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.
For anyone eyeing a new home in a mature estate, The Orie’s popularity could be a signal of the robust demand in Toa Payoh. The area has seen few launches in recent years, so this project attracted substantial attention.
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
Buyers see The Orie’s timeline as neatly aligned with the broader rejuvenation around Toa Payoh. The completion date matches that of the local integrated project, making it a strategic pick for long-term living.
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
Before the official launch, over 2,200 cheques were collected, implying an oversubscription of around 2.8 times. At the VIP preview on January 17, some 176 units were snapped up, including group purchases.
Huttons points out that more than 60% of The Orie’s 78 one-bedroom plus study flats (517 sq ft) were claimed by launch weekend. These units, priced roughly from $1.28 million to $1.545 million, drew mostly investor interest.
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.
Dual-key formats offer flexible living or rental income, explaining their popularity. Four-bedroom configurations, priced in the high $2 million to mid-$3 million range, likewise had strong acceptance.
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.
Looking at the broader 1Q2025 outlook, Gafoor foresees a sustained momentum, carried by additional project rollouts in February and March. He links much of the optimism to renewed market confidence and interest rate adjustments in late 2024.
With The Orie’s success, Natarajan suggests that other developers might expedite their new projects to tap into positive market conditions. Still, he cautions that a surge in prices elevates the risk of policy measures.
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.
Jansen House New Launch
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.