Developers have been quick to respond to the changing needs of purchasers. Whilst some are solely focusing on the upper echelons of the market where investors are not affected by economic factors such as household debt enabling luxury condominium sales to walk out of the door, other developers are cottoning on to the needs of the millennials who are shaping homes and workplaces of the future.
Since it is safe to say that millennials thrive on flexibility, there is a steer away from the traditional nine to five. Working hours and even location are less rigid. Consequently, many millennials look for a place to live which they can also work from and embrace leisure activities too. As property prices have ramped up, homeownership for many has become out of reach as reflected in the DDproperty’s Consumer Sentiment Survey H1 2018 that echoes that there is a real appetite for affordable housing from this demographic. >>Home Buyers Feel Property Prices Too High, Needs Issue Controls On Real Estate Prices
Pruksa Real Estate Public Company Limited identified this niche in the market and filled it nicely with Chapter One Eco. Not only does this condominium adhere to a slick Scandinavian design, but it gives residents ease with a co-working space, bike track and even home theatre. The icing on the cake is its price point, thus being crowned Best Affordable Condo Development (Bangkok) in the PropertyGuru Thailand Property Awards 2018.
Chapter One Eco emphasizes that whilst affordability is key it should not come at the expense of the overall look. The design is of utmost concern and simply building an affordable but unexciting condominium won’t do. This notion is exemplified at The Cuvée by Chaopraya Mahanakorn Public Company Limited that won the Best Affordable Condo Architectural Design (Bangkok). The judges appreciated the design that cleverly combines the curves of the Chao Phraya River within its structure, enabling the towel to; “Feel dynamic and futuristic, and yet at home in Bangkok’s exciting urban landscape.”
Co-working spaces have risen in popularity in recent years to cater for the changing ways in which we work which is heavily driven by millennials. Enabling freelancers and entrepreneurs an office like environment without having to commit to a long lease. Spaces Chamchuri Square by Spaces fits this bill exactly prompting it to secure the highly coveted Best Co-Working Space Development Award. Spaces pride itself by creating an environment conducive to networking as recognized by the judges who noted how; “The developers’ intent was for the users and tenants to network within the building and create a collaborative atmosphere”. The perfect blend for like-minded people to flourish by working alongside one another in a flexible and creative setting.
>>Click More… Niche developments find their groove in Thai real estate
More insights about Bangkok property market, check out DDproperty Property Index Report and DDproperty Property Market Outlook Report and find out how much you can afford for your new house, try our mortgage calculators .