Staying ahead of the curve is important to keeping relevant in real estate. At Frasers Centrepoint Singapore, we are constantly seeking new ways to add value to communities in Singapore with our properties. Expecting a wave of change in the next five to 10 years, we turn our attention to a new rising generation: Generation Z.
While still fairly young, Generation Z is a unique generation worth paying closer attention to.
Born after the mid-1990s, Generation Z (Gen Z) is unlike any generation before. These youths are becoming more substantial consumers and are the next wave of homeowners. We discover what appeals to the Gen Z as we tailor the provision of our homes to their distinctive needs and way of life.
The hyperconnected generation
Dubbed as “digital natives”, Gen Z grew up in the age of smartphones and laptops, where interconnectivity reigns. They are receptive to new technologies and at ease with multi-tasking with the aid of technology – think writing a school report, listening to music on Spotify and chatting with friends on WhatsApp while browsing a digital news platform (Source).
Tech savvy Generation Z values connectivity highly.
It is this constant connectivity and convenience, this ubiquitous technology in their lives, that influences everything the generation does – and desires. These post-Millennials favour well-connected, integrated environments where they can seamlessly blend multiple aspects of their lives.
A strong desire for home ownership
In addition to their digital savviness, members of Gen Z are realistic and prudent (Source). They desire to own homes as it provides them with a sense of stability and comfort.
Surveying teenagers aged 13 to 17 years old, US real estate company Better Homes and Gardens found that 97% of the Gen Z desire to become home owners in the future, and 82% believe home ownership is one of the most important milestones in life – the others being pursuing a prestigious university degree, getting married, owning a pet and having children.
A connected realm above it all
Analysts reported that local demand for integrated developments has risen due to changes in people’s living habits and Singapore is seeing more mixed-use developments being built in recent years.
Frasers Centrepoint Singapore’s North Park Residences reflects the Gen Z’s ideal home environment, satisfying their desire for convenience and a sense of a connected community.
Artist’s impression: The Town Plaza in Northpoint City.
Nestled within the lifestyle, recreation and transportation hub, Northpoint City, the 920-unit private residential property’s residents will have a mega retail mall comprising over 400 stores, a vibrant rooftop community garden, a public library, a community town plaza spanning the size of 10 basketball courts, and a convenient link to the Yishun bus interchange and MRT station right at their doorstep!
The experiential generation
In addition to their tech savviness, Gen Z youths tend to value experiences instead of material items (Source). Brands which enable and inspire experiences are the ones who will capture these post-Millennials’ hearts.
When it comes to purchasing a home, we can expect members of Gen Z to be drawn to curated experiences that their homes offer, more so than the appeal of the house itself. It is not that they do not care about quality of the things they buy. Quality is a given for what they will purchase.
Boasting seven unique living space concepts suiting various needs, and situated a mere four-minute walk away from East Coast Park, Seaside Residences offers a tranquil seaside living experience that could appeal to the Gen Z.
The 27-storey Seaside Residences will also offer sought-after unblocked sea views, lush greenery, and proximity to gourmet options and sea sports activities that will make the development more than just a home.
Driven to live green
Gen Z is also defined by their affinity for protecting the environment, which will likely influence their housing choices. According to a study by Nielsen, these youths are willing to pay more for products and services from companies who are committed to positive social and environmental impact (Source).
Developers are more active than ever in ensuring a positive impact, doing their part to maintain sustainable building design standards such as incorporating more lush greenery, and reducing energy, water and material usage. As a conscientious developer building for the future, Frasers Centrepoint Singapore has always placed a premium on developing properties with the environment in mind. It is with this consciousness that Frasers Centrepoint Singapore was awarded the Building and Construction Authority (BCA) Green Mark Award for more than 20 of its properties.
Artist’s impression: North Park Residences won the Green Mark GoldPLUS at BCA Awards 2016.
The award recognises industry practitioners for their contribution and achievements in the development of a green and sustainable built environment.
A future generation like no other
The Gen Z, on the cusp of adulthood, is a unique generation that is pragmatic, frugal and value home ownership. Their ideals are encouraging, as they exhibit qualities such as frugality, making informed choices through interconnectivity, and reducing environmental impact. With the needs of the future in mind, Frasers Centrepoint Singapore continues to innovate, to shape spaces and homes for generations to come