{"id":33348,"date":"2016-11-07T12:42:39","date_gmt":"2016-11-07T05:42:39","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-how-can-you-stay-competitive-in-singapore\/"},"modified":"2016-11-07T12:50:40","modified_gmt":"2016-11-07T05:50:40","slug":"developers-how-can-you-stay-competitive-in-singapore","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-how-can-you-stay-competitive-in-singapore\/","title":{"rendered":"Developers: How can you stay competitive in Singapore?"},"content":{"rendered":"


\nIt\u2018s time to do a rethink, according to a South East Asia Property Awards (Singapore) judge
\nWith a few thoughtful tactics, Singapore developers can continue to do well, says Benedict Lim Image: lantapix\/Shutterstock
\nBy Benedict Lim
\nDevelopers have to contend with many challenges within the local residential development landscape as a confluence of factors funnel towards a most unprofitable situation of modest demand in the face of a supply glut.
\nThe overhanging anti-speculative measures put in place by the authorities to prevent runaway asset inflation caused by cheap and abundant liquidity is continuing to dampen purchasing interests. As a consequence, property prices are starting to slide and unsold inventory continues to build.
\nDevelopers will need to behave and think like the modern age technological entrepreneurs and develop solutions to drive property buyer\u2019s imagination and aspiration. Built up private residences are now predictable with a fancy property name and a full inventory of club amenities which comprise of usual suspects of swimming pool, barbeque pits, gymnasiums and other public features. The innovation of bringing a social club amenities to the residential domain is no longer a value-add feature but a required minimum specification to any private condominium buyer.
\nMore: Could this be the quickest fix for Singapore\u2019s property slump?
\nSo how can developers compete in this increasingly crowded space which is insulated from economic dictate?
\nHome purchases obviously don\u2019t come to a standstill even when the economy is challenged. It is also an industry fact that demand in good or bad times is increasingly discerning.
\nThis is especially so in a landlocked country in which the economic performance can only be sustained with resident and migrant population growth given the increasingly aging demographic. Demand for homes will always exist, but developers must now differentiate and create communities with identities.
\nCompetition is rife in Singapore, and developers need to stand out from the crowd. Image: Aleksandar Todorovic\/Shutterstock
\nSell a lifestyle
\nIf we observe how condominiums evolve, it has always been about providing an aspirational lifestyle to a growing population with increasing purchasing power.
\nIn the early days, having a country club or social club was an aspiration to purveyors of wealth. The advent of the private condominium brought this lifestyle distinction to the home buyer and created a residential asset class opportunity which remained popular especially for the public housing upgraders. Bringing the clubhouse to the doorstep was a great thing in the past and developers have started to churn out very similar products albeit in different locations and under different names.
\nWith increasing land prices, developers have forced a specification standards of smaller living spaces to ensure an equilibrium price for healthy take-up. So have developers given consumers less for more or really more for less? It is time to do a rethink.
\nMore: Danang, Vietnam: why foreign investors should pay attention
\nUnderstand your residents
\nMillennials are idealist in nature. Providing a mere bricks and mortar inventory is no longer going to capture excitement or demand. The creation of community and activities which are not available online will drive interest. Developers must think hard about existing property management approach and evolve it towards a more club management approach.
\nContinually seeking new innovations involving brand names would be beneficial, especially for gymnasiums and other facilities.
\nGeneration-X typically have families with grown up or growing kids. Busy working parents will always be grateful for things that make life easier.
\nBe convenient
\nHomecare and delivery logistics are key to this.
\nHaving good help is something of a lottery outcome. If a private residence can provide domestic support, such as cleaning and laundry, this can act as a big draw.
\nAfter all, what owner doesn\u2019t want to come back to a perfectly cared home?
\nOnline shopping has created a new phenomenon of delivery couriers making drops at all times of the day. This can be inconvenient as homeowners need to be there to sign for packages. If a building can assist in this process and receive shipping goods on behalf of residents \u2013 either delivering it to doorstep or have the residents pick this up from a service desk.
\nThe little things count, such as taking care of package deliveries. Image: Narong Jongsirikul\/Shutterstock
\nAdded extras
\nExclusive activities for residents will be the next level of value-add uplift for private residences.
\nThis would be enrichment classes for the young, practice examinations for the students, mahjong sessions for the old, outings to unique destinations, yoga or Zumba classes and other activities to engage participation from residents.
\nIn other words, bringing the social and recreation club to the residence.
\nLooks matter
\nSense of place and pride of ownership will continue to drive buying imagination.
\nGood design and architecture are absolutely necessary for true luxury. The use of quality material and the mindful design that allows practicality of convenience and effectiveness are important.
\nDevelopers need to be wary that confusing lower cost for value in material selection would lead to incremental chips to their reputation when the material fails to age well.
\nThe other aspect is that developers should sustain that residence brand by staying connected and not just leaving it to the fate of the management to sustain the initial aspiration of quality environment and care.
\nDevelopers can continue to thrive even in economic downturns if they can provide a meaningful environment and something different in with their product by being relevant to their customers.
\nWhat is clear is that buying land and building on will no longer give any developer the automatic right to success.
\nAbout the author:
\nBenedict Lim is a Partner & Principal with EY. He is the ASEAN Real Estate Leader and Managing Director for EY Corporate Finance Pte Ltd. He drives thought leadership in real estate and advises clients on investor\/owner\/occupier strategy, transaction management and asset management. He has more than 20 years\u2019 experience in the real estate industry in various senior management roles in master development, real estate fund management, asset management, portfolio management and development. He is a trained international arbitrator with qualifications in MBA, MSc Real Estate and BEngineering in Civil and Structural Engineering. Lim is also a member of the judging panel of the South East Asia Property Awards (Singapore) 2016.
\nRead next: South East Asia Property Awards (Singapore) 2016 reveals full list of finalists
\n
\nSource : property-report.com
\nRead more…Developers: How can you stay competitive in Singapore?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2018s time to do a rethink, according to a South East Asia Property Awards (Singapore)...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-33348","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-8FS","jetpack-related-posts":[{"id":40549,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-developers-have-their-creative-marketing-hats-on\/","url_meta":{"origin":33348,"position":0},"title":"Singapore developers have their creative marketing hats on","date":"January 13, 2017","format":false,"excerpt":"\r It\u2019s no longer a case of \u2018if you build, they will come\u2019 A struggling market, but we still love it. 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