Developers serve what millennials want from the housing market

Avida Towers Asten suits the dynamic lifestyle of millennials as it offers a wide range of retail and dining choices,
creating a unique place of convergence.

The country’s millennials—those aged 21 to 35 years—have the potential to be the biggest home-buying force in history.

Their sheer number says it all: at about 20 million or nearly a fifth of the country’s population, millennials could tip pretty much any scale they touch, including the housing market.

In fact, the first wave of millennials is just moving into their prime home-buying years now that they already are enjoying better paying, dependable jobs.

“Millennials are the key factor in making some housing markets sizzle, particularly for starter and even mid-priced condos,” reported Romarico Alvarez, chair of 22-year-old firm, PA Properties.

He cited the company’s latest development in Ortigas Avenue Extension, Pasig City.

“(Units at) East Residences, composed of five-storey modern residential and commercial condominiums, are priced between P1.2 million to P2 million, so they are very attractive to millennials working within the Ortigas Center. More than its attractive price, the actual location of the project, which is just 100 meters away from Ortigas Avenue Station and even walking or biking distance from major offices, business and commercial establishments, schools, hospitals, and call centers, make East Residences the perfect choice for millennials,” Alvarez said.

He reported that they just delivered the first batch of the development (Jade, Topaz, Amethyst and Ivory mid-rise condos) and already preparing East Residences II, which will be made up of three additional low-rise condos namely Amber, Garnet and Emerald.

Alvarez added that modest sized condo units within or near city centers are getting serious millennial attention.

“You really have to pay attention to what millennials are doing and what they want, like their strong preference for city living (and) their love of being close to peers, to job opportunities, shops, restaurants and cultural venues,” he explained.

Flexibility

Another excellent example is the latest development of Avida, a wholly owned subsidiary of Ayala Land Inc., in the country’s newest lifestyle and business destination, Bonifacio Global City.

Avida CityFlex Towers BGC has been thoughtfully planned to enable future residents to enjoy the flexibility of designing their space to truly fit their needs. Buyers have the choice to buy the project’s SoHo (small office home office) units for an affordable work-from-home lifestyle.

Located at the corner of 7th Avenue and Lane T at BGC, the Avida CityFlex Towers offers these SoHo units (ranging from 36.49 sqm to 61.79 sqm) from P4.6 million to P7.7 million.

Another offering from the Ayala subsidiary is the Avida Towers Asten, a high-rise residential condominium located along Malugay and Yakal streets in San Antonio, Makati City, and which is just 1.9 kilometers away from Greenbelt.

The condo development was designed to suit the dynamic lifestyle of millennials as it offers a wide range of retail and dining choices, creating a unique place of convergence.

Of course, it is also a taxi ride or a bike ride away from premier shopping and entertainment destinations in Makati City.

Socialize online

Because millennials tend to socialize more via their mobile devices rather than use the common areas of their residences for get-togethers, developers like SMDC are among the players that ensured that their condo projects will be near restaurants and other interesting places where families and friends can hang around.

SMDC’s Shell Residences is a 2.1-hectare exclusive residential complex within the Mall of Asia complex in Pasay City, regarded as the country’s premier business and tourism district.

Within the surrounding area of the Shell Residences is a wide range of options in arts and culture, entertainment, shopping, nightlife, recreation, and city amenities.

Another SMDC offering is the Fame Residences, a high-rise premier condominium rising at the corner of Edsa and Mayflower street in Mandaluyong City. The location is perfect for millennials as it is just a few steps from Shaw Boulevard Station of the MRT and a stroll away from SM Megamall.

Indeed, the millennials’ “on-demand lifestyle” that values location over square unit space, connectivity, and closeness to the city centers—close enough to walk, bike, or rely on public transportation—is fast shaping how developers conceive their next projects.

These trends are forcing developers to get more creative in designing more efficient units and in identifying the next locations for their residential offerings.