Property developer Far East Organization plans to roll out a number of small home offices, or SOHO developments, in the months ahead.
These projects will be launched under its new brand, Far East SOHO, starting with a 231-unit development at Scotts Road.
Despite the uncertainties in the global economy, property analysts expect demand for such projects to be resilient.
The Scotts Towers, which will be completed in 2016, is part of Far East Organization’s plans to establish itself in the small home office market.
Analysts say SOHO units are popular with younger buyers who prefer trendier and multi-functional living spaces.
“We are looking at people in the creative industries. Professionals, managers, executives … People who appreciate this kind of unique lifestyle, people who travel a lot, the cosmopolitan … People who understand what this lifestyle is all about,” said Far East Organization executive director Chng Kiong Huat.
Far East Organization was the first to introduce SOHO developments in Singapore with Central at Clarke Quay in 2004. It has two other SOHO properties comprising The Tennery at Woodlands and The Cape on Amber Road.
Currently, about 80 per cent of SOHO unit buyers are from Singapore, with the rest coming largely from China and Indonesia, Far East Organization said, adding that it is seeking to attract more foreign buyers.
Source : Today – 24 Nov 2011