OnePlus has finally unveiled its flagship smartphone, the One. Teased by the company for the longest time, this premium device is set to shake the mobile industry with its “flagship killer specs“. With a retail price that starts from only $299, this may well be the game-changer the industry has been waiting for.

OnePlus may have systematically revealed the key specs of its flagship smartphone in the lead-up to its launch today, but the official announcement earlier today still raised an eyebrow. The OnePlus packs a Qualcomm Snapdragon 801 2.5GHz quad-core processor with 3GB of RAM, 5.5-inch Full HD display by JDI, 13MP Sony Exmor sensor, 5MP front-facing camera, 3100mAh battery, LTE support for 8 bands, 5GHz WiFi, and a choice of 16GB or 64GB flash storage.

Eagle-eyed readers will see some stark similarities between the design of the OnePlus One and the recent Oppo Find 7. This may be due to the fact that OnePlus contracted Oppo to build the One in its manufacturing facilities, as CNET revealed. In fact, it is a common theme running throughout the One: it uses a similar Sony Exmor IMX 214 sensor that can be found on the Oppo Find 7, while the 5.5-inch screen also features Touch On Lens technology – another piece of tech found on the Find 7.

On top of that, the OnePlus scores a few additional bonus points with its choice in materials. The back cover is made from a soft-touch material (OnePlus is also offering a set of StyleSwap back covers), while the chassis is made from magnesium. At 162g, OnePlus claims that this is the world’s lightest 5.5-inch smartphone. The second world-first the company has crowned the One with is the world’s first smartphone with bottom-facing stereo speakers. Sure, that really isn’t as impressive as the first, but these speakers have been tuned by JBL, so that should help.

Essentially, this smartphone has really delivered on its “2014 flagship killer” promise. With its top-tier specs and what should likely be great build quality, it all boils down to the price of the One. CEO Pete Lau has promised that the One would cost below $400, but nothing quite prepared us when the final price was revealed:

The 16GB OnePlus One will retail at $299 (around RM990), while the 64GB variant will be sold at $349 (around RM1160). The One will also be available in two colours: Sandstone Black and Silk White.

Unfortunately, to cope with what will be sensational demand for a phone offering spectacular value, OnePlus has previously announced an invite-only system to purchase the One. Basically, it means that someone who has been invited to buy the OnePlus One can invite a friend to buy his or her own unit, and they can then invite another friend. The chain means that those who already know and are interested in the One would be able to buy it first when it is available later this quarter.

As mentioned before, Malaysia isn’t part of the initial 16 countries where you can buy the OnePlus One. However, your best bet would be to get it from the US and have someone ship it here (which could elevate the price a little), or get it from either the Taiwan or Hong Kong markets.

That is, of course, if you have an invitation to buy it first.

11 Things You Should Know About OnePlus and its Sub-$400 Smartphone, the One