Among the various public and private housing options found in Singapore’s real estate market, mega developments have become a prominent option with high demand. These condo developments offer a blend of modern amenities, social spaces and seamless connectivity on top of the plethora of units for residents. However, alongside the appeal of these condominiums also lie a few drawbacks that residents must consider.
In this article, we are going to delve into the various advantages and disadvantages that come with living in a mega development in Singapore. From the affordability and low maintenance fees of these units to the high competition for sales and rentals, this guide aims to provide you with the knowledge necessary to make a well-informed decision about whether this housing type aligns with your unique preferences, requirements and lifestyle.
What are Mega Developments?
A mega development is a large-scale real estate project that typically consists of residential units, a large variety of facilities and in some cases, commercial units. These developments are characterised by their large size with over 1000 units in high-rise buildings and their extensive range of facilities offered to residents. Furthermore, the hallmark of mega developments lies in their thoughtful design, aimed at fostering a cohesive sense of community within the larger neighbourhood.
Benefits of Living in Mega Developments
While the range of certain benefits depends on the different developments, there is a range of pros for residents that come with living in a mega development.
Larger Land Plot for Facilities
One advantage of living in a mega development is the allocation of a large land plot for facilities. The expansive size of these developments enables developers to integrate an extensive range of facilities such as pools, gyms, BBQ pits, tennis courts, playgrounds, and so much more for their residents. In addition to these amenities and facilities, mega developments may also come with more communal spaces which may not be feasible to build in smaller developments.
Lower Maintenance Fees
Lower maintenance fees are a significant benefit of living in a mega development as the scale and design of these condominiums can contribute to cost-effective and more efficient maintenance, thus lowering fees for residents. Moreover, with the large number of units found within these developments, a higher number of residents contribute to the overall maintenance and management fees, making them lower for each of them.
Affordability
Larger developments tend to be slightly more affordable than smaller boutique developments as they come with smaller and more compact units along with some larger ones. Moreover, to make the development more cost-effective, developers may also build smaller common areas and allocate more space within a unit for larger or multiple bedrooms for residents looking for more bedrooms at an affordable price. In this case, while the price per square foot might be higher, the overall unit is priced at a lower price in comparison to smaller condo developments.
Higher Transaction Volume
Another benefit of living in or owning a unit in a mega development is the high transaction volume of the units. As mega developments have a large number and variety of units, it is highly likely that there will always be a unit somewhere within the development being sold or rented out. This indicates a robust real estate environment within the development, which gives potential buyers and tenants the impression of the property being in high demand. This also provides property owners with a larger pool of prospective buyers and tenants.
Moreover, with a higher volume of transactions within mega developments, there is a higher probability of properties appreciating over time as the level of activity contributes to the price increases.
Drawbacks of Living in Mega Developments
Along with the various benefits of living in mega developments, residents may also face a few disadvantages of these developments.
Overcrowding
Due to their large size and high density, mega developments can sometimes become overcrowded. This is especially noticeable in the shared facilities and amenities within the development. While an advantage of mega developments is the extensive range of facilities offered, it is crucial to note that these are shared amongst over 1000 units and residents. As a result, this can lead to a less peaceful or relaxing living environment during peak hours of the day. For those with specific concerns on noise and privacy, opting for a higher floor unit or units that do not face the main facilities directly, would be a possible mitigating option.
Less Privacy
In addition to the overcrowding, the shared nature of the amenities and facilities in mega developments can lead to a lowered sense of privacy. Higher levels of foot traffic, constant noise from repairs and movement, and the high frequency of use of the common areas can impact the privacy and personal space of individual residents. A potential solution to the lack of privacy within these developments, especially when having to share amenities and facilities, would be to schedule the usage of certain common areas. For instance, coordinating with neighbours and management to schedule usage during quieter periods could allow for a more peaceful and private enjoyment of the facilities. Coordinating usage of common facilities are more accessible these days via a shared mobile application used by the residents of these private developments. However, there may be certain limitations imposed on each resident on the number of usage per month to ensure that every resident has the fair opportunity of using the facilities that require bookings. For common facilities that are open for use at any time, avoiding peak hours would serve as an easy guide.
High Competition for Rental or Sale
Another drawback of living in a densely populated mega development is the high competition for the rental and sale of your unit. As there are typically over 1000 units in mega developments, prospective buyers have more options to choose from. This can impact the negotiation power of tenants and property owners and the pricing dynamics of units within the development.
While property owners may find a larger pool of buyers and tenants, they may have to deal with a long process of price negotiations due to competitors within their development. Conversely, prospective tenants and buyers may also face high competition in securing their desired unit due to demand for units within a mega development.
To navigate the competitive market when selling or renting out a unit within a mega development, property owners can look into enhancing the appeal of their property by renovating and improving the interior design of units, staging, as well as pricing their units strategically. Additionally, tenants and buyers can actively engage with property agents to stay informed about factors such as market conditions and available listings.
Lower Sense of Community
Although you might think that mega developments can help foster a sense of community due to so many people living in one development, it can result in the opposite. Some residents may experience a lower sense of community compared to smaller and more tightly-knit condominiums. Because of the large number and diversity of residents within the development, it can become challenging for residents to get to know everyone and build strong, interpersonal connections that foster a cohesive community spirit. However, residents can proactively participate in activities and community events that are organised within the development to foster connections with neighbours. They can also consider joining or even forming interest groups and committees for residents with shared interests as a way to contribute to building a cohesive community within the development.
Is a Unit Within a Mega Development the Right Choice for You?
The decision to choose a unit within a mega development in Singapore should be made after you have done an extensive assessment of the potential pros and cons that come with living in one of these properties.
For individuals who prefer convenience and a wide range of amenities and facilities all within their condo development, a unit within a mega development could be ideal. Furthermore, this may also be the ideal choice of housing for those seeking a dynamic urban living environment where a higher frequency of movement and noise is not a factor for concern.
On the other hand, this may not be the best choice for individuals who value their privacy and prefer a quiet and secluded living environment. Living in mega developments can come with overcrowding and a lowered sense of privacy within the shared facilities and amenities offered to residents. In addition to this, if you are someone who values a sense of community and are seeking a tight-knit community within which you can build close connections, a mega development may not be able to provide you with the same level of community cohesion found in smaller developments.
However, if you are looking to purchase a property you can eventually rent out to tenants, a unit in a mega development could be a choice to take into consideration due to the benefits that come with the higher transaction volume of mega developments.
Ultimately, the decision to stay in a mega development depends on your personal preferences, housing needs, budget, and lifestyle priorities. If this is not the ideal choice for you, there is a wide range of property types in Singapore within which you can find the perfect home.
Closing Thoughts
We hope you enjoyed reading this article and found some valuable insights.
To sum it all up, living in a mega development in Singapore offers residents a myriad of amenities, facilities and conveniences in an integrated urban environment. While the allure of these benefits is undeniable, it is essential to assess the potential drawbacks and challenges that come with these developments including less privacy, overcrowding and higher competition for sales and rentals.
By carefully evaluating the pros and cons of living in mega developments, individuals can decide whether or not a home within these developments is the ideal option for them and make informed decisions about embracing a lifestyle in these dynamic enclaves.
Are you currently on a search for your ideal home? Are you looking to expand your property portfolio with a unit in a mega development? Feel free to contact us here and work with our experienced team of consultants to answer any questions and concerns you may have on your property journey.
Until then, see you in the next one!
