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TODAY (Singapore)
November 14, 2003
Property firm courts pink $
By Tor Ching Li
SC Global becomes first developer to target gay buyers
openly
IF BANKS start offering pink credit cards — just for
gays and lesbians — and the rest don't get it, you read
about it here first.
Indeed, the pink dollar has proven such a strong performer
that SC Global Developments is the first property developer
here to openly woo it for its 30-storey "loft-in-the-sky"
condominium, Lincoln Modern.
On Nov 23, some 4,000 members of Singapore's gay and
lesbian community will head to Newton for high tea and
a "special exclusive viewing" of the "ultra-modern"
56-unit development.
This "invite-only" event will launch a six-month campaign
by Fridae, the leading regional gay website, to promote
Lincoln Modern to its members in collaboration with
SC Global.
Said 31-year-old Dr Stuart Koe, CEO of Fridae: "Many
companies are starting to realise the potential of this
market. If they act now, like SC Global has, they will
still be considered market pioneers as not that many
have actively sought the pink dollar."
And worth targeting it is.
Founded just two years ago, Fridae now boasts about
100,000 regional members — 50,000 of whom are Singaporean.
Half of all members earn above $45,000 per annum and
43 per cent are professionals, managers or businessmen.
"You get very good returns for every dollar spent marketing
to the gay community," Dr Koe said.
According to a spokesperson for SC Global, there will
be three more such Lincoln Modern viewings over the
next three months, each targeting a different segment
of Fridae's online community, of which 30 per cent are
female and 70 per cent male.
There are 33 units available, ranging between 1,200
and 1,400 sq ft, costing $1,100 per sq ft on average.
However, SC Global is not bent on marketing Lincoln
Modern solely to the gay community.
Said a spokesperson for the property developer: "Lincoln
Modern was conceived as quality housing for well-heeled
singles and couples and gays form a segment of our target
market.
"By reaching out to them, we are trying to fulfil our
duty to shareholders to churn sales."
As for the gay community's orientation towards Lincoln
Modern, Dr Koe said: "We think there is strong fit between
the development and our members. They do like the fine
things and not all developers have the same quality
in finishing."
Property consultancy Hamptons International subtly
marketed The Arris — an upmarket condo in Tanjong Pagar
— to gays earlier this year. It was estimated that 20
to 30 per cent of the buyers were gay.
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