Conceptualising luxury residential property for marketing
Today, the luxury residential property segment in Malaysia has experienced product development in an exponential rate, causing the segment to encompass more than just exclusivity, fancy address and facilities. For purchasers, the luxury concept has moved beyond the physical product. As such, it is...
Saved in:
| Main Authors: | , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Penerbit Universiti Kebangsaan Malaysia
2017
|
| Online Access: | http://journalarticle.ukm.my/11894/1/17856-51666-1-PB.pdf http://journalarticle.ukm.my/11894/ http://ejournal.ukm.my/gmjss/issue/view/923 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| Summary: | Today, the luxury residential property segment in Malaysia has experienced product development in an
exponential rate, causing the segment to encompass more than just exclusivity, fancy address and facilities. For
purchasers, the luxury concept has moved beyond the physical product. As such, it is important for marketers to
understand how luxury is perceived from a larger perspective so that they can gauge, shape and fulfil potential
purchasers’ expectations. In the current soft market for luxury apartments, such understanding is crucial to the
business sustainability of developers. This paper attempts to conceptualise luxury residential property based on
an extensive review of the relevant literature. Ultimately, the findings of this paper will contribute towards an
effective marketing strategy to boost the sale of luxury high-rise residential properties which are currently
experiencing a soft market. The 4P’s of marketing underpinned the formulation of the concept of luxury
residential spaces in this paper. Information is gleaned from texts, articles, journals, books and seminar papers
from various perspectives including real estate, marketing, economics and sociology mainly from international
authors. As such, the scope of this paper is much wider than simply capturing the nuances of local culture in
shaping the notion of luxury residences, but rather take a global and academic view of the conceptualisation of
luxury residential property. The framework of luxury residential property as presented in this paper will give
practitioners and researchers an informed insight into the evolution, normalisation and development of the
concepts of luxury and luxury residence with potential applications for benchmarking and research. Although
far from definitive, sufficient theories, definitions and discourse from the body of knowledge on luxury real
estate have been covered and thus provide a valuable reference. |
|---|