April 23, 2021
Building Luxury Duplex Apartments – A trend of the future by the millennials
Buying or building a luxury duplex Apartment in Dhaka is a lifetime venture. With exceptions present, investing in a luxury apartment usually means you are committing for life or at least for the long run.
With the economy of Bangladesh growing fast, millennials are looking into investing in apartments that provide a premium lifestyle that meets their basic and social needs. Since building a custom-made luxury apartment is a long-term investment plan, understanding the characteristics of a luxury apartment in Dhaka is crucial before making that plan.
According to the report generated by the National Association of REALTORS, Millennial buyers aged 22 to 30 years (Younger Millennials) and buyers aged 31 to 40 years (Older Millennials) continue to account for the largest share of home buyers at (37%), where Older Millennials stand at (23%) and Younger Millennials at (14%).
It is undeniable that Millennials account for a sizable proportion of today's buyers of luxury flats in Dhaka. However, their behavior toward the real estate process and how they vary from previous generations are much more significant.
According to a study, Millennials are more likely to take an active role in the real estate process, taking on tasks that were previously considered the sole responsibility of an agent of any Real Estate Property Developer in Dhaka, such as choosing which properties to see when purchasing and assessing the listing price when selling.
While these younger clients tend to work with an agent, they are often self-educated in the real estate process and have researched their options by the time they approach the agent.
Being tech-savvy, allows them to have great insights into modern trends which they consider during their decisions.
If any of the millennials were even slightly considering taking the conventional way to homeownership in 2020, the Covid-19 pandemic changed their perspective on homes and what they desired in a dream home.
According to research, 70% of Americans completed a home improvement project during the pandemic, with more projects scheduled for 2021. Therefore, custom-building the apartment provides the opportunity to implement those new design ideas from the start.
Now the millennials want more space to increase walkability, indoor gym, swimming – pool, green areas and work from home station. A mixture that has a high chance of being the reality once they are custom building their dream home and the perfect solution is a lavish duplex apartment that has enough space to fulfil all their needs.
So, when millennials are looking for the duplex apartment of their dreams, they can come across the following dilemma: Should they buy or build? Here’s why they are choosing to build a luxury duplex apartment in Dhaka.
Millennials aspire to the option to customize their dream luxury duplex apartment. Custom-building of their apartment allows them to choose their preferred floor plan.
With pre-existing houses, what you see is usually what you get. Making substantial improvements to a floor plan necessitates knocking down walls, coping with inconvenience, and spending a significant amount of time, resources, and effort to achieve the desired results.
Many people have unique desires, such as an open floor plan and plenty of outdoor space. They also want to be able to integrate some "flex space" into the design, with adaptable rooms that can be used for various purposes as their lifestyles change.
- They might need an extra-large bedroom.
- An entrance with an artistic water-fountain.
- An exclusive lawn for outdoor activities.
- A private roof garden with Barbeque facilities.
- Custom designing the duplex apartment will make all of the above choices accessible.
Naturally, the key benefit of a custom-built luxury duplex apartment is that it is one-of-a-kind and fully tailored to the millennials’ preferences. Of course, this requires the assistance of an architect and Real Estate Property Developer in Dhaka, but the end product will incorporate their personal preferences throughout.
They can be imaginative and think beyond the box when it comes to the layout of their home. If they have always wanted something out of the ordinary in their home, such as an outdoor kitchen, glass walls in their bedroom for breathtaking views, or even an apartment with swimming pool, a custom-made home is the way to go. Furthermore, everything will be up to them, from the color of the walls to the kitchen countertops and the floor material. The choices are infinite.
As the millennials like to be in an active role in the construction process, custom-building ensures them that they have complete control of everything in their future luxury duplex apartment in Dhaka.
When people design an apartment from the ground up, they have complete control over the materials that will be used. Of course, this means that they get to choose the best materials for their luxury apartment, ensuring its longevity and durability.
When purchasing a pre-built home, the quality of construction materials used cannot be guaranteed. Luxury Real Estate Property Developers like Ventura collaborate with reputable suppliers who offer high-quality materials and workmanship. Hence when a custom-built duplex apartment is created, it can be assured that only the finest brands, goods, and materials are used.
