http://www.straitstimes.com/Money/St...ry_792365.html
Condo adds luxury fittings to woo buyers
Two units decked out with Kenzo, Fendi items for The Lumos relaunch
Published on Apr 25, 2012
One unit at The Lumos will be furnished with Fendi casa furniture (above) and another with Kenzo maison trimmings. The 53-unit completed condominium at Leonie Hill first came on the market here in 2007. -- PHOTO: KOH BROTHERS GROUP
By Amanda Tan
A LUXURY condominium here is fitting some units with high-fashion brands Kenzo and Fendi, in a bid to attract more buyers as it relaunches this weekend.
The Lumos, a 53-unit completed condo at Leonie Hill, first came on the market here in 2007.
Since then, 18 units have been sold. But the developer halted sales in recent years to wait for the property market to pick up and review marketing strategies. Now, the project is back on the market at what the developers deem more 'attractive' prices.
In a collaboration between the developers - Koh Brothers Development and Heeton Land - and the brands, one unit at The Lumos will be furnished with Fendi casa furniture and another unit with Kenzo maison trimmings. They will feature imported items such as sofas, beds, tables and rugs.
Both units are on the fourth floor of the 36-storey development. The Fendi unit is a four-bedder measuring 2,433 sq ft and costs nearly half a million dollars to do up, while the one decked out in Kenzo trimmings is a three-bedder at 1,755 sq ft and outfitted at nearly $400,000.
Mr Francis Koh, managing director and group chief executive officer of Koh Brothers Group, told The Straits Times yesterday: 'We're not just selling a house, we're selling a lifestyle. We want to introduce something new to Singapore buyers so they have more choices.'
The Lumos, when first launched, was the first condo to have bathroom windows made of liquid crystal glass, allowing users to change the glass from frosted to clear using a switch, among other things.
In addition, both brands contributed interior design ideas for the two units, which will be ready in July.
Mr Danny Low, chief operating officer of Heeton Holdings, estimated that prices of the two exclusive units could be between $5 million and $7 million. Although the developers declined to say if they had cut prices, it is likely that the figure will be more attractive than previously, given that the units now come with the furnishings.
Mr Koh said market sentiment in the mass market will remain resilient but the high-end sector will be slow, in part due to tough cooling measures which affect foreign investors more acutely. 'I hope that the Government can come up with some rules and regulations... to have a little bit of differentiation between the luxury market and the mass market,' he said.
Since December, foreigners must pay a 10 per cent additional buyer's stamp duty for residential property purchases. Foreign purchases have slowed markedly since.
The other units at The Lumos will be on offer, including one-, two-, three- and four-bedders as well as two-storey duplex apartments. Relanch prices are not available but when the condo was first launched, units were priced at $3,000 per sq ft on average. The cheapest unit, about 700 to 800 sq ft, was sold for some $2.5 million.
Buyers may not be able to inspect the Fendi and Kenzo units first hand this weekend but pictures will be on display. The showflat is a 14th-floor duplex apartment done up by local design house Splendor.
Existing owners or those who want their new units furnished similarly with the brands can approach the developer.
It is not the first time condo units have been sold fully decked out with luxury trimmings. Last year, luxury homes developer SC Global said it was collaborating with French brand Hermes to do up a five-bedroom unit at The Marq on Paterson Hill.
Other condos are also stepping up their sales pitch. Paterson Suites, for instance, offered a 5 per cent guaranteed rental yield a year at its relaunch last week.
Property consultants said developers may be taking advantage of encouraging sales figures recently. R'ST Research director Ong Kah Seng felt that The Lumos' new angling may be fairly attractive.
'I think the price is considered attractive exclusively for those who have preference for such upmarket designs. If these two units are taken up quickly, some buyers may be motivated to opt for the same fittings. But many buyers would also be open to a unit with standard furnishings.'
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