MARKETING STRATEGY FOR CLUSTER HOUSING

Abstract

With the nation's economic and social progress, many Singaporeans are aspiring for higher standards of residential living. In recognition of this, the government has introduced a new and exciting housing form that will transform the texture of Singapore's private residential market. Basically, cluster housing is a blend of conventional ( low-density ) and condominium housing. Linked in clusters in a variety of layouts, all units have access to the ground, while sharing condominium-style facilities. Being a new concept, there is a need to find out the intensity of potential demand for cluster housing through a market analysis. The market analysis reflected that there is a potential market for such developments. The main purpose of this dissertation is to suggest a marketing strategy for cluster housing to improve sales, based on findings from a case study — Kew Gate. A survey was conducted to determine the characteristics and current preferences of homebuyers. It revealed that developers should target at upper-middle income households. The respondents' preferences and major selection criteria for housing include price, quality finishes, proximity to workplace and expressway, peacefulness of the neighbourhood, architectural design of the estate, developer's reputation and the number of bedrooms. Basic facilities like 24-hour security, swimming pool, tennis courts, ample parking space and air-conditioners to all rooms are also important to the respondents. Due to intense competition in the private residential market, it is vital for developers to establish an effective marketing strategy based on information gleaned from a sound market research. If the needs of potential homebuyers are translated into a good physical plan, coupled with an excellent construction program and effective marketing strategy, the developer will most probably be successful in his development project.