I think this article explains what I have been explaining to all my friends.
The market sentiment is bad, everyone knows.
However, when the right product at the right location and the right price comes alone, the demand will still be around.
It’s like the whole smartphone market is not growing much but imagine iPhone drops its price by 30 percent…? 😛
Article in edgeprop.my here. Eco World Development Group Bhd expects its “Home Ownership Programme with Eco World (HOPE) campaign will help it hit RM6 billion in sales this year.
(EcoWorld) President and chief executive officer (CEO) Datuk Chang Khim Wah said, “We raked in RM2 billion worth of sales — 1,800 residential units via the #OnlyEcoWorld campaign — and we still see people coming to our sales gallery to know more about our residential units.”
There are two options under this campaign for the buyers.
- The “HELP2OWN” (H2O) would allow buyers to purchase residential units via a mortgage plan while for the second option,
- The “STAY2OWN” (S2O), EcoWorld would allow buyers, particularly first-time house buyers, to rent its product and eventually own the house after one or two years.
The second option would be facilitated via a collaboration with Malayan Banking Bhd, under the Maybank HouzKEY scheme.
“Buyers might have an issue in placing a down payment for a house and may require an extra two or three years before they can buy a house, hence the S2O option would be useful to them.
Maybank Islamic will hold the ownership and base on the monthly rental fee, they can actually own the house,” Chang added.
As for the supply overhang, Chang said that Eco World did not face such challenges.
Eco World’s total land bank stood at 3,288.64ha with a total gross development value of RM87.5 billion. Article in edgeprop.my here.
Campaigns are great to get people to go the sales gallery.
Perhaps one important factor which Eco World has done well is to equip its sales staffs with the right skills and trainings to handle the potential customers.
Yes, I have personally been served by such a staff before and I have also been served by sales staffs who knows nothing else about the property market except to repeat what is in the brochure.
More importantly, if the demand is truly non-existent in the market due to some circumstances, then regardless of the campaign(s), nothing gets sold.
The sooner we understand this, the better the sentiment should become. Happy following.
written on 24 Jan 2019
Next suggested article: Zuraida: I am optimistic about the property market because…