According to a report by the Urban Land Institute, real estate developers around the world are now investing more in building facilities for active transportation. Stephanie Peh writes.
14 April, 2016
As identified in a new Urban Land Institute (ULI) publication, Active Transportation and Real Estate: The Next Frontier, an increasing number of communities worldwide are being tailored to cyclists, as urban development trends shift from being car-centric to people-friendly.
One out of the ten real estate developments profiled in the publication is Westwood Residences, located in Jurong. Developed by Koh Brothers and Heeton Holdings, the 480-unit residential project is Singapore’s first bicycle-themed development, and is featured alongside projects based in the United States and London.
Due to be completed in 2017, Westwood Residences will spend more than SGD$1.5 million on its bicycle-friendly features. This includes an outdoor mini cycling track; a 500-bicycle garage secured by a biometrics system; a maintenance facility that provides tools, tire pumps and air compressions; a bicycle washing area; a BMX bike park; and a bicycle trail connected to parks.
According to the report, the featured projects indicate that real estate developers are now recognising the importance of investing in active transportation amenities to acquire a competitive edge. The report states, “by leveraging and enhancing access to walking and bicycling facilities, they are helping to initiate a win-win cycle of mutually reinforcing private and public sector investment in active transportation in communities around the world.”
Active Transportation and Real Estate: The Next Frontier is written by ULI Senior Vice President Rachel MacCleery and ULI Senior Resident Fellow Edward McMahon. The publication looks at the bicycle boom as a result of people pursuing a lifestyle that reduces dependance on motor vehicles. It states that the support of bike infrastructure in real estate can play a part in creating “healthier, more sustainable communities.”
Read the full report here.
Urban Land Institute (ULI)
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