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Irwell Hill Residences – situated at Irwell Hill in District 9 is one of Singapore’s most coveted addresses developed by City Developments Limited (CDL)
Millennials - Wikipedia describes them as people reaching young adulthood in the early 21st century. Analysts are always trying to understand what makes millennials tick.
It appears that millennials don’t just want to get by — they want to enjoy the best creature comforts they can afford. This desire for a luxurious abode could be partly driven by increased time spent at home during the pandemic, which has raised the desirability of more spacious, lavish homes.
32% or almost 1 in 3 of the millennials surveyed by Propertyguru had their sights set on purchasing a luxury property in the long run, with 66% indicating that such property would be a dependable long-term investment.
Other reasons for wanting to buy luxury property included convenience (cited by 42%), privacy (cited by 38%), social status (cited by 30%), and facilities (cited by 29%).
It appears that millennials don’t just want to get by — they want to enjoy the best creature comforts they can afford. This desire for a luxurious abode could be partly driven by increased time spent at home during the pandemic, which has raised the desirability of more spacious, lavish homes.
32% or almost 1 in 3 of the millennials surveyed by Propertyguru had their sights set on purchasing a luxury property in the long run, with 66% indicating that such property would be a dependable long-term investment.
Other reasons for wanting to buy luxury property included convenience (cited by 42%), privacy (cited by 38%), social status (cited by 30%), and facilities (cited by 29%).
CDL, CapitaLand & Ascott Residence Trust (Ascott Reit) teamed up to redevelop the Liang Court site into an integrated development in the heart of Clark Quay - Canninghill Piers
In sharp contrast to the “slacker” stereotype that has defined their generation, millennials aren’t satisfied with living in with their parents. They are high earners and desire independence and freedom and they’re buying multimillion-dollar luxury homes.
As millennials enter their thirties and forties, their attitudes towards housing, influenced by the pandemic, have the potential to reshape the housing market. Singapore millennials show a strong inclination towards homeownership, with 71% prioritising saving up for a home, up by 2% from the previous quarter.
The pandemic might have heightened the drive to own a home, especially for those who still live with their parents and now desire greater privacy and more space due to more time being spent working and relaxing at home.
This trend is by no means restricted to Singapore. Bloomberg reported that millennials, who represent 38% of the home buyers in America, have had a later start than the previous generation when entering the property market, but are aiming for higher-end homes as a first property purchase.
As millennials enter their thirties and forties, their attitudes towards housing, influenced by the pandemic, have the potential to reshape the housing market. Singapore millennials show a strong inclination towards homeownership, with 71% prioritising saving up for a home, up by 2% from the previous quarter.
The pandemic might have heightened the drive to own a home, especially for those who still live with their parents and now desire greater privacy and more space due to more time being spent working and relaxing at home.
This trend is by no means restricted to Singapore. Bloomberg reported that millennials, who represent 38% of the home buyers in America, have had a later start than the previous generation when entering the property market, but are aiming for higher-end homes as a first property purchase.
Rivière is a luxury residential condo by Frasers Property, an iconic condo development by the Singapore River, designed by award-winning SCDA Architects
Midtown Modern is a luxury residence by Guocoland on top of Bugis MRT interchange, linked to Bugis Junction, Duo Galleria, Guoco Midtown, Suntec City, etc. Midtown Modern offers the ultimate city living like no other.
Luxury property is still a good form of investment as land is scarce and the direction in Singapore is still to attract rich foreign investors. With marriage rates on a downtrend, young single professional millennials are now able to manage their money and have higher aspirations of living in upmarket condos and central locations.
"In the past, young people bought a modest property, lived in it until starting a family, and then traded up to a larger property. Millennials are changing the property landscape, it’s now common to see a millennial purchasing a multimillion-dollar luxury home for their first property purchase as a first time homebuyer." said Kiwi Lim from real estate agency Huttons Asia "I believe very soon, millennials will become a dominant force in high-end real estate"
"In the past, young people bought a modest property, lived in it until starting a family, and then traded up to a larger property. Millennials are changing the property landscape, it’s now common to see a millennial purchasing a multimillion-dollar luxury home for their first property purchase as a first time homebuyer." said Kiwi Lim from real estate agency Huttons Asia "I believe very soon, millennials will become a dominant force in high-end real estate"
From Propertyguru article on 28 Sept 2021
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