MARKETING OF INDUSTRIAL PROPERTY - CASE STUDY OF A PRIVATE DEVELOPMENT IN SINGAPORE

Abstract

Marketing of an industrial property has become akin to marketing a concept to suit evolving business needs. This is apparent in Singapore where the industrial landscape has been slowly replaced by knowledge-based intensive industrial space such as technopreneur facilities. Given the imminent supply of private industrial space in this present oversupply situation, it will be a challenge for private developers to get buyers to commit to a purchase when leasing from government linked corporations may be a more attractive option. A case study of a recent successful industrial project developed by the private sector is the basis for this dissertation. The 4Ps of the marketing mix, namely Product, Place, Promotion and Price are used as the framework for the study. It is discovered that the elements of a successful project includes having the right product, appropriate timing of launch, an effective and aggressive pre-launch marketing campaign, ability to reach out to target market via a variety of channels and effective demand-based pricing. This research also provided insights into the perceptions of industrial property users regarding the effectiveness of marketing tools and importance of product features. The level of success of the marketing strategy depends upon the treatment given to each of the four components of the marketing mix. Recommendations are given based on the findings which can help in the formulation of a better strategic marketing mix for private industrial developments