For any investment we’re going to make, one of the most important things to consider is ‘consumer demand’. It allows us to design products and services that meet their needs. The better we meet their needs, the better our chances of generating rent or selling higher value products. Real-estate is no exception. We must care for the needs and lifestyle of our customers which are constantly changing.
We have to accept that consumers are looking for more and more convenience. In the past, most properties were developed to meet one type of needs or the other such as detached homes, condominiums, hotels, department stores, or office buildings. However, consumers are no longer looking for only one-dimensional properties. Today, one consumer may be looking for an office, a relaxing holiday attraction, and lifestyle services in the same property.
The value of good locations in the central business district are rising rapidly, forcing property developers to constantly think about maximizing limited space and how they can enhance the value of their properties to increase rent value or asset value. This has led to a trend of mixed-use property.
Mixed-use properties are a collection of residential, commercial, and retail properties. Mixed-use properties meet the demands of consumers very well, especially those who live downtown. Consumers can benefit from residential properties, department stores, offices, and other attractions like coffee shops, restaurants, and financial services all in one location. It is one type of real-estate that many property developers are aspiring to accomplish to meet the needs of their consumers.
The heart of mixed-use projects is ‘location’. It should be somewhere easily accessible with rail systems to facilitate the commute of large masses. There should be big roads to serve those with cars. One great example of a mixed-use project is SINGHA COMPLEX of Singha Estate Public Co., Ltd. worth over 4,000 billion baht. The property includes Grade-A offices, 54-floor condominiums with more than 421 units, and a retail plaza with many restaurants. The property is situated in a prime location at Asoke-Petchaburi intersection accessible by MRT Petchaburi Station.
However, mixed-use properties do have their limitations because they meet multiple needs that may clash. Residential consumers may be looking for peace that may be disturbed by commercial consumers who are constantly entering and exiting the commercial area throughout the day. Design is the ultimate challenge of mixed-use properties to allow for the two areas to co-exist harmoniously. Separating entrances and exits, elevators, and parking lots can help to allow consumers seeking different needs to co-exist in the same real-estate.
Let’s see how many other mixed-use properties will be established to serve new generations of consumers. Keep an eye out for Singha Estate properties!