A business center or commercial area that is directly integrated with the residential area is now one of the people’s choices in choosing their housing. The existence of a residential area that provides a commercial area is a consideration for prospective property owners in choosing their housing to be occupied. Because ideally, modern society now prioritizes the concept of one-stop living. Where all facilities provided by a property developer, especially condo developers, include complete facilities including commercial areas in a condo building. Parc Canberra has complete facilities that you might not get elsewhere.
According to several sources who say that in general the property market is driven by four important factors namely demographics, government policies, infrastructure development, and commercial property growth. You could say that the first commercial property was built near the residential area. But over time, this trend has changed. Many condo developers have provided commercial areas for their residents. So that in the condo area, the residents do not need to go outside the condo area where they live to other places that provide various needs.
As mentioned above, demographic factors play a special role in retail growth in condo residential areas. Because the high population in densely populated areas such as Singapore has resulted in the development of residential apartments that concentrate on presenting a special commercial area for its residents. So that the development of retail space follows the development of the population in the region. Besides, Parc Canberra also has easy access to transportation where the condominium owners can simply walk to the MRT station.
Also, the factor of adding infrastructure in the city such as the subway to the MRT can increase the concentration of settlements in the area in its path and attract consumers to live in the area. The development of accessibility in a property area is certainly able to encourage the growth of retail areas in a residential area to produce a large population that makes the market share in the area.
With the commercial area located in the condo area, it can increase the selling value of the residence in the future. Moreover, the existence of a commercial area in a residential area will revive the area. Because in the absence of a commercial area in a residential condo will make the area feel like a dead city. Not only that, the selling price or rent of the area is also not good if no area supports to meet the needs of its inhabitants.
However, it is better if it is not excessive building commercial areas in the condo area. Because, if the commercial area is more than residential, it will certainly make many people open businesses but the potential is not there. As a result, competition becomes unhealthy.