Millennials are the target generation of homebuyers for many property developers today. They are the ones who are more likely to look for new homes – either to leave their parents’ nests for or to raise a family in.
Multiple reports and surveys substantiate this. One such report based on transaction data by real estate network IQI Global published in March this year showed that in Malaysia, millennials account for 70% of purchases at new housing projects, 53% of sub-sale real estate purchases and 55% of rentals.
With the rapid rise and growth of technological advancement, especially in the area of artificial intelligence (AI), widening the array of smart home products — everything from intelligent doorbells to kitchen appliances, to security devices – studies have also found that this new generation of homebuyers want their new property purchases to be equipped with smart home technology to ensure safety, convenience and sustainability.
High-Tech Measures to Guarantee Home Security
A recent survey conducted jointly by The Star and Forest City found that millennial’s tech-saturated upbringing is reflected in the survey results.
The survey shows that many of them would opt for homes that are equipped with high-tech security such AI and facial recognition network systems. 39% of respondents between ages 21-40 agreed high-tech security would guarantee around-the-clock monitoring, while another 39% said it would be more effective to prohibit unregistered and unknown persons from entering the neighbourhood.
The respondents also indicated that high-tech security is the way forward because, with on-going research and development, technology is constantly evolving and improving.
The survey, which ran for nine days starting May 20 and saw more than 1,000 respondents, sought to find out what today’s homebuyers are looking for. Overall, the results showed that adequate crime prevention measures (such as using high-tech security), as well as convenient access to amenities (such as shopping malls, restaurants, and groceries), came up as the top factors that would influence the majority of respondents in their decision in buying a future home.
Picking up on this trend, a number of property developments in Malaysia have made strides towards introducing smart security solutions in their latest projects. In 2017, a Malaysian property developer, through a partnership with Telekom Malaysia and Iskandar Investment Berhad, launched an Integrated Operations Centre (IOC) in its East Ledang development in the Iskandar Puteri region in Johor.
The IOC serves as a centralized command centre to manage smart security services, including around-the-clock surveillance monitoring and license plate recognition cameras.
In November last year, another established local developer announced that it will be incorporating futuristic smart home security systems in its newest landed residential development.
Country Garden’s developments in Malaysia, such as Forest City and Central Park in Johor, and Diamond City in Semenyih have also adopted high-tech approaches in forming their security systems. All three have AI-supported system locking systems, facial recognition networks, and multi-tiered security.
With the advancement of technology particularly in the area of IOT, it is inevitable that homebuyers’ demand – especially those in the millennial age group — for intelligent high-tech solutions, including security, will continue to increase. As such, property developers will have to continually improve and grow their high-tech services in order to meet these requirements by the group that makes up the largest number of homebuyers today.