Heeton project getting the Starck treatment

July 29, 2008
Heeton project getting the Starck treatment
His firm will design interiors of Grange Rd property
By ARTHUR SIM

HEETON Holdings and its joint venture partner JPMorgan Global Special
Opportunities Group will build the world's first Philippe Starck-
branded housing in Singapore.

The project will be built on a site that the partners acquired last
year at 74 Grange Road for $72.8 million.

The development, expected to be launched around year-end, will now
come under the design, marketing and branding direction of Starck's
yoo Inspired by Starck, a company co-founded with UK developer John
Hitchcock in 1999.

While yoo has about 25,000 units of branded housing worldwide, it
will not have an equity stake in 74 Grange Road. Nor will it be the
architect.

Instead, it will provide interior design services and specifications
for the interior finishes and fittings of the proposed 28-unit
project.

It may provide landscape design, and buyers of the units may be
offered furniture design packages for their homes.

The JV partners also hope to ride on yoo's marketing and public
relations expertise, as well as draw on its pool of high net worth
clients.

Heeton chief operating officer and executive director Danny Low said
that yoo's services will cost about US$2 million, including the use
of the 'yoo Inspired by Starck' brand.

The named of the development is yet to be finalised.

Mr Low added: 'This will be yoo's first residential design project in
Singapore, and yoo's design services for the Singapore market will be
exclusive to this project until mid-2009.'

Chris Boulton, CEO of yoo, said that it expects to announce more
projects in the region soon. There are already yoo projects in Hong
Kong and Phuket, Thailand.

Mr Boulton said that based on earlier projects, yoo developments can
fetch 10-30 per cent more than market prices. According to him, yoo
branding can help generate faster sales 'and sell in tough times'.

Prices for units at 74 Grange Road have not been confirmed. The break-
even price was previously reported to be about $2,500 per square foot.