Abstract
Purpose The purpose of this paper is to develop an effective process to market high-rise luxury condominiums in a middle-income country in Asia like Sri Lanka, based on empirical evidence. Design/methodology/approach The case research methodology used to address the four research issues used multiple sources of data. In stage 1, qualitative data were collected in interviews with managers and salespersons of six condominium developments that ranged from successful to failure. In stage 2, quantitative data were collected in a survey of the buyers of the six cases. Findings The authors contributions to knowledge include the first evidence-based findings about what influences the success and failure of high-rise luxury condominium developments in a country like Sri Lanka. In addition, a comprehensive marketing model of an effective marketing process is developed for forward-thinking professionals in the field to use to successfully market their luxury high-rise condominiums projects in the future. Practical implications Detailed steps for successful marketing are outlined, from the Board of Management down to salespersons. Originality/value This is the first academic research paper to examine the effective marketing of high-rise luxury condominiums in a middle-income country like Sri Lanka.
Highlights
Condominiums are parts of a multi-owner property that are owned by individuals, with the buildings having some common areas such as lifts, pools and gymnasiums (Edirimane, 2010; Johnston and Reid, 2013)
A low-level contribution adds its findings to the already established literature about developing high-rise luxury condominiums in Sri Lanka, and so it is an endorsement of the findings in that literature
We developed two sets of implications from the learnings, observations and findings of the research; they focused on business fundamentals and on their implementation
Summary
Condominiums are parts of a multi-owner property that are owned by individuals, with the buildings having some common areas such as lifts, pools and gymnasiums (Edirimane, 2010; Johnston and Reid, 2013). A condominium property affords dual ownership, that is, individual ownership of the unit designed for independent use and joint ownership of common elements or all areas that do not form part of the condominium unit. The word “condominium” has its origins from the early eighteenth century from the Latin words “con” (together) and “dominium” (right of ownership of the individual and the common areas). The full terms of this licence may be seen at: http://creativecommons.org/licences/by/4.0/legalcode
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