Do you really have an equal chance when buying a new launch condo?
New Launch Condo VIP Buyers Get First Pick… Is That Fair? 🤔
“Do you really have an equal chance when buying a new launch condo?”
Imagine preparing for a new launch…
Only to hear that some units were already sold before public booking even started.
A recent Straits Times report revealed that some projects conduct VIP or priority bookings before the official launch.
Now, before you jump to conclusions…
This isn’t illegal.
And not every developer does it the same way.
For example, Emerald of Katong reserved the lower-floor, lower-priced units for the public. VIP buyers were only allowed to purchase the higher-priced units during the priority exercise.
So it’s not simply a case of “the best units are all gone.”
The bigger question is about transparency.
Should buyers clearly know which units are reserved for VIPs and which are reserved for the public?
That’s one reason the Council for Estate Agencies is reviewing these practices.
Personally, I think there’s no one-size-fits-all answer.
Developers want to manage their launches efficiently.
At the same time, buyers also want to feel they have a fair opportunity.
What do you think?
Should VIP bookings continue?
Or should every unit only be available when public booking begins?
Let me know in the comments.
#SingaporeProperty #NewLaunch #CondoLaunch #SingaporeRealEstate #jonathankong
From my experience in Singapore's property market, VIP sales at new condo launches can indeed tilt the playing field, though the scenario is often nuanced. Many developers conduct VIP or priority sales exercises before the public launch, allowing selected buyers—often investors or loyal clients—to pick from a reserved batch of units. This practice, while legal, raises valid concerns about transparency and equal opportunity among buyers. I recall attending a launch where the builder had cleverly reserved lower-floor, more affordable units for the public sale, while VIP buyers were given first access to higher-priced or premium units as part of a priority exercise. This approach somewhat balances fairness, yet many buyers feel disadvantaged if they are unaware of the reserved allocations. Transparency in these reservations is key; buyers should know beforehand which units are held for VIPs and which will be open to the public to make informed decisions. The Council for Estate Agencies (CEA) has been reviewing these VIP booking practices, indicating a growing recognition of the need for fairness and clear communication in property sales. As a buyer, it’s helpful to proactively seek details about launch procedures, including whether VIP sales are part of the process and what units might be reserved. Moreover, developers aim to manage launches efficiently—VIP bookings can help gauge committed buyers and streamline sales early. However, from a buyer perspective, the feeling of having a fair chance to access preferred units is equally important. Balancing these interests requires clear guidelines and honest communication from developers. In my opinion, while VIP bookings might continue to exist, transparency should be mandated. Public buyers deserve clear information about reserved units, so they can strategize accordingly or decide whether to wait for the public launch. Sharing your views and experiences about these practices can also help foster a community of informed buyers who hold developers accountable. Ultimately, navigating new launches demands vigilance and informed engagement. Buyers should ask agents about any priority sales, reserved units, and the booking sequence before committing. This preparation can help level the playing field and improve your chances of securing a unit that fits your needs and budget.
