With 668 apartments sold at the 777-unit luxury condo, The Orie sold about 86% on its preview day. Average transaction price was $2,704 psf.
City Developments Ltd (CDL), Frasers Property and Sekisui House form a partnership building the 99-year leasehold condo in Toa Payoh Lorong 1.
In a joint statement, the developers said pent-up demand for new homes in Toa Payoh was responsible for the high sales at The Orie. With the opening of the 578-unit Gem Residences in early 2016, they observed that the previous launch in the senior residential development was almost nine years ago.
The Orie’s great location in Toa Payoh, a five-minute walk from Braddell MRT Station and next to several services and amenities including the forthcoming Toa Payoh Integrated Development, attracted purchasers, said the CDL-led partnership. Especially, The Orie’s completion in 2030 fits the integrated development’s timeline.
“We are happy with the great reaction to our first launch of 2025,” stated CDL group CEO Sherman Kwek. “The strong take-up rate for The Orie reflects the exceptional design and locational qualities of the development.”
The group noted in a joint announcement that 93% of the purchasers are Singaporeans. The remaining 7% consist of permanent residents (PRs) of several nations, including China, Malaysia, Indonesia, the UK, Australia, Germany, Hong Kong, India, South Korea, etc. One further buyer was a US citizen from abroad. US residents purchasing real estate in Singapore pay the same taxes as Singaporeans in that country.
Along with first-time purchasers drawn to the project’s handy location, homebuyers were claimed to be mostly upgraders and families residing in the nearby region.
Many of the purchasers grew up in Toa Payoh, said Marcus Chu, CEO of ERA Singapore. “They have a strong attachment to and familiarity with the area,” he notes. “Also there were many HDB upgraders from Toa Payoh and other centrally located HDB estates.”
Chu notes that 144 units (14%) of the 1,035 HDB resale apartments sold for at least $1 million last year were from Toa Payoh.
Read also: The Orie takes advantage of Toa Payoh’s revitalisation, pent-up demand, and $2,395 psf pricing range
Reflecting an oversubscription of 2.8 times, the group behind The Orie apparently received over 2,200 checks prior of the debut. About 176 units were sold during the VIP preview on Jan. 17, the eve of the opening weekend, including agency acquisitions and bulk sales.
“The Orie attracted a mix of investors and owner-occupiers,” notes Huttons’ CEO, Mark Yip. “Many purchasers considered The Orie to be reasonably priced within Toa Payoh’s matured estate.”
Of the 78 one-bedroom plus study flats (517 square feet), Huttons claims that more than 60% were taken during the launch. Given their entrance price—between $1.28 million and $1.545 million—these apartments mostly drew investors, Yip says.
Comprising almost 60% of the project’s total number, the two- and three-bedroom apartments were the most sought after and practically sold ones.
Selling between 592 square feet and 700 square feet, the 310 two-bedroom apartment models ranged in price from $1.48 million to $2.119 million. Likewise, the 156 three-bedroom apartments (850 sq ft to 1,044 sq ft) were sold for everything from $2.09 million to just over $3 million.
Out of the three-bedroom dual-key homes (1,130 sq ft), almost half sold for between $2.75 million and $3.092 million.
More than 85% of the 78 four-bedroom flats (1,260 sq ft) were purchased at launch at prices ranging from $2.92 million to $3.452 million. Prices ranging from $3.28 million to $3.998 million attracted purchasers for almost half of the four-bedroom premium plus study homes (1,367 sq ft) and over 60% of the five-bedroom flats (1,453 sq ft).
Ismail Gafoor, CEO of PropNex, said developers at The Orie and Bagnall Haus sold over 740 new houses over the weekend. “Based on URA monthly sales, their combined sales have already more than doubled the 304 new private homes (excluding executive condos) sold in the entire year January 2024,” he says.
“With several new launches scheduled for February and March, we expect new private home sales in 1Q2025 to maintain the sales momentum from 4Q2024, where a surge in November launches greatly enhanced transactions,” adds Gafoor.
Analyst Vijay Natarajan of RHB thinks that the strong market momentum would probably inspire more developers to present their project proposals to seize advantageous circumstances. “The main risk, however, is that the rise in sales and prices has somewhat raised the possibility of policy intervention inside the next three to six months,” he says.
Although the main house sales market is projected to be more busy this year, PropNex’s Gafoor observes that purchasers remain price-sensitive and choosy and give projects with great locational value first priority.
