MARKETING OF CONDOMINIUM DEVELOPMENT IN THE MALAYSIA FEDERAL TERRITORY

Abstract

In Malaysia, especially in Kuala Lumpur, condominium developments still continue even in these difficult times. Looking back to almost a decade ago when the concept was introduced in Malaysia, condominiums were seen as the ultimate luxury available, only to a few. Today, however, the 'out of this world' prices have simmered down to an affordable level, making a dream for many a purchaser, a reality . The reason for prices of condominiums falling to an affordable level is principally the realisation among developers that they must accept lower .profit levels against the oversupply situation. In today's market, one should realise that the novelty of living in condominiums is wearing off. So instead of portraying a glamorous vision of condominium living, developers should convey to buyers that condominium living is another alternative form of living: an alternative to a terrace, link, semi-detached or bungalow house. 1. Mr. Gerry Khoo of Jones Lang Wootton, Kuala Lumpur in "Asian Property 1987". 2. Mr. Kumar Tharmalingam of Debenham, Tewson, Tharmalingam and Majid Sdn Bhd in F'erumahan Housing Property July/Aug 1985. With the recessionary scenario, convincing a buyer's market that has reduced purchasing power takes extra doing. Some new condominiums showed an average sales between 30 tO 40 percent. Through an examination of the market, it is found that developers struggling to push sales have come up with innovative marketing techniques to beat that downturn- in demand. They have come up with easy payment schemes, 3ricing houses more realistically and offering perks like insurance coverage and free television sets. Condominiums are here to stay because there isn't much building land left in Kuala Lumpur and Petaling Jaya. But the study reveals that only condominium with good selling points would achieve overwhelming sales despite the bleak picture of the condominium market.