Mixed Use Developments: New Trend in Sydney Property Market?

The rise of a strong trend is the development of apartments directly above shopping centers, which is a very New York-style of residential living.

Mixed Use Developments: New Trend in Sydney Property Market?
Top Ryde City Living by Crown Group (Foto: Anto Erawan - RumahHokie.com)

RumahHokie.com (Sydney)Sydney, Australia, is experiencing the changing nature of apartments developments. John McGrath, the founder of McGrath real estate advisory empire, McGrath Real Estate, says: for the first time ever on record, since 1984, we’ve seen more new apartments completed than houses in Australia.

“The latest building activity report from the Australian Bureau of Statistics shows 28,102 new houses and 28,527 new apartments and townhouses were completed in the December 2016 quarter,” he said.

One of the interesting things about apartment development these days is the changing nature of projects. Things have changed. Apartments are no longer the cheaper stepping-stones to houses.

The rise of a strong trend is the development of apartments directly above shopping centers, which is a very New York-style of residential living.

“I think we’ll see more mixed retail/residential development in the future. We’ve got more people wanting to live in apartments,” he added.

With the shopfront retail industry battling online competition, McGrath stated, it wouldn’t be surprising to see more center owners converting commercial assets into mixed use developments.

He says that Top Ryde City Living—developed by Sydney based property developer, Crown Group—is a great example.

Top Ryde City Shopping Center re-development to include new residential apartments above. Demolished in 2007 and completed by Crown Group in 2014, Top Ryde City Living is now home to more than 600 residents plus hundreds of shops, with views to the city or Blue Mountains.

Milestones in Sydney’s High-Rise Buildings
On the other hand, Crown Group CEO, Iwan Sunito, stated that from the moment it has been established, Crown Group has tried to push the boundaries of innovation through its parameter of design in Sydney.

“Even such trend already existed in Indonesia where many vertical residences are located above the shopping center,” Iwan said.

He explains, based on World Urbanization Prospects Report issued by the UN in 2014, it is stated that nowadays more people live in urban areas than in rural areas and by 2050 there will be 66% of the world’s population projected to be living in urban areas.

“We have to adapt to change and when designing buildings we must be mindful that people’s housing needs evolve over time. Innovation has been our DNA throughout the years. The evidence is clear in our completed projects,” Iwan added.

He claims that Top Ryde is one of the milestones in Sydney’s high-rise residential buildings since it was the first resort-style apartment tower located above a shopping center in Sydney.

“And it is not surprising that Top Ryde City Living is one of our most prestigious award-winning residential projects in Australia,” he said.

Anto Erawan
anto.erawan@rumahhokie.com

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