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.
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.