AN ALTERNATIVE to queues and the ‘first come, first served’ principle at property launches is emerging as developers turn to ballots to allocate flats in an increasingly active market.
A ballot was used amid tumultuous scenes at the Optima condo on Thursday night when buyers swamped the Tanah Merah showflat a day before it was due to open.
It was also employed when two-room flats were released at Somerset condo One Devonshire in June. And Boon Keng condo Airstream is set to launch on Wednesday with balloting.
The process – essentially buyers’ names are drawn out of a box – is getting backing from developers and buyers and may become increasingly common as activity gathers pace.
Mr Gerry de Silva, the head of group corporate affairs at Hong Leong, a partner in the Optima project, said balloting is fairer and stops people from trying tactics like selling places in a queue. Continue reading
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