Luxury home builders turn to crafty marketing ploys to drive sales in 2015

High-end home prices slipped 6.2% last year.

Luxury home developers will use crafty marketing schemes and not price cuts in order to drive sales in 2015.

According to CBRE, the average price of luxury apartments stood at $2,650 per square foot in 2014, down 6.2% year-on-year compated to $2,825 psf in 2013.

The decline in prices and the overall weakness in buyer sentiment will push developers to step up marketing efforts for completed projects in 2015.

"Developers are likely to adopt innovative sales schemes than cut prices to market new homes in 2015," the report stated.

There were seven luxury projects yielding a total of 467 units completed in 2014, namely Ardmore 3, Hana, Le Nouvel Ardmore, Nouvel 18, Sculptura Ardmore, Tomlinson Heights and TwentyOne Angullia Park.