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Thread: Far East to release 30 units in latest luxury project

  1. #1
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    Default Far East to release 30 units in latest luxury project

    http://www.straitstimes.com/archive/...oject-20130501

    Far East to release 30 units in latest luxury project

    Published on May 01, 2013

    By Cheryl Ong


    FAR East Organization will release 30 units for sale at the launch of its latest luxury property today.

    Prices of the apartments at the 104-unit Ferra will start at $2.3 million for a 732 sq ft unit. This translates to a median price of $3,142 per sq ft (psf).

    The development comprises 32 units of 732 sq ft each, 36 units of 883 sq ft each, and 34 units of 893 sq ft each. There are two penthouses, measuring 2,013 sq ft each, said Far East.

    Units at the development will have a "semi-white" floor plan, with the layout of only the kitchens and bathrooms fixed. Owners are able to determine the number of rooms they want by deciding on the number of walls and partitions they would like to construct within each unit.

    Buyers can also pick from a selection of interior themes, chosen by Italian car designer Paolo Pininfarina, to customise their homes.

    Located at 1, Leonie Hill in District 9, the project has a lease of 103 years, and will be designed by RSP Architects Planners and Engineers.

    Far East said Mr Pininfarina was also responsible for designing the condominium's facade. The project is the fourth of the company's luxury projects developed under its Inessence brand, which promises buyers the freedom to completely configure their apartment's interior at no extra charge.

    Experts say that investors will make up the bulk of buyers for the units at Ferra, but caution that it could take a longer time to sell out the project.

    SLP International research head Nicholas Mak said: "Demand in the high-end residential market is still quite soft, especially for projects above $3,000 psf. Sellers asking for such prices would probably have to be a bit more patient."

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  2. #2
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    Default Far East's Ferra launches 30 units for sale

    http://www.businesstimes.com.sg/arch...-sale-20130501

    Published May 01, 2013

    Far East's Ferra launches 30 units for sale

    By nathaniel chew


    FAR East Organization is today launching 30 units of its 104-unit luxury condominium project, Ferra, for sale.

    Prices for the 22-storey development at 1 Leonie Hill start from $2.3 million for a 732 sq ft unit, or $3,160 psf.

    Unit sizes will range from 732 to 893 sq ft. There will be two additional 2,013 sq ft penthouses, but these have not yet been launched for sale.

    The site has a 103-year tenure, and Ferra is expected to attain its Temporary Occupation Permit in 2018.

    Ferra features a semi-white plan, in which homebuyers can customise their units to an extent, for instance by dividing the floorplan into rooms to their liking. Nonetheless, a selection of pre-designed layouts will also be available for buyers to choose from.

    The condominium is being designed by renowned Italian designer Paolo Pininfarina, who is new to the Singapore residential scene.

    Ong Kah Seng, director at R'ST Research, noted that as Singapore's prime residential market is currently facing weak sentiment, Ferra's limited launch and smaller unit sizes might see it receive "warm interest". "Singapore's prime residential market is facing headwinds currently, due to significant unsold stock and weakened buyers' demand as expatriates' housing allowances are significantly reduced in a corporate cost-cutting approach," he said.

    "However, new projects with exceptional design, released in small number of units, and preferably have predominantly units that have average, investor-pocket-friendly sizes, are expected to meet moderate buyers' interest."

    Ferra is the latest in Far East Organization's "ultra-luxury" Inessence brand of residential developments, which boasts a focus on design, prime locations, and a degree of personalisation.

    Other projects in the Inessence line include the Boulevard Vue, Alba, and Skyline@Orchard Boulevard.

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