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Jun 15,2021

Consumer behaviour and market response to Fontana Infinity launch

How is the current real estate market trend?

The current market scenario seems to be very challenging, with last year being drastically affected by the pandemic followed by the closure of the causeway as impacted the market economically. Also, the market is being very price-sensitive.

However, with the causeway opening, and the vaccination drive in full swing, we see a ray of hope. We are optimistic and hopeful that the market will respond positively and they would a lot of economical activity going forward, which would be good for Fontana Infinity leasing.

How did the market respond to the launch of Fontana Infinity

Even though it’s been a tough time, the market has responded very positively to the launch of Fontana Infinity. They was huge excitement about the project in the market, for its world-classes facilities and as it is part of the Fontana series. However, they are few challenges the first being even though they was much excitement about the project, the same has not been reflected in terms of leasing the property. The primary reason being that they’re no new customers in the market and only customers who are migrating from one property to another, for better pricing or facilities. While the second challenge in terms of the existing property inventory being affected because of similarity to Fontana Infinity. However, this is more of an assumption, with FI pricing and as the market is opening up the scenario might be different and probably we may not have a repelling effect on other properties.

What is the market feedback after seeing Fontana Infinity? What do customers think about the amenities

The Fontana Infinity market feedback has been WOW and positive. The market couldn’t get enough of the world-class facilities and resort-style lifestyle. They appreciated the lazy river concept, the Kayaking being a new concept and new addition, which doesn’t exist in any of the current properties, the panoramic view of the gym, which we are hoping that the Navy customers would be amazed by it, while the Olympic pool is also very well received. A special mention has been made by many is about the kids' indoor play area which is highly appreciated.

Most of the customers and people have been raving about the way the apartments have been furnished and how smartly they have been done. Overall the project has been well appreciated and pointed that the brand stands to offer the best in the market while showcasing and improving our furnishing capabilities from one property to another.

At the same time, most of the customers feel that the apartments are compact and kinda urban style however, we estimate the facilities would compensate that factor.

How is the leasing trend when comes to Fontana Infinity, in the current scenario?

Given the current market scenario, they isn’t much momentum when comes to the leasing of the property. As of now 9 apartments in Tower – A, and 21 apartments in Tower-B have been rented out, which is more of an indication that we are doing fine, considering the factor that the leasing is not open for the Navy yet.

We are expecting around 100 apartments, being rented out in each tower by the Navy, now that the property is approved by the Navy. At the same time as Saudi causeway opening up, new projects coming up and the COVID situation getting better, we are expecting also to see civilians moving in. Hopefully, all bad things have gone by, and whatever we are looking forward would be better than the current scenario. Overall we are very optimistic and the product is also great as well.

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