be high, Parc Esta’s past 6 months transactions have been at an average of $1,713 psf and is at time of writing 98.6 per cent sold.

Of course, PLQ is the centre of a new commercial district, but it still remains to be seen how it would perform resale wise.

For investors, this development is a tough call: on the one hand, Park Place Residences represents fantastic rentability, with both a mall and three office towers. On the other, the higher prices may more than balance this out.

One quick note for home buyers though: Paya Lebar MRT station has become more crowded, due to the area’s transformation.

Finally, there are two major integrated developments not yet on this list:

These would be The Woodleigh Residences, and Sengkang Grand Residences. The Woodleigh Residences will Top in 2022, while Sengkang Grand Residences is expected to Top in 2023.

This article was first published in Stackedhomes.