CRITICAL FACTORS FOR MARKETING HIGH-END RESIDENTIAL PROJECTS

Abstract

High-end residential projects require a uniquely tailored marketing strategy. This is to cater to the needs and expectations of sophisticated and well traveled affluent home buyers. With the high-end condominium market in Singapore becoming more competitive, it is timely for developers to review their existing marketing strategies to ensure greater customer satisfaction. This study focuses on formulating effective marketing strategies for high-end condominium projects. It also seeks to determine the critical factors for successful marketing of such projects through examining current level of satisfaction amongst existing owners and to understand their purchasing behavior and preferences. Through an analysis of the information received from the survey of high-end condominium owners, it was discovered that they evaluate satisfaction along 6 dimensions, namely location, value, features, marketing, service quality and reputation. It was also discovered that attributes relating to the developer's reputation, value, service quality and features of the condominium had a major role in influencing customer satisfaction among existing home owners. The critical dimensions to be remedied were the service quality of marketing staff and condominium's features. It is also found that the rating of overall satisfaction is influenced by the amount of mortgage loan taken and the purchase price of the condominium. The study revealed that direct marketing using private cocktail receptions and prospecting at show flats remain the most popular promotion tools. In general, marketing staff and developers play a critical role in influencing customer satisfaction of these owners. However, creative marketing schemes had little impact on their purchase decision.