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Singapore developers have their creative marketing hats on

It's no longer a case of 'if you build, they will come'

[caption id="attachment_59880" align="aligncenter" width="1000"]A struggling market, but we still love it. Image: Feylite/Shutterstock. A struggling market, but we still love it. Image: Feylite/Shutterstock.[/caption]

We've heard it all now, free breakfasts, drone deliveries and special pizza lifts. Developers the world over are on a mission to keep the edge over their competitors.

Condo developers in Singapore are offering incentives, such as deferred payment schemes and even discounted prices to lure home buyers, following its success in moving units last year, reported The Straits Times.

Among the latest projects to offer such marketing schemes include TG Development’s The Peak@Cairnhill II, Wheelock Properties’ Ardmore Three and CapitaLand’s Sky Habitat.

Also offering incentives are two projects marketed by ERA Realty Network. One Balmoral is offering a 13 percent discount on prices of all units, while Corals at Keppel Bay is dangling a $50,000 discount on prices of selected units.

More: Luxury US developers are tempting residents via their tastebuds

Last year, OUE’s creative marketing schemes, which included deferred payments for its Twin Peaks project, received good response, prompting other developers to follow suit. In fact, CapitaLand’s own version of the scheme, called the stay-then-pay programme at The Interlace and d’Leedon, was also “well-received”.

But while more completed projects are likely to offer innovative sales schemes, analysts do not expect this to affect demand for newly launched condos.

This is because completed projects account for “a very small percentage of the primary sales market”, explained Eugene Lim, Key Executive Officer at ERA Realty.

This story originally appreared on PropertyGuru.com.sg on 13 January 2017

Read next: Developers, How can you stay competitive in Singapore?

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