ST : Far East gears up Inessence brand for upscale crowd

Jul 1, 2010

Far East gears up Inessence brand for upscale crowd

By Dickson Li

A LUXURY brand of exclusive apartments that take creature comforts to a new level has been unveiled by Far East Organization.

Its Inessence brand, launched yesterday at the Skyline@Orchard Boulevard showflat along River Valley Road, allows buyers to work with a design team to plan their apartments and choose upscale fixtures 'at no extra cost', said Far East executive director of development and planning Chng Kiong Huat.

Residents will be serviced by a dedicated concierge team and their properties will be protected by a security system that distinguishes between guests and residents.

Inessence currently comprises three separate developments: Alba at Cairnhill Rise, which will cost about $2,900

per sq ft (psf); Boulevard Vue at Cuscaden Walk, priced at $3,700 psf; and Skyline@Orchard Boulevard at Angullia Park, which will set buyers back $3,900 psf.

Boulevard Vue features two penthouses, one of which is 11,000 sq ft and boasts its own swimming pool in the sky. The other, an 8,000 sq ft unit, has already been sold.

Far East's executive director and chief operating officer of property sales, Mr Chia Boon Kuah, wants Inessence to tap the real estate market for high net worth individuals here.

'In the Asia Pacific, excluding Japan, high net worth individuals allocate 28 per cent of their wealth to real estate, and 60 per cent of that is allocated to residential,' said Mr Chia.

'Here in Singapore, we have the highest concentration of millionaire households in the world.'

Mr Chia remains bullish about property, despite a Citigroup report this week that expressed fears of an oversupply of upscale homes.

It said one-third of prime District 9 units due for completion in the next 12 to 15 months remain unsold.

Mr Chia said: 'In 2007, at the peak of the property market, the market sold 1,004 units worth $6.4 billion.'

Citing surveys indicating that Singapore has become one of the world's most liveable cities, he said location will be one of the apartments' main draws.

'Today's Singapore is far more interesting, vibrant and cosmopolitan than three years ago.

'In the first six months, the market sold only 238 units, so if we double that (for the full year), we believe that there is still that upside.'