MARKETING CONDOMINIUMS DURING A DOWNTURN MARKET

Abstract

The property market has suffered one hit after another. First was the introduction of the May 1996 Anti-Speculation Curbs measures which considerably cooled the market. Next was the regional financial turmoil that tossed countries economies into chaos. The volume of transactions and prices of properties have fallen. There is an over supply situation with the demand sliding down as the buyers become more cautious and adopting a "wait-and-see" attitude. This dissertations attempts to determine the preferences of homebuyers' for condominiums during a downturn market situation so as to recommend possible marketing measures with reference to a condominium project. Looking at the offers made by the developer and comparing them against preferences of the buyers obtained through interviews with the potential buyers at the show flats, conclusions are drawn as to the further effort that can be made to improve the sales. The potential buyers' analysis has shown that the purchase price is the most important factor to the homebuyers under the current situation. In addition, anything that affects the affordability and the cost of purchase are also found to be important considerations. The better treatment of the marketing mix by the developer will ensure a higher chance of survival and ultimate success. Reward will go to those who can meet the consumers' needs and deliver the greatest value to them.