Chinese developer Landence Group is giving away three luxury BMWs as an incentive to attract buyers to its recently launched inner Melbourne project, as developers compete for pre-sales amid a shrinking buyer pool.

The BMW i3 electric cars – worth about $70,000 each – are covered in branding to promote The Evermore, a $270 million twin tower-Southbank development, which is Landence Group's first in Australia. The first 60 buyers go into the draw for the hi-tech cars, which they receive on settlement.

The luxury car promotion is one of a host of incentives being offered by Melbourne developers as they grapple with slowing apartment sales and a pullback from overseas investors – who underwrote the recent boom – after the major banks stopped lending to them and the Victorian government lifted stamp duty surcharges.

The Evermore is the first Australian project by Chinese developer Landence. Supplied

Concerns about an oversupply of new apartments in some high-rise locations is also dampening appetite.

In November, Melbourne developer Evolve, founded by BRW Rich Listers Ashley Williams and Ron Walker, offered a $21,000 incentive to first-home buyers who purchased a $420,000 one-bedroom apartment at its nearby Botanic development to help them achieve the minimum 10 per cent deposit.