TODAY ONLINE : Far East launches luxury brand

Far East launches luxury brand

05:55 AM Jul 01, 2010

by Zul Othman

SINGAPORE - Property developer Far East Organization yesterday introduced its luxury brand Inessence, which is made up of exclusive condominiums in prime locations in the Orchard Road area.

However, they don't come cheap: Prices for a residence at Skyline@Orchard Boulevard at Angullia Park start at $6.8 million while rates for an apartment at Cuscaden Walk's Boulevard Vue start from $16.6 million. Apartments at Alba in Cairnhill Rise start from $5.4 million.

At these prices, residents can look forward to a custom-built security system - which "automatically distinguishes" between guests and condo owners - as well as access to their own concierge team.

Announcing the venture yesterday, Far East chief operating officer (Property Sales) Chia Boon Kuah said there is a market for ultra expensive homes.

He said: "In 2007, at the peak of the market, the demand was for 1,400 units of luxury apartments. At $5 million each, total sales came to more than $6.4 billion (but) in the first half of this year, 238 units sold have brought in $1.6 billion."

These luxury apartments, Mr Chia said, are being targeted at foreign buyers who want to get into the high-end property market following the economic recovery.

Colliers International's director (Research and Advisory) Tay Huey Ying told MediaCorp that for the first five months alone, the number of foreign purchasers had already exceeded 55 per cent of last year's total.

"With the recovery of the economy gaining traction, we expect to see more (foreign buyers) coming to Singapore, especially given the cooling measures put in place by governments of Asian cities for their respective markets," Mr Tay said.

According to Mr Chia, sales have been encouraging: Already 18 out of Alba's 50 apartments have been sold while nine out of the 28 units at Boulevard Vue have been snapped up. Construction of both developments will be completed in the next four years.

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