More than retail: Why Singapore commercial spaces are redeveloping to add homes and offices
Property developers bundle luxury residences with malls and offices to maximise financial returns.
In Singapore, shopping mall Marina Square and cineplex Yishun 10 are among major commercial properties undergoing redevelopment to incorporate residential units. Both announcements were made in the first two days of September 2025, with renovations slated to conclude by March 2027. This trend of transforming aging buildings into mixed-use complexes with homes and offices is part of Singapore's broader urban renewal efforts.
Nicholas Mak, chief research officer at Mogul.sg, noted that retaining malls solely for retail is becoming less profitable, as developers must seek alternative spaces to generate higher rental income. Keith Ong, co-founder and CEO of RealVantage, explained that bundling luxury residences with mixed-use projects offers financial and strategic advantages, as pre-selling residential units during construction provides developers with much-needed capital.
Mixed-use developments also allow for greater flexibility in monetising different components separately, such as selling residential units outright, retaining the retail space for ongoing income, and later selling or refinancing office and hospitality components. Ong highlighted that mixed-use schemes function as integrated destinations, similar to models found in Japan and other dense Asian cities, where residents can live, work, shop, and dine within a single development.
Alan Cheong, executive director of research and consultancy at Savills Singapore, pointed out that as mixed-use developments blur the lines between living, working, and recreation, central locations like JTC's one-north business park could benefit from the "live, work, and play" model. However, developers must carefully consider lease terms for industrial properties, as extending leases from 30 years to 99 years is necessary for residential components to be saleable.
Singapore Land Group (SingLand) recently announced that Marina Square's redevelopment will include luxury residences, serviced apartments, offices, and a 304-key hotel, with completion expected in 2031. Yishun 10, Singapore's first cinema multiplex, will be redeveloped into a residential building with a retail podium, offering 110 residential units and marking the first residential launch in Yishun Central in over a decade.
The project, located on a 39,125 sq ft site, includes 246 ultra-luxury freehold apartment units, ranging from one to four bedrooms, and is expected to be completed by March 2027.
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