Award winning projects are usually higher priced?

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I was invited by FIABCI-Malaysia president Sr. Michael Geh to the Malaysia Property Award 2019 dinner. After I have posted in on FB, an old friend asked me this casual question. ‘These award winning projects, will they be higher priced?’ My first thought was, there’s that possibility but then if we look back at the reasons why we buy that particular property in the first place, I think perhaps not. 4 reasons I think we need to continue to be objective whether or not they are award winners.

Immediately – Yes, award winning projects tend to get much more visibility. It may be shown on the TV, in the newspaper and even in property blogs like kopiandproperty.com (Latest one here) The sales people will also feel much more confident when they sell their award winning project. In fact there’s a big possibility that the rate of potential customer visits to the sales gallery will be higher too. Closure still depends on the sales people. Plus if the decision whether to buy or not to buy is down to last 4 choices (after so many viewings) and 1 of it happened to be a property award winner, then the award winner may just win a few more new purchasers.

Meets my expectations – Assuming the project is an award winning one for the best condominium project. You went to view it and indeed the layout’s spacious and very thoughtful. In fact the facilities are superb too. However, it’s 35km away from your mother-in-law’s house and you love her cooking a lot. Every night you will have dinner at her home with your wife. So, are you buying this award-winning project or not? For the final decision, please look at whether the project meets our expectations or not instead of whether it’s an award winning one or not.

Premium priced? – Two projects are being built nearby one another. One is an award winner and another is not. Both have nearly similar layouts and within the same location. The award winning project, everyone knows about it and when you tell your friends, they could also identify it. The other one, well, relatively unknown. Now coming to the price. The award winning project is RM50,000 more expensive. Over 30-year loan, that’s an extra of over RM200 per month. So, how, which one would you take? If I am the one choosing, I will prefer the award winning one lah. (If the award is a legitimate one yeah). By the way, no right and wrong yeah, choosing the project without an award is perfectly fine!

10 years later – I am not sure about you but if I were to buy a secondary project ten years later, the question of, ‘Is this an award winning project?’ will not be a typical question I ask yeah. That secondary property will just have to meet my requirements and I will buy it. In fact if the development had put up a plague or signage saying that this project was an award winning one, it would have already started to show wear and tear effects too. It’s the same with our degree yeah. When we first graduated, that will be an entry into the corporate world. After 10 years, we do not get our next job because of the degree, it’s because of our experience. The degree is just to complete the selection…

Happy understanding that award winning projects won the award for a certain category. Whether or not it’s something you want is another matter altogether. For example, the best affordable development does not mean it has the most facilities for the lowest price yeah. The judges may have given it the award because for the price, the layout and the finishing it gives is above all the rest while facilities wise, it’s on par with almost everyone else. Yes, I have been a judge for a property award before. The process is a long one and the external auditor was with all the judges in the room ALL THE TIME. I was also not paid a single cent beyond getting a seat at the judges table during the awards night. Choose the best project for you. An award is the tie-breaker. Cheers.

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Featured Photo by Engin Akyurt from Pexels

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