Gen Y-ers are the new breed of residential condo owners
Young employees between 25 to 40 and working in central business districts of Metro Manila have emerged as the new market of residential condominium dwellers, note officers of Avida Towers, the in-city residential condominium projects being developed by Ayala Land's affordable housing subsidiary.
Known as Generation Y, individuals born from the late '60s until the early '80s are now experiencing growing purchasing power which permits them to start investing in their own homes -- much earlier than did their parents. Many of them are employed by the Outsourcing and Offshoring industry which is known to pay high wages.
According to Dez Cruz, Avida head for residential buildings, they are generally very focused on their careers and into social relationships, which define their current lifestyle.
A market study by Avida further reveals these young urbanites appreciate the central locations of the firm's four condominium development sites since these allow them to have more time for their demanding jobs and personal passions. They are always on-the-go and constantly busy with a wide range of activities, the study further revealed. Avida Towers currently has four locations: Sucat, New Manila, Makati and San Lazaro in Manila.
"The busyness that characterizes their daily lives affirms their independent lifestyle. But various factors stand in the way of their maximizing their independence," Cruz cited the study.
These include long commutes from home to office and work hours that most often go beyond the traditional 8-to-5 schedule. While most of them want to own their condo units and live independently from their parents whether or not they are married, the cost of a quality unit in good locations often hinders their plans. Homes on the market that offer the quality they seek are usually beyond their reach. Many units within their budgets, on the other hand, are not up to their standards.
Avida's projects have filled the gap for these new breed of homeowners whose careers and social relationships dominate their priorities, noted Cruz. Unlike previous generations, malling is also very much a part of their lifestyle. So they go for centrally located developments. Avida Towers Sucat and San Lazaro projects are a few meters away from malls while its Makati and New Manila developments are a short ride away from major shopping centers.
"Getting ahead at work and enjoying the company of friends are their top priorities in life. They are busy with so many places to go and people to see. They are unwilling to compromise amidst their busy lives," Cruz added.
Avida Towers offers studio, one-bedroom, two-bedroom, loft, penthouse and garden units in most locations. "These young urbanites tell us that living in a central location gives them better control of their lives," reported Cruz.