Strategic Marketing of New Developments: What Determines the Take-Up Rate?
||Ooi, Joseph T.L.
||Strategic Marketing of New Developments: What Determines the Take-Up Rate?
||Book of Abstracts: 2005 European Real Estate Society conference in association with the International Real Estate Society
||This research paper examines the initial launches of residential development projects in Singapore. Whilst a number of studies have examined the Initial Public Offerings (IPOs) of quoted property companies, no studies have explored the strategic marketing initiatives of new development projects. Based on a comprehensive sample of new residential developments launched in Singapore between 1995 and 2004, the paper seeks to identify the key determinants of a successful initial property launch. Success is defined by the take-up rate of the project during its initial marketing launch and at the temporary occupation permit (TOP) stage. For real estate development, the success of a development project is often tied to the take-up rate of the project during the property launches. Based on the 4 Ps of marketing, the influence of product, pricing, promotions and place on the project's take-up rate is examined. Findings of this research have valuable practical implication for developers as well as marketers. In many instances, the developers' cash flows and risk exposure are tied to the performance at the initial launches.
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