Summary
Developers sold 668 out of 777 units at The Orie, reaching about 86% with a mean price of $2,704 psf. The site is a joint effort by City Developments Ltd, Frasers Property, and Sekisui House in Toa Payoh.
Curious about what draws so many buyers to The Orie? Its setting in Toa Payoh, close to an upcoming integrated development, has captured the imagination of upgraders and first-timers alike.
A consortium made up of City Developments Ltd, Frasers Property, and Sekisui House credits the robust launch results to the long wait for a new condo in this well-established area. Nine years have passed since the most recent unveiling, boosting interest now.
Location and Timeline
Set to complete in 2030, The Orie coincides with the planned opening of the Toa Payoh Integrated Development. Positioned only five minutes on foot from Braddell MRT, it offers quick access to daily conveniences and transport links.
Developer Perspectives
The consortium remarks that nearly 93% of purchasers are Singaporeans, reflecting the local appetite for well-located condos. Another 7% are permanent residents from multiple nationalities, and a US citizen secured a unit as well.
Buyer Profile
The project attracted those eager to stay central. Chu notes that last year, 1,035 HDB resale flats sold for $1 million or more, with 14% of those sales in Toa Payoh, underscoring the estate’s popularity among property seekers.
Launch Demand and Sales Breakdown
High interest was evident from the 2,200 cheques submitted ahead of the public sale, revealing strong interest. During a VIP preview, investors and agents finalized deals for about 176 units.
With prices starting at $1.28 million, the one-bedroom plus study layouts sold well among those seeking a central location or a rental-friendly option near established amenities.
These core unit types, two- and three-bedroom varieties, saw the fastest uptake. Buyers paid approximately $1.48 million at the lower end for a two-bedroom, with upper-range three-bedders passing $3 million.
Three-bedroom dual-key units (1,130 sq ft) surpassed 50% in sales, commanding prices from $2.75 million to $3.092 million. Over 85% of the 78 four-bedroom homes (1,216 sq ft) sold for $2.92 million to $3.452 million.
Buyers seeking larger units for expanded families or shared living found these premium and five-bedroom designs appealing, reflected by brisk sales even in the higher price brackets.
Market Impact and Outlook
Ismail Gafoor, CEO of PropNex, notes that over the same weekend, Bagnall Haus and The Orie collectively sold about 740 new homes. This total surpasses the 304 private homes sold throughout January 2024.
Further launches in February and March could keep 1Q2025 home sales on pace. Gafoor attributes the buoyant sentiment to favorable conditions following US Fed rate cuts and the anticipation of fresh properties entering the market.
Natarajan also comments that robust market uptake often raises the likelihood of cooling measures if values spike too quickly, hinting that developers should remain alert over the next few months.
Conclusion
Local market watchers may view The Orie’s performance as a sign of consistent demand in established districts. With more new projects arriving soon, buyers will stay watchful for pricing, policy changes, and prime locations.
ELTA Site Plan
Those seeking a property with close transport links and a trusted developer partnership may find The Orie’s success reassuring. Its quick sell-through underscores a thirst for new options in a well-loved district.