The importance of good amenities
There’s an ever rapidly expanding choice of apartment designs, it’s one of the appealing features of our much more mature apartment living. Apartment and building designs have evolved keeping pace with the different lifestyles that buyers across all price ranges now look for.
It’s almost a daily exercise to keep up with the latest trends. One of the big trends is for projects to offer a different, and at times a very distinct choice of in-house facilities. The same trend is also coupled with how mixed-use developments are delivering truly imaginative projects. Mixed-use projects are popular across all price ranges and it’s easy to appreciate why.
At the more expensive end the spectrum we find CBD style projects with high-end prices might that might for example be linked with a five-star hotel, while another popular development in non-CBD locations could include a child-care facility.
When Money is no Object the Big Picture
Stepping away briefly from the marble foyers and smartly dressed concierge there are some big picture factors that influence high-end apartment buyers. Here we are talking about buyers who are very mobile with personal wealth running into millions of dollars.
People who could live almost anywhere, with deep pockets. When this group considers an apartment building it becomes an extension of their own person ‘brand’ it’s a mix of high emotion and financial capacity.
Many of these buyers, including those who are Asian based, are very sensitive to issues such as political risk, privacy, personal safety, transparency, security of title and the social interaction and community connections that their residence might facilitate. Two other considerations associated with high-end buyers are education for the kids and health services. Appealing to these buyers, despite their wealth, still requires a focus on return on capital, the quality of the underlying asset is always important. They are also buyers who like to co-create their living space, they are also looking for advanced interior and exterior design solutions. Buildings that make a statement.
And while the upper-end of the market may not be generally attainable for most buyers, it’s an important market for driving innovation. Many of the trends seen in super prime projects have a pull through affect and the good ideas then flow to others, more affordable markets.
Live like you mean it
People like to dream and apartment living is now very aspirational and that’s where mixed-use projects shine. Mixed use projects are even more successful when they add to public amenity, such as a new shopping centre, or well-located facilities like cafes and restaurants. One key reason that this style of project is becoming so common and very popular is that the services are more commercially viable and often better in a mixed-use environment.
In a regional setting, there can be a captive market from local residents in the nearby building, but wider access and appeal to a bigger market helps drive commercial success adding vitality to most projects and this appeals to buyers almost regardless of demographics.
Amenity of Every Kind
Building amenity is always evolving, facilities on offer are boundless and execution shows great quality.
We’re seeing a well-established trend designed to neatly fit different lifestyle options. For example, in appealing to high-end buyers we have seen luxury hotel brands developed alongside apartments that could only be described as ‘penthouse’ standard. However, we are also seeing a great range of building amenities being developed across all price sectors.
Amenities that have appeal to both live-in owners and tenants including 24-hour concierge services, a wellness & fitness center (your standard gym no longer makes the grade), coffee shop, media and entertainment room, billiards room, private library, cinema room and residents lounge, children’s activity room, bike storage, work stations, and even pet grooming, which is not surprising given the popularity of pets.
The Residents Club
Residents clubs in apartment projects and larger housing estates, while not generally common, are increasingly popular and they add to the appeal and amenity of a building and help built community.
One key advantage, is that because of access rules, resident clubs can provide and manage a greater range of additional facilities.
These can include rooftop terraces and some with outdoor cinemas, outdoor BBQ areas, a bar, private dining rooms with catering kitchen and not forgetting swimming pools. Many of the facilities have become popular as apartment designs have evolved, and the use of shared areas and facilities is a great way to add lifestyle benefits without having to worry about maintenance. It’s a trend that makes use of space that might otherwise only be used rarely when housed in individual apartments. How often these days would use a formal dining room?
Building services and facilities will continue to evolve to meet the needs of varied demographics, it’s an exciting prospect. picking the next trend.
Some will be five-star amenities, others will be perennial darlings like pools and gym areas. The trend is however here to stay and it’s great to have the options and to see developers ready to invest to provide such imaginative facilities for apartment buyers.