The latest trends in construction materials among the millennials
Real Estate Property Developers are constantly on the lookout for the latest trends in construction materials that not only imply luxury and exclusivity but also have practical advantages, ensuring that the home can stand the test of time with minimal upkeep.
Floors are an important central point and anchor in every home, and they are the principal interior feature that Real Estate Property Developers can negotiate and develop with clients from the start.
- Hardwood floors built from timber continue to be a popular choice among quality Property Developers and can be used in both traditional and contemporary styled homes.
- Glazed ceramic tiles are also a common option because they can be used both inside and outside, creating an indoor-outdoor flow.
- Slate is another great choice for indoor-outdoor living because of its rough, organic texture.
- Stone, like slate, is a popular option for its natural wonders, ranging from sandstone to deep rich blue stones.
- Terrazzo, a cement-based combination of stone, marble, glass, or even metal chips, is being used to place effortlessly in blocks or as tiles.
Some millennial clients of premium Real Estate Property Developers in Dhaka take a bolder approach like going for a single striking feature wall or a whole theme for one room.
- Decorative wallpapers or modern 3D wallpapers can accomplish that.
- Leather is another highly common solution for walls or ceilings, which can provide a more conventional rugged den or library atmosphere, or when used creatively, can create a contemporary natural / native vibe.
- Metallic wall and ceiling surfaces are also popular among millennials and can be used to build an industrial and modern environment.
- Glass is another popular way of not just decorating but to construct as a wall itself.
Customizing your luxury duplex apartment from the ground up drastically decreases the possibility of substandard structure. Working with a reputable and professional Real Estate Property Developer in Dhaka, such as Ventura, ensures gratification at the end of the construction process.
A newly constructed duplex apartment would need less maintenance (if any) than an apartment that has been built for a longer period.
One of the most significant risks of purchasing a pre-built apartment is not knowing what repairs are needed until you live in it. Older apartments frequently have plumbing and electrical problems all of which can be very stressful!
A new apartment is constructed with the most up-to-date materials and equipment. In that sense, constructing a duplex apartment from the ground up ensures that it will not need any maintenance or repairs within the first few years. It also frequently comes with a warranty that covers new millennial homebuyers and provides them with overall peace of mind.
Integrating Quality in Constructing a Luxury Duplex Apartment
The first thing that attracts the eye of a luxury apartment is all its surfaces. As they have the highest possibilities to display wear and tear over time, modern trends and research influence the millennials to choose certain materials and fittings to minimize maintenance and to bring in a gorgeous look that lasts forever.
- Granite and quartz countertops in the kitchen and bathrooms
- Bathroom floors with ceramic or porcelain tile
- Laminate flooring with a minimum thickness of 12mm
There are some parts of the apartment where people do not live but use them daily such as the closet room or even the garage. However, to make sure consistency in the premium quality of the apartment, those spaces need to have a quality finish as well.
- Interiors of closets or pantries
- Interiors of garages
- Clean exterior siding seams and edges
Customizing the luxury duplex apartment from the ground up maintaining high quality from the beginning drastically decreases the maintenance processes over the years.
Working with a reputable and professional Real Estate Property Developer in Dhaka ensures optimum satisfaction at the end of the construction process.
Incorporating modern designs to energy efficiency like utilizing screen façade.
When people invest in a new home, they invest it for their future and to make their dream home future-friendly, millennials are ready to invest and integrate Energy Efficiency in their custom-built duplex apartment to get that Green Badge among the society.
Building a new duplex apartment in Dhaka to be highly energy-efficient necessitates meticulous preparation and attention to detail. A whole-house systems solution assists homeowners, architects, and designers in developing effective methods for improving home energy efficiency.
This approach sees the apartment as an energy system with interconnected components, each of which affects the overall system's efficiency. It also considers the inhabitants, the place, and the local environment.
The components of a whole-house systems solution include:
- State of the location
- The climate of the local area
- Home electronics and appliances
- Lighting and natural light
- Water-heating system
- Windows and doors
The following are some advantages of using a whole-house systems approach for energy efficiency:
- Enhanced comfort
- Noise reduction
- Improved building durability
- A cleaner and safer indoor atmosphere
Keeping the components noted, the designer from the Real Estate Property Developer can provide solutions such as:
Energy- Efficient Windows and Screens
Using energy-efficient windows and balcony screen facade helps to keep extreme temperatures outside while maintaining mild temperatures within.
