According to The Australian Financial Review, Brisbane developer ForceOne Development is throwing in a Toyota Yaris for each of the next 10 apartment purchases before June 30 but says it's not desperate.
In a city suffering an apartment glut, the "free car" as well as paid stamp duty and a 6 per cent rental guarantee were in part an "end of financial year" strategy and in part a means to attract customers who have been deterred by "bad news".
The developer, backed by Sichuan-based Chinese developer Chengdu Sanli Group, made no secret that it has only sold 50 per cent of its boutique 61-unit project "The One, West End" since launching late last year. It would welcome more sales but did not need funding from pre-sales to commence construction.
Concerns of an apartment oversupply are mounting. New apartment sales in the Queensland capital have reportedly collapsed by more than 70 per cent in a year.
Many developers are experiencing restrictions in funding, as banks and financiers try to slow down speculative buying and runaway prices.
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