Far East Organization (FEO) launched its luxury development brand “Inessence” along with a sneak preview of Skyline @Orchard Boulevard yesterday, according to a BT report today.
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. And now that the product has proven itself, they are launching the brand.
Of the four projects, Boulevard Vue and Alba have already been launched. Skyline will be launched later this year, and will be priced from $3,900psf onwards.
Skyline will be built on the former Skyline Angullia site, which was bought by FEO in 2006 for $100 million, or at $1,073psf ppr. Breakeven was estimated then to be about $1,400psf. Currently, Alba is marketing for $2,900psf onwards and Boulevard Vue at $3,700psf onwards.
As of May, 9 out of 28 units at Boulevard Vue had been sold. In the month of May, two units were sold at an average price of $2,971psf. As of Alba, 18 out of 50 units have been sold. The transacted prices ranged from $2,000 - $2,550psf.
Boulevard Vue’s units are large, ranging from 4,500sqft to 11,054sqft. In contrast, Alba’s and Skyline’s unit sizes start from $1,862sqft and $1,744sqft respectively. The expected TOP date for Boulevard Vue is 2013, Alba in 2014 and Skyline in 2015.
A launch date has not been set for Scotts Tower.
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