Far East Organization (FEO) launched its luxury development brand – ‘Inessence’ – with a sneak preview of ‘Skyline @ Orchard Boulevard’ yesterday.
Four developments – Alba, Boulevard Vue, Scotts Tower and Skyline will come under the ‘Inessence’ brand.
Two trademarks of the ‘Inessence Projects’ will be applied the use of renowned architects like Fumihiko Maki and Arquitectonica; and the white plan concept which allows the customisation of the unit layout.
The idea of ‘Inessence’ was conceived one to two years ago, with the launch of Alba and Boulevard Vue.
The company has been creating the brand name “’through the buyers, one on one,” said Chia Boon Kuah, chief operating officer of property sales for FEO. “Now that the product has proven itself, we are launching the brand.”
Chng Kiong Huat, executive director for development and planning of FEO, 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.”
With the property market becoming more sophisticated, the company believes that there is a greater need for market segmentation.
Among the four projects, Alba and Boulevard Vue have already been launched, while Skyline will be launched in late 2010, with prices starting from $3,900 psf, said Mr. Chia. Skyline is being developed on the former Skyline Angullia site, which FEO acquired in 2006 for $100 million.
Currently, “Alba is marketing for $2,900 psf onwards and Boulevard Vue at $3,700 psf onwards,” said Mr. Chia.
As of last month, nine of the 28 units at Boulevard Vue had been snapped up, with two units sold at an average price of about $2,971 psf. Meanwhile, 18 of the 50 units at Alba have been sold, with transaction prices ranging from $2,000 psf to $2,550 psf.
Boulevard Vue features large units, ranging from 4,500 sq ft to 11,054 sq ft, while unit sizes at Skyline and Alba start from 1,744 sq ft and 1,862 sq ft, respectively. The expected TOP date for Boulevard Vue, Alba and Skyline are in 2013, 2014 and 2015, respectively.
The launch of Scotts Tower is yet to be set. With regard to pricing strategies, Mr. Chia said: “We respond to the market when we think it is appropriate.”