Projects that deliver the ‘live, work and play’ concept have become increasingly popular in Asia, especially in India and China, according to several industry players.
“People are looking for developments that offer a live, work and play environment, where employees will not have to drive 2-3 hours to get to work, and where the infrastructure is reliable,” said Choe Peng Sum, Chief Executive of Frasers Hospitality.
He noted that the company’s serviced apartments are gaining a foothold, as “inner city” living becomes more acceptable.
Speaking at the Serviced Apartments World Asia conference, Choe added that there are many opportunities for serviced apartment operators and property developers in India and China’s second-tier cities.
Meanwhile, Aylwin Tan, Chief Customer Solutions Officer at Ascendas, also said that mixed-development projects have become a developer’s way of gaining access to larger sites at reasonable prices.
However, they admitted that it is often difficult to choose a location to develop a mixed-use project in developing economies. For instance, once an area kicks off, it becomes too expensive for a foreign developer to venture into.
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