BT : Far East launches high-end Inessence brand

Business Times - 01 Jul 2010

Far East launches high-end Inessence brand

By NICHOLAS YEO

FAR East Organization (FEO) launched its luxury development brand 'Inessence' along with a sneak preview of 'Skyline @ Orchard Boulevard' yesterday.

Four developments, Skyline, Alba, Boulevard Vue and Scotts Tower will come under this brand.

Two hallmarks of the 'Inessence' Projects are the white plan concept which allows customers to customise the unit layout and the use of well-known architects, such as Arquitectonica and Fumihiko Maki.

'Inessence' was conceptualised one to two years ago, with the launch of Boulevard Vue and Alba.

FEO has been building the brand name 'through the buyers, one on one'. 'Now that the product has proven itself, we are launching the brand,' said Chia Boon Kuah, chief operating officer of property sales.

Chng Kiong Huat, executive director for development and planning, said: 'We like to believe we are a supermarket of sorts, we sell properties ranging from the simplest to the most luxurious. 'We want to market a product that is clear and direct regarding luxury and to do this, we need a clear brand.'

As the market becomes more sophisticated, FEO believes there is a greater need for market segmentation.

Of the four projects, Boulevard Vue and Alba have already been launched. Skyline will be launched later this year. According to Mr Chia, Skyline will be priced from $3,900 psf onwards.

Skyline will be built on the former Skyline Angullia site, which was bought by FEO in 2006 for $100 million, at $1,073 psf ppr. Breakeven was estimated then to be about $1,400 psf. Currently, 'Alba is marketing for $2,900 psf onwards and Boulevard Vue at $3,700 psf onwards', said Mr Chia.

As of May, nine out of 28 units at Boulevard Vue had been sold. In the month of May, two units were sold at an average price of $2,971 psf. As for Alba, 18 out of 50 units have been sold. The transacted prices ranged from about $2,000 to $2,550 psf.

Boulevard Vue's units are large, ranging from 4,500 sq ft to 11,054 sq ft. In contrast, Alba's and Skyline's unit sizes start from 1,862 sq ft and 1,744 sq ft respectively. The expected TOP date for Boulevard Vue is 2013, Alba the year after and Skyline in 2015.

A launch date has not been set for Scotts Tower. On the topic of pricing strategies, Mr Chia said, 'We respond to the market when we think it is appropriate.'

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