Lifestyle properties go beyond mere housing, revolving around convenience, connectivity and a sense of community.
In the dynamic real estate landscape of Malaysia, a discernible trend is gradually assuming prominence—the emergence of lifestyle properties. These properties are designed with a singular purpose: To offer a comprehensive and enriching living experience. Gone are the days when Malaysians had to venture out into the blazing heat and fight blood-pressure-inducing traffic just to get their plate of chicken rice. These integrated developments are the perfect blend of residential, retail and recreational facilities that offer its residents a holistic touch.
Lifestyle properties go beyond mere housing. They are designed to curate an experience that revolves around convenience, connectivity and a sense of community. These developments typically feature a mix of residential units, ranging from spacious apartments to luxurious condominiums, catering to a diverse range of lifestyles and aspirations.
The retail component, strategically integrated within the development, provides residents with easy access to a wide array of shops, restaurants and entertainment options, eliminating the need to go outside the community completely. This fosters a sense of self-sufficiency and convenience, allowing residents to enjoy a vibrant lifestyle within the confines of their own neighbourhood. A good example of such a development would be Southlink lifestyle apartments, which boast an entire food court, bakeries, dessert bars and convenience stores all within its square footage.
For residents, lifestyle properties offer a compelling value proposition. The convenience, connectivity and sense of community fostered by these developments are highly sought after, particularly among young professionals and families. Simply the prospect of living, working and playing within a well-planned and vibrant environment holds immense appeal. These amenities provide residents with ample opportunities for relaxation, rejuvenation, and social interaction to create a vibrant and dynamic community atmosphere.
According to a study conducted by the University of Malaya entitled Exploring the Perception of Lifestyle Housing Development in Malaysia, 29% of their 117 respondents prioritised good master planned developments for their accessible amenities and convenience. 44% said having food & beverage (F&B), banks and groceries nearby sealed the deal for them, while 20% selected their homes in proximity to education centres within reach. Interestingly enough, 46% of them were willing to pay a price premium of between 6% to 10% for a property with these added features.
Keen interest from investors
The allure of lifestyle properties extends beyond their appeal to residents; they also present a compelling investment opportunity. The integrated nature of these developments ensures a constant stream of foot traffic, generating vibrant retail scenes and boosting the value of the residential units.
The stable rental returns and capital appreciation potential of lifestyle properties draw investors in like fish on a hook. The convenience and amenities offered by these developments make them highly sought-after by tenants, particularly young professionals and families seeking a balanced lifestyle with ample opportunities for interaction and community building. As such, developers are emphasising the importance of community building and incorporating initiatives to encourage interaction among residents.
The dark side
Affordability is a major concern for many buyers browsing integrated developments such as these. Lifestyle properties offer much more and are often marketed towards affluent clientele, commanding premium prices that are unfortunately out of reach for many Malaysians. This could exacerbate income inequality and limit access to desirable living environments for lower-income earners.
Exclusive amenities and accessibility do not come cheap; in fact, they come with some of the highest price tags ever seen. In exchange for living within arm’s reach of everything, the price per square foot of these often small shoebox homes is so premium that it might be better to stick to regular apartments and drive out when necessary.
What about social segregation? With their exclusive amenities and wallet-reducing price tags, there will be an immediate disparity between the affluent and lower-income residents nearby. In other words, lifestyle properties could potentially become enclaves that eventually drive away those not within their circle.
Worth it?
As with every property, it is worth it if one can truly afford it. Despite everything, lifestyle properties continue to gain popularity, driven by demand for convenience, amenities and a sense of community. From one perspective, these developments can revitalise urban areas, boost the economy and provide residents with a desirable living environment.
In addition to these concerns, there is also a debate about the sustainability of the lifestyle property trend. The long-term viability of these developments hinges on factors such as maintaining high occupancy rates, ensuring adequate maintenance of facilities and adapting to changing consumer preferences.
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