Born and raised in an era where equality is encouraged, success is expected and financial freedom is to be achieved, millennials are fast becoming significant contributors to the local economy and are thus considered as one of the most important markets to tap and nurture.
And even the real estate developers recognize such fact that in recent years, they have been creating and delivering projects catering specifically to this financially independent market.
“The millennials are fixated or obsessed with having the three C’s—car, cash for travel, and condominium,” said Prof. Enrique Soriano III, executive director at the W+B Advisory and program director for real estate at the Ateneo Graduate School of Business.
“Purchasing a house is in every millennial’s top three wish list. They are pragmatic and results oriented and more importantly very independent. Some may refer to the drive to purchase real estate as peer pressure but it is more of the millennial’s desire to have financial freedom, living close to their workplaces and being independent,” Soriano explained.
According to Soriano, aspiring to “invest on a solid asset is also a priority for those who have stable jobs. For some, it is a statement of having the confidence to invest their savings while being branded as a global citizen.”
Over the past five years, the real estate sector has in fact seen the millennial segment outperforming the overseas Filipino workers in terms of contribution to total sales.
Catering to millennials
Last year, about 40 percent of the sales in the real estate sector were contributed by the millennial market, with the average age between 27 to 35 years old purchasing real estate primarily as an abode and as an investment.
“The millennial is now one of the largest markets ready to acquire real estate and they are among the most educated, fickle, sensitive, very enterprising, civic oriented and tech savvy among all generations. When the millennials reach a pay scale of P35,000 to 45,000 a month, they will now reframe their investment priorities and in all likelihood, will naturally opt for a real estate purchase,” Soriano explained.
One developer who’s long been aware of such an evolving market trend is trusted property developer Sta. Lucia Land Inc. (SLLI).
Being in the business of building high quality and world class developments for more than four decades, the company is well aware of the growing importance of the millennials as a market, and hence, it has been creating new projects that could meet the expectations of this young generation for the first real estate investment.
“We are well aware of what the market wants and this is why we continue to create and work on projects that are certain to meet the millennials’ needs and preferences. Over the years, we have been bridging gaps and partnering with the Filipinos in fulfilling their dreams, and this one is no different,” said SLLI president Exequiel Robles.
“Millennials deserve to be given a first major investment that they will not regret. We, at Sta. Lucia, remain committed to our promise that we will partner with every hardworking and deserving individual to help them realize their goals,” he added.
Meanwhile, here are five developments from Sta. Lucia, which could satisfy the millennials’ criteria for their first real estate investment.
Sotogrande Katipunan is one of the latest projects from Sta. Lucia Land.
Rising on one of the highest points along Katipunan Ave., the 23-storey Sotogrande is poised to be a wonder of glass, steel and stone that will provide its residents a mixed-use community.
Three storeys have been allocated for commercial and business use while another three storeys will be for basement parking. The rest will house spacious residential units with a selection of a studio, one-bedroom and two-bedroom cuts.
Among residential floors, the 4th to 16th floors have been selected to house the Sotogrande Condotel, which would comprise of a rich selection of hotel suites designed to become the “home away from home” of long-staying guests.
Among the features and amenities that will help enhance the lifestyles of Sotogrande Katipunan residents include a coffee shop, grand lobby, lap pool, kiddie pool, poolside bar, gym, function hall, and a Sky Lounge at the 23rd floor. Areas of greenery will embellish the tower allowing it to be true to its name: “Soto” being the Spanish word for “grove”, and “Grande” which means “big”.
SOTOGRANDE AT NEOPOLITAN
This Sotogrande is poised to rise within the Neopolitan Business Park, a master-planned complex by Sta. Lucia Land in Quezon City. Located along Mindanao Ave. and Regalado Highway in Fairview, the Neopolitan Business Park is located conveniently at the center of a promising development in this side of the metro.
Sotogrande at Neopolitan, which is being managed by Sta. Lucia’s Hotel and Management Group, is the first hotel development in Fairview.
Orchard Towers (Manggahan, Pasig City)
Orchard Towers features four residential buildings surrounded by lush greenery that call to mind the wonders of nature. The Olive will be the first tower to rise will provide you with a private escape from the concrete jungle.
SANTORINI (Cainta, Rizal)
Santorini Tower is the second of the five Mediterranean-inspired residential towers within the cosmopolitan complex of Sta. Lucia Residenze in Cainta, Rizal. It follows the success of Monte Carlo, the first tower in the said complex.
STRADELLA (Cainta, Rizal)
Stradella is the second of the six mid-rise verticals at the East Bel-Air Residences, which is conveniently located at the Cainta-Pasig corridor. More specifically, this development is at the mid-point of the highly commercial Felix Ave. and near the Sta. Lucia Mall.
Stradella gives you the pleasure of a condo-hotel haven where you get the exclusively modified modern lifestyle the way you want it. Its elegant hotel suites are all American contemporary-inspired units developed to take condo living to a whole new level.
Four floors—from the upper ground to the 4th floor—comprised the so-called condotel units that will be operated as a hotel in the next 15 years.