A renewable source of energy will not only provide a green status but can also be a sustainable source of continuous energy in case of disruptions in the main supply.
Energy Star Appliances
The Energy Star Rating System was created in 1992 to aid homeowners to be more energy efficient. Most of the consumer electronics in the market have Energy Stars and millennials in Dhaka tend to look for the highest-rated to endorse their energy-saving efforts.
The tech-savvy millennials opt in to install automatic lighting systems in their custom-built apartments that switch on and off required lights at predetermined times of the day.
Motion detection systems are another popular option that works well in places where people can forget to switch off lights.
Another way is to use smart lights which can be controlled via computers and smartphones.
Incorporation of Smart Technology
When it comes to technology, millennials have been known to teach older generations the ropes. In reality, more than nine out of ten millennials own a smartphone, demonstrating how important technology is to this generation.
As prospective homeowners, they want to ensure that their homes are as smart as possible, using cutting-edge technology for protection and convenience.
Below are some popular technology solutions that millennials have utilized and are researching to utilize in their luxury duplex apartment in Dhaka:
Personal Voice Assistant Device
For good reason, Google Home and Amazon's Alexa are the most well-known household names among Personal Voice Assistant Devices. They are two of the strongest smart devices anyone can own. They will act as a central control center for all of the smart home's gadgets.
Smart Security and Lock
Closed-circuit cameras, sensors, alarms and motion detectors are few examples of smart security devices that millennials are using in their smart apartments.
By connecting those devices to smartphones provides an even more enhanced security solution that includes face and voice recognition apps. This ensures protection against any type of risk.
Smart Lighting Devices
Traditional light bulbs are replaced with smart light bulbs, which have extremely low wattage and a long life span. Internet connectivity is used to change the lighting in a home from anywhere.
These lights will pair with sensors to provide ambient lighting as well as to detect room occupancy, turning off if the room is empty.
It is important to prepare the smart home installation process as early in the construction phase as possible so that it can be fully integrated into the design and schedule of work. Therefore, this is where the benefits of a custom-built apartment come into play where the homeowner has full control in planning out the technologies to use and incorporate into the building design.
Last but not the least- Location
The three most important factors the millennials in Dhaka consider while investing to custom-build the dream luxury apartment are location, location and location.
Most want to be right in the middle of the action...in the center of the metropolitan city of Dhaka.
City living provides the best amenities such as plenty of malls and restaurants for leisure and needs. Also, offices are mostly located in the urban areas of Dhaka such as Gulshan and Banani. Therefore, work to home commute will take lesser time.
Gulshan is an affluent upscale district focused on Gulshan Avenue, which is lined with new cafes and trendy eateries ranging from steakhouses to Italian and Thai cuisine, shopping centers, schools and members' clubs.
The majority of Dhaka's embassies and high commissions are also located in this area.
Gulshan is the home of some of the most well-off people in Dhaka and a place where 21.59% of residents are engaged in trade and 40.92% are service professionals (Source: https://en.wikipedia.org/wiki/Gulshan_Thana).
The tree-filled Gulshan Lake Park has a circular jogging track that wraps around a wide pond.
Being already the home of many deluxe apartments, it is one of the most desirable urban layouts for many potential homeowners who are interested in investing in luxury apartments here.
According to the Dhaka Tribune, Banani and part of its diplomatic district is a "posh" neighborhood of Dhaka.
Banani in Dhaka's one of the most exciting neighborhoods. This is another place that caters to the upper-class needs and is now considered to be the residence of the more prosperous.
With time, however, Banani has been more welcoming to the needs of many aspirants and achievers. The name Banani implies a lot of greenery, and the lake adds to the serenity. From excellent restaurants to fantastic boutiques, this one location will meet all of the daily needs.
Banani now has plenty of fantastic luxury apartments in its neighborhood that adds up to its beauty and posh atmosphere.
The Final Word
As seen above, building a custom luxury duplex apartment in Dhaka has its own set of advantages.
The potential buyers are free to make their designs through their imaginations and needs. In saying that, a concrete design is required to prevent hassles. Therefore, choosing a Real Estate Developer in Bangladesh who shares the same vision is necessary to understand the design and to transform that into reality. By doing so, it will reap even more benefits from designing luxury duplex apartments from the ground up.
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