EL Development has introduced a one-tier pricing method on Parc Riviera to attract the early-bird buyers.
The developer is charging the same price on similar units that are from the 2nd to 15th floor.
For instance, a 2 bedroom flat of 603 sq ft will cost $725,000 irrespective of the floor it occupies whether on 2nd or 15th floor or in between.
Developers tend to charge more for units on upper floors due to their popularity because of great views.
However, as similar units between 2nd and 15th level carry the same price, those above will attract higher prices. Parc Riviera has 2 towers each with 36 stories.
(An image of Parc Riviera)
“I came up with the pricing method because I want maximum benefits for the early purchasers,” said Mr. Lim Yew Soon, managing director EL Developments.
It is common to see early bird promotions advertising units for $5xx, 000 but they leave purchasers not knowing the floor which the flat is located and its price. Mr. Lim noted that this approach is outdated.
“We are informing potential buyers that the price of a 1 bedroom unit starts at $550,000. We feel that the price is attractive even at lower floors, and to make it better, we are extending it up to the units in 15th floor,” added Mr. Lim, noting that it is intended to make buyers come early.
The pricing method will only be available on the condo’s soft launch on Saturday.
With its location near Pandan Reservoir, Parc Riviera has 2 towers each with 36 storeys, and a 4 storey car park. The sizes of the units start from 1 bedroom units of 463 sq ft for to 4 bedroom units of 1,711 sq ft. According to the developer, a majority of the units are 1 and 2 bedrooms at 64%.
However, the price difference between 15th and 16th floor will have a large difference of approximately 5%.
Property experts expressed optimism on the pricing move. It is the first of its kind and buyers will have an incentive to come early and decide on the purchase given that they will enjoy discounted prices for units on higher floors.
“In most cases, units higher up tend to be more expensive with a difference of up to 15% from those on lower levels”, said R’ST Research director, Mr. Ong Kah Seng.
Parc Riviera will be holding their preview on the 5th November this year. Another development, Queens Peak at Dundee Road will also be having their ballot this coming Saturday.