Glossary · The buying process
Pre-launch
Also called: Pre-sale, VIP sale
In short
The first round of sales in a project, before its official launch and often before construction has started. Prices are usually at their lowest and the project at its least certain.
What it means
Developers open sales in rounds. The pre-launch round goes to early buyers, at prices that are normally raised for each later round. It lets the developer test demand and raise money before building.
What is different this early
- Approvals may still be pending. A building that needs an Environmental Impact Assessment cannot be built until it is approved, and the design can change to get there.
- There may be only a sales gallery and drawings to judge by.
- The completion date is furthest away, so the estimate is least reliable.
What to check
Ask which approvals the project has today, and get in writing what happens to your money if an approval is refused or the project does not go ahead. A lower price is what you are paid for taking the earlier risk. It is not a guarantee that later prices will hold.