Property developers and cities are developing more cycling-friendly projects to cater to the rising number of people who are choosing biking over driving, according to a new Urban Land Institute (ULI) report entitledActive Transportation and Real Estate: The Next Frontier.
The report, which seeks to improve the health of people and communities, studied the impact of active transportation on economic development, public health, air quality, community design and real estate design and investment.
“At its core, the bicycle boom is about people choosing a lifestyle that gives them more options and requires less dependence on motor vehicles.
“Through supporting bike infrastructure, real estate professionals can play a significant role in creating healthier, more sustainable communities. They can also help position their projects and communities in a marketplace that increasingly values active transportation,” stated the report.
One of projects profiled was the 480-unit Westwood Residences in Jurong. Considered the first ever bike-themed development in Singapore, it is due for completion in 2017. Developed by Koh Brothers and Heeton Holdings, the 99-year leasehold project will feature a mini velodrome and a bicycle garage that can house 500 bicycles, secured by a biometrics system.
This kind of project shows that “leading development practitioners are recognising the competitive advantage of investing in active transportation amenities”, the report added.
Meanwhile, nine other real estate developments were profiled in the report; eight in the United States and one in London.