Capitalising on Toa Payoh’s rejuvenation, pent-up demand and attractive pricing from $2,395 psf onwards, three reputable property developers - City Developments (CDL), Frasers Property and Sekisui House jointly welcomed the new year of 2025 with a bang with their Toa Payoh project - The Orie.
The 169,458 sq ft site was acquired in a state tender in November 2023 for S$968 million or S$1,360 psf per plot ratio.
With prices starting in the S$2,400 to S$2,500 per square foot (psf) range, The Orie saw more than 85% of their total units sold on the preview weekend on the 17th to 18th Jan 2025 with the average price at $2,704 psf according to City Developments Limited (CDL).
The first private residential launch in Toa Payoh since 2016, The Orie is located in the RCR region of District 12 within 4 minutes walk to Braddell MRT station and surrounded by eateries and amenities. The 99-year leasehold development will house 777 units in two blocks of 40-storey apartments.
The 1 + study are the smallest units comprising of 517 square feet (sqft) starting from S$1.28 million (or S$2,476 psf). 2 bedroom units of 592 to 700 sqft starting from S$1.48 million (S$2,500 psf) for a 592 sqft unit; while 3 bedroom units of 850 to 1,130 sqft starting from S$2.09 million (S$2,459 psf) and four bedders between 1,216 to 1,367 sqft, start from S$2.92 million (S$2,401 psf). The largest five-bedroom unit at The Orie comes with a private lift is priced from S$3.48 million (S$2,395 psf for 1,453 sqft).
About 93 per cent of the buyers were Singaporeans with the remainder comprising of permanent residents from China, Malaysia, Indonesia, Britain, Australia, Germany, Hong Kong, India and South Korea, as well as one American.
Associate Group Director of Propnex - Kiwi Lim said he was not surprised that 86% of The Orie was sold on preview weekend as more than 2,200 buyers had submitted cheques expressing their interest, showing the strength and demand of this location especially when there were no new launch in the neighborhood for the past nine years. The last condo project in the area was the 576-unit Gem Residences, which was launched in 2016.
The strong sale at The Orie comes at the back of Emerald of Katong which recorded strong sales over its launch weekend with developer Sim Lian Group selling almost 99% of its total number of 846 units - all its 2, 3 and 4 bedroom unit types sold out in two days at an average price of $2,621 psf. Emerald of Katong probably holds the record for the most number of units sold in a day, besting J'Gateway's 738 units in June 2013.
Chinese developer Kingsford Group also sold 76% out of 916 units at Chuan Park in Nov last year with the average price of units sold priced at $2,579 psf. The units sold ranged from 2 bedroom, 2 + study, and 3 to 5 bedroom units. Singaporeans comprised about 93% of the total number of homebuyers, while permanent residents and foreigners accounted for the remaining 7%.
Chuan Park is nestled within an affluent private residential enclave, surrounded by the Serangoon Gardens, Li Hwan, and Tai Hwan landed housing estates and although classified within the Outside Central Region (OCR), Chuan Park is near the boundary of the Rest of Central Region (RCR).