AS real estate continues to strive towards accommodating the needs of its users or residents, behavioural norms and lifestyle preferences will heavily influence how a building is designed, especially in a post-pandemic era.
From a past FocusM article, new markets gaining ground in response to problems encountered with conventional structures caused the property scene to slowly reshape itself to absorb these new forms of spaces.
Even the Real Estate and Housing Developers’ Association Youth Malaysia (REHDA Youth) acknowledged that “the look and feel of Malaysian homes are changing”.
This is mostly attributed to the changing demographics, more sophisticated buyers, the rising cost of living and the need to keep property prices affordable.
In today’s market, most property developers believe that more mixed-use developments will be built across the country over the next five to 10 years which will feature residential, commercial and even cultural components.
These developments see homes, offices, restaurants, shops and entertainment outlets stacked vertically on each other or within walking distance which is popular among young homebuyers.
“Young homebuyers have different expectations and they want facilities that allow them to live a certain lifestyle. So, developers are building an environment that fosters the desired lifestyle of our buyers.
Gone are the days when we only had to provide a swimming pool and playground. Now, we provide facilities, amenities and connectivity,” KIP Group director Valerie Ong.
“The living environment in these developments is more compact, but the quality of life is maintained or made better. Young adults want to socialise, engage and connect with each other and they are looking for a type of property that enables this lifestyle,” Ong continued.
More than just a home
Apart from that, property investors seem to be looking into condominium hotels (condotels) that merge the best features of condos and hotels to offer luxurious homes for tenants.
“Condotels are currently very popular among global property investors. This is a very competitive market and buyers are looking for more than just a home. They want a home with the amenities and services of a four or five-star hotel,” opined M101 Holdings Sdn Bhd executive director Datuk Seth Yap.
Modern residential buildings have now included food and beverage (F&B) options as part of the development to further support the community-based lifestyle.
“A restaurant or bar is also used as a space to gather and socialise. These days, even work meetings and networking sessions are held at dining outlets,” Ong noted.
With improvements, and in some cases, complete replacements happening in Malaysia, hopefully this will help to spruce up appeal of the subdued property market in the near future. – Sept 4, 2021
