DECISION PROCESS FOR PURCHASING SUPER LUXURY CONDOMINIUMS IN PHROMPHONG AND THONGLOR AREAS, BANGKOK CASE STUDIES OF TELA THONGLOR 13, BEATNIQ SUKHUMVIT 32 AND KRAAM SUKHUMVIT 26
Abstract:
A super luxury condominium is a condominium priced 280,000-500,000 baht per sqm. The buyers of super luxury condominiums are a very specific group but are a sought after target market for property developers, resulting in the continual production of new projects. This research focuses on the social and economic characteristics of this target group, their decision process, and factors that affect their purchasing decisions. Buyers data were collected from 142 questionnaires and were classified into 3 groups, for residence, for investment and for asset, by stratified sampling. Then, 36 samples were selected for interviews by simple random sampling. The results are 1) that the super luxury condominium respondents in all 3 case studies were aged 41-50 years old (38.02%), married (59.85%), stayed in Bangkok (45.78%), worked in private industry (42.25%), and had private income per month 200,001-300,000 Baht. 2) The decision process to purchase has 5 steps. The important step is seeking information, the majority of the salespeople will start to promote project by telephone. Then, taking project information out to the buyers themselves to present or delivering buyers to see the show unit. 3) Being aware of the demand step, residential buyers and propertied buyers is same, need a convenience and facilities, but investing buyers focus to profit from condominium. Evaluation the choices step, buyers compared with other projects in case study areas. Besides residential buyers and investing buyers compared with other projects outside case study areas. Behavior after purchase, residential buyers and propertied buyers is same that plan to buy more, but investing buyers still not plan to buy more. 4) The top three of the factors that affected the decision to buy were: 1. Location, various entrances to project, facilitated surroundings and the raising of land price, 2. Pricing and 3. Materials used in the interior construction of condominium, especially world brands and replacement parts were concerned. This research examines the decision-making process of purchasers of super luxury condominiums. This research will be useful for entrepreneurs to better understand the nature of customer purchase decisions and guide future project development, including the development of marketing and sales strategies.