Global City: Decoy Effect from the Developer?
LK6-8x – Park View – Original price USD 1,622 million – Small premium
Need to sell LK5-71, LK6-0X, LK6-85 “Good Price”
We still have 1 park view and 3 street view with a slight premium: LK6-8x: USD 1,622 billion, LK6-2x: USD 1,630 million, LK6-1x: USD 1,587 million, LK5-4x: USD 1,610 million
Above are the Global City shophouses, the very first phase, selling online. Interestingly, when contacting the sellers, the above price must add the premium from USD 25,000-90,000, depending on the property.
Is this some kind of market manipulation? Corruption?
I have witnessed this type of real estate sale at the original price plus a premium.
They all have in common:
- These properties are hot such as Empire City, Sunwah Pearl…and now Global City
- Limited supply
- Ambiguity is in the market
- Most importantly, the developer or powerful persons within has turned on the green light for this…
But what is the reason for these spreads?
Group benefits, individual benefits, high profits when the entire premium is divided among related sellers (distribution agencies, sales & possibly the developer…).
Why Global City?
In order to sell with the premium, it requires a cooperation of inside and outside, between the developer and the distribution agencies.
For Global City, there are about 25 agencies that must put down deposits for the developer to receive 5 shophouses/agency. All of these 75 shophouses are on the market selling with premium.
It can be seen although 75 shophouses are not too much, but for each with a premium of USD 25,000-90,000, individual and group benefits at least USD 1,633 million – 6,535 million. There will be some new millionaires sprouting up after only 1 week.
What are the benefits for developer?
Conspiracy theory suggests that, perhaps, developer uses the premium as baits for distribution agencies to sell more passionately, to work harder to approach and promote more customers, helping Global City brand attract great attention from the market to prepare for the next phases…
If that’s the case, this corrupted way of selling such project, with outstanding international level & strategic partnership with Foster + Partners, is…funny.
A training session of Global City
Customers who can afford to buy Global City hold at least USD 2 million, with in-depth investment knowledge and accumulated experience, it’s really hard to understand why developer and distribution agencies can be at this confidence to lead them by the nose…
But I also don’t understand why the developer would launch the 1st phase like this. It’s better to launch this project properly, clearly, transparently to create a reputable brand name rather than starting with ambiguous & sloppy selling…
Anyway, following the next Global City developments is also a tragic comedy that can be used to entertain in your spare time…
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