Are millennials changing the status quo for future developments?
New developments such as private property group Amdec‘s planned R10 billion Harbour Arch are increasingly taking millennials’ into consideration.
We explore whether millennials determine the status quo in future developments.
Harbour Arch is expected to be a leading smart city which will offer digital technology features to its users. Construction will commence this year, with the first phase of completion set for the end of 2020 in Cape Town Foreshore.
On the growing importance of technology in development, Managing Director of Amdec Property Development, Nicholas Stopforth said that this is the future of development.
“Technology is an integral accompaniment to new urbanism as it holds the desirable characteristics”, said Stopforth.
However, by adopting technology on such a large scale to contribute to urbanisation, this leaves little wonder of whether older generations will be left out of this new phase.
Stopforth refuted these claims by saying that investors are increasingly focusing on elements that set apartments apart from each other.
Technology is not the sole focus. However, other factors such as safety and accessibility is crucial in all of these developments, said Stopforth.
The Director, however, did, however, acknowledge that developments are created with the young buyer in mind.
Stopforth said that young people, in particular, do not want to sit in traffic for hours every day.
When asked whether it is safe to say that millennials are directly influencing developments, Stopforth said: “there is a strong demand for properties in the CBD from young professionals trying to simplify their lives. Buyers are looking for convenience, the latest in technology as well as security, and increasingly, mixed-use precincts are offering this”.
Business Report asked Stopforth whether the status quo has changed when it comes to what home buyers are looking for.
He said that the move is not only toward technology but sustainability is a huge factor.
“Modern trends in development and construction are predominantly focused on issues relating to sustainability. Residents and investors want to know what is being done to reduce the impact on the environment. Everything about development today is about sustainability and about energy-wise innovation, water-saving technology, heat-reducing aspects, and the like. And when you use sustainable technology, you also reduce the cost of occupation long-term and obtain a competitive edge”, said Stopforth.
Apart from Amdec’s technology-driven focus, he added that their developments also utilises eco-friendly innovations. These include green building initiatives such as refuse recycling, water-saving devices, low-energy LED lighting, and rainwater harvesting.
Source: IOL Business Report