CONDOMINIUM VS APARTMENT BUYERS : PSYCHOGRAPHIC AND PRODUCT ATTRIBUTE DIFFERENCES

Abstract

The private housing development has gradually evolved over the last decade from basic flats with little or no amenities to condominiums with amenities ranging from courts, swimming pools, gardens and even a childcare centre. This change reflects the change in the lifestyle of an affluent group of owners under the varying socio-economic environment. The number of condominiums has grown rapidly, catering to the many who regard the facilities provided as essential. There is also another segment who prefers the traditional apartments with only basic facilities. This ASP is a study of the demographic, socio-cultural characteristics, product specific lifestyles and product attributes ln the choice of a private apartment or condominium. It aims to develop a detailed profile of the owners of these apartments and condominiums based on these characteristics. It hopes to assist the developers of these private property developments in formulating the correct marketing mix based on the psychographic profiles and product attribute preferences.