Solely focusing on location, price, and product quality has become insufficient in today's condominium market. With condominium buyers becoming more demanding and more sophisticated in their taste, developers are now looking past only providing lavish lobbies, adequate car parking, and good building designs.

Developers are also shifting their advertising efforts from visuals showing building design and quality to promoting the experience of users in the space. They found that condominium buyers' actual decision-making is strongly influenced by how they feel.

This is especially true for millennials (people born between 1980 and 2000) now making up 32% of the Thai population of about 68 million.

Millennials have grown up in a time of globalisation, economic disruption, and technological convergence. They are tech-savvy, individualistic, and they value personalised and unique experiences over possessions. They are also more conscious about their lifestyles and are eager to share their unique experiences to the world via social media. This has led some developers to look beyond the traditional norm of residential developments and to emphasise creating a distinctive experience that will entice newer generations of customers.

Personalised experiences

Long gone are the days of uniformity and collectivism; Millennials prefer uniqueness -- they want to stand out in a crowd and get noticed.

The modern-day consumer now expects tailor-made products that suit their particular needs, while also enjoy the experience of handpicking them.

To cater to this growing demand, Sansiri recently launched its new "XT Extend Your Style" brand, representing a "New Lifestyle Condominium" concept targeting millennials. It allows customers to personalise their own space with numerous flexible room layouts to choose from.

This customisation allows the developer to pay closer attention to the various needs of each particular buyer.

Disruptive technology

It has become more apparent that technology has enrooted deeply into our daily lives, while gradually changing the way we normally do things. Internet of Things (IoT) has allowed urban dwellers to seamlessly control home appliances such as lighting and air conditioning from their fingertips.

There is growing awareness from developers of this trend and the fastest to capitalise on these innovative technologies are likely to take the biggest slice of the cake.

Initiating "Ananda Urban Living Solutions", Ananda Development has been pioneering innovative technology into its condominium developments since 2014. The company has implemented features such as smart homes, smart-living mobile applications, ridesharing and virtual fitness -- improving convenience and ultimately enhancing user experience.

Branded residences

Amanpuri Villas in Phuket, Asia's first branded residences, was launched in the 1980s. Other global hospitality brands have followed suit -- such as Four Seasons, Mandarin Oriental, Ritz-Carlton and St. Regis, establishing prominence in the most prime downtown locations of Bangkok.

With each brands' strong reputation and history, buyers are guaranteed an extravagant lifestyle with hotel-standard services and facilities. With the trust placed in brands, buyers are willing to pay a premium for a hotel-branded residence.

Ultimately, CBRE believes that the condominium market will continue to evolve, in line with consumers' demands, and thirst for exquisite experiences.

The crucial point for developers is that they must truly understand and pinpoint their buyers' requirements and also match them with affordability. Some developers put too much focus on perks that are unnecessary, while others have pushed up project costs to a point where buyers can no longer afford.

Pattaratorn Pornsirikul is an analyst at Research and Consulting, CBRE Thailand. He can be reached at bangkok@cbre.co.th Facebook: CBRE.Thailand LinkedIn: CBRE Thailand LINE@: CBRE Thailand Twitter: @CBREThailand and website: www.cbre.co.th