Apple Inc.’s (AAPL) anticipated iPhone 8 will come with a hefty price tag and a handful of new features, reports The New York Times, citing “people briefed on the product.”

NYT writer Brian X. Chen indicates that a premium model iPhone 8, set to debut at a celebration of the smartphone’s 10th anniversary, will start at $999. The current premium version of the iPhone 7 Plus 32GB costs $769. Customers choosing three memory storage tiers over the base level may pay up to $1,200, before tax, according to reports. (See also: Apple Will Launch iPhone 8 On Time After All: KGI.)

High-End Features Promised

The writer backs up reports of new features on the iPhone 8, such as a Face ID facial recognition and wireless charging with magnetic induction. Last month, details about the Apple smartphone leaked through accidently released firmware that largely confirming the iPhone 8’s brand new design, which is expected to have a nearly full screen, higher resolution and no home button.

The price hike may be extreme for some, yet carriers will ease the pain by spreading the cost over a two-year contract. While expected supply shortages at initial launch may work in Apple’s favor by further increasing customer anticipation and thus a higher demand, its new less-expensive iPhone 7S and iPhone 7S Plus offerings, due to launch at the same time, could grab the attention of more budget-conscious buyers.

Apple’s iPhone has propelled the company to new highs as it celebrates more than 1.2 billion smartphones sold to date, comprising 70% of the Silicon Valley leader’s revenue and profits. As Apple ranks second in the industry behind global leader Samsung Electronics, the company hopes an array of next-gen features on the iPhone 8 will lead customers to turn a blind eye to the dent in their bank accounts. (See also: Google Pays Apple Billions to Stay on iPhone: Bernstein.)

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