Amid a slow market, developers get creative with ways to attract more buyers.
Developer dangles carats to lure buyers
Amid a cooling residential property market, developers are dangling various carrots to persuade potential buyers to sign on the dotted line.
And some of these promotions have been creative too, with the “carrot” in at least one case being a carat or more: Early-bird buyers of apartments at the VUE 8 condominium in Pasir Ris become eligible for five-digit-sum vouchers to buy diamonds.
Propnex is an appointed marketing agency for Vue8 – for details
Stamp duty reimbursements and direct discounts of 2 to 3 per cent continue to be the mainstay, with at least four properties offering these, but developers who have moved beyond giving such direct discounts say creative promotions enable them to promote their properties while rewarding select buyers.
Offering “rewards” such as jewellery vouchers and car discounts also means buyers who bought their units earlier – before the start of such unusual promotions – do not get upset for having paid more.
Units at both Goodwood Grand and Hillsta, for example, have been offered with a 3 per cent direct discount, which helps buyers to meet the total debt servicing ratio requirements and trims the additional buyer’s stamp duty fees.
While direct discounts have been offered more in the residential market, which has been harder hit by the government’s cooling measures, commercial development Mapex is also being advertised with a 2 per cent discount.
Source: Business Times – 1 March 2014