SELECTION CRITERIA OF OCCUPIERS IN HIGH AND MIDDLE CLASS CONDOMINIUMS

Abstract

Since the introduction of the condominium concept in 1972, the rise in the number of condominiums being developed over the country has been stupendous. With the growing popularity and keen competition in the condominium housing market, the real estate professional must be able to identify his target groups, be they potential purchasers or lessees, their tastes and preferences. The socio-economic characteristics of a purchaser, such as stage of life cycle, household size and income as well as the consumer-desired amenities of scenery, tranquility, open space and recreational opportunities are important in determining the residential preferences perceived by the developer to be shaping the market to which he intends to sell his development. This dissertation attempts to study the differences in the locational criteria of middle and high-class condominium occupiers. It embodies three main aspects: location - which is subdivided into environmental and accessibility; physical and cost factors. In general, the three most important factors influencing the location decision are design and layout, security of neighbourhood and peacefulness. On the average, physical and environmental factors are more important than cost and accessibility factors. Differences in response between high class and middle class occupiers were obtained for the following factors: 1. Prestige of the district 2. Proximity to relatives 3. Availability of better financing scheme 4. Amount of maintenance contribution 5. Price/rental 6. Quality of finish 7. Social mix within development 8. Floor area 9. Number of bedrooms 10. Title of the property 11. Familiarity with the district It is hoped that such a study will illuminate the factors which influence the location decision of the two classes of occupiers and be useful to the future planning, design and marketing of high class and middle class condominiums.