For real estate developers and investors, the location might be the top consideration in deciding whether to start building a property and invest in such development. The majority of the people desire to live in an area where necessary amenities like schools, public transportation, and workplaces can be easily accessed. The evolving needs and fast-paced lifestyle of this generation demand that everything should be easily reachable as time and effort are important resources, especially during these times in which everyone has their own hustle. Worry no more, as mixed-use developments are here to satisfy the needs and desires of the working population.
What are Mixed-Use Developments?
From its name, mixed-use, it is an infrastructure developed for several purposes. Its goal is to combine work, life, study, and leisure in one area. This may have been rooted in the behavior of the working population. Traditionally, in urban areas and central business districts (CBDs), it is common to see dorms or in older times, it is widely known as a boarding house. Since a lot of opportunities is centered in metropolitan areas, shared spaces became a thing as people from a far location, especially those from provinces, want to relocate to CBDs or its nearby areas.
This growing lifestyle gave rise to the opportunity of developing locations or high-rise buildings with varying purposes. It is like a one-stop-shop that will provide convenience for the potential residents of this area. Mixed-use development envisions to develop a land that blends residential, commercial, office, leisure, and other functional spaces to bring working opportunities closer to professionals and lessen transportation limitations to enable access to different amenities.
Interestingly, this idea is not new. Traditional neighborhood development (TND) and transit-oriented development (TOD) follow the same principle in which basic functional areas like transportation, schools, shops, and houses are near to one another for convenience. However, it was not popularized until today.
What are the Different Types of Mixed-Use Developments?
Developing a mixed-use property can be done in many ways. However, these are the two widely known types adopted in planning and constructing mixed-use properties.
A. Vertical Mixed-Use Development
The logic of a vertical mixed-use property is like a condominium or high-rise building in which the first few floors are intended for commercial and office spaces, like restaurants, boutiques, or similar businesses. The succeeding floors will be allotted for hotel or residential units. Basically, the remaining floors will be utilized for permanent or temporary living purposes.
B. Horizontal Mixed-Use Development
Walkability might be the unique and best feature of horizontal mixed-use properties. Instead of having high-rise buildings in which floors are allocated for different purposes, single-use buildings are preferred and rampant in this mixed-used property type. It is like a neighborhood wherein you can freely walk and easily stroll on different amenities like restaurants, gyms, malls, schools, and others.
Why is Mixed-Use Development a Growing Trend in Real Estate Sector?
From the perspective of young professionals and the working population, living near your workplace combined with the comfort of having various services around you like restaurants, shops, gyms, or other amenities seem like a dream. A dream because despite the convenience offered by living in central business districts like Makati and Taguig, it is not for everyone due to the high cost of living. However, this lifestyle idea is slowly becoming a preference by young professionals.
With this, in some business districts, mixed-use developments are starting to grow. The Galleon in Ortigas, Vertis North in Quezon City, and Arca South are the popular real estates that incorporated this setup. Walkability became the primary benefit for residents as it is nearby the amenities that serve their needs and wants without the hassle of commuting through public transportation.
On the side of real estate developers, such development may give them less risk of not having renters or purchasers. Emphasizing the main purpose of mixed-use properties, it gives importance to the diversification of offered spaces to the public. Deciding on developing infrastructure or land with varying purposes gives the real estate company a broad portfolio which lessens the risk of losses and opens the development to varying opportunities which may speed up the business expansion and increase the number of customers that will surround the area.
For both parties, it is a win-win situation. Establishing an area that offers all the necessities of the residents attracts more investors and raises the value of properties. If it continues to boom, success is attained by real estate developers as it fulfilled its goals of providing convenience to its investors yet garnering huge profits that may continue in the future. Risks are lessened and answering the dream lifestyle of young professionals is the core of the growth of mixed-use land areas or infrastructures.
Mixed-Use Development Might be the Future
With business hubs being centered in metropolitan areas of the Philippines, the majority of young Filipino professionals are situated in areas like Makati, Ortigas, Taguig, Quezon City, or similar areas. In fact, traffic is a huge problem for professionals who commute daily. Adding up the hassle of the country’s public transport, inconvenience is felt most by young professionals. As a result, many decide to invest in properties nearby their workplaces even at a higher cost because they are left without a choice. Would you sacrifice your health just to save a huge amount of money? Or save up a portion of your earnings to provide comfort by renting a place near your company? For most, the latter is a better and more practical option. How can you fulfill your work responsibilities if your health is compromised, right?
This shows the importance of mixed-use properties to young professionals and an opportunity for real estate developers. Investing in this type of real estate may lead to compromises on your dream house but for practical Filipinos, it offers a new way to acquire home ownership. The convenience given by the nearby amenities in a mixed-use infrastructure is one of the best reasons to decide on purchasing a residential unit in this real estate development. Additionally, when we talk about property investments, the nearby amenities cause the value of nearby properties to rapidly shoot up because aside from the living space, convenience would be the unique and added feature of your investment.
Currently, the real estate tycoon Manny Villar is developing a 2,000-hectare business district in southern Greater Manila. It is foreseen to be bigger than Makati and nearby 11 cities which includes Parañaque, Las Piñas, Muntinlupa, San Pedro in Laguna, Bacoor, Imus, and Dasmariñas of Cavite. In these areas, Bria Homes are continuously developed in Cavite and Laguna by the same real estate tycoon. In no time, it will connect these residential, commercial, and office spaces which will provide convenience and opportunities to the residents of the southern part of Greater Manila. Entrepreneurs and business tycoons will be opened to new opportunities which will be beneficial for their expansion and reaching a new market. So why not invest in Bria Homes? It provides affordable house and lots with flexible payment terms through Pag-IBIG Housing Loan. If given a chance, you would be one of the first enjoyers of the business district currently developed by the Villar Group.
Summing it up, property investments near essential amenities turn your dream lifestyle into reality. Investing in units in a mixed-use property lets you feel the comfort and convenience that you imagine from TV shows, social media, or those living the life of a New Yorker. All in all, this investment is surely viable for practical people who want convenience while watching their guaranteed skyrocketing property values.
