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.
Pent-up need for new homes in this popular neighborhood is cited as a key driver of sales. The last major launch in Toa Payoh—Gem Residences—dates back nearly a decade to 2016, so fresh condominiums here spark immediate interest.
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
City Developments Ltd’s group CEO Sherman Kwek expressed delight in the robust reception. He credits the development’s layout and strategic positioning for attracting a large wave of homebuyers.
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
Mark Yip, CEO of Huttons, shares that buyers viewed the condo’s pricing as fair for a mature estate like Toa Payoh, attracting both investors and those seeking a centrally located home.
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.
Family-friendly two- and three-bedroom layouts were widely favored, with most snapped up quickly. Prices for two-bedders started at $1.48 million, and larger three-bedders hovered from around $2.09 million to a bit beyond $3 million.
Many families and extended households sought the dual-key and four-bedroom layouts. Dual-key flats cost between $2.75 million and $3.092 million, while the majority of four-bedroom homes, priced at $2.92 million to $3.452 million, were also snapped up.
More than half the four-bedroom premium plus study (1,367 sq ft) and close to 60% of the five-bedroom units (1,453 sq ft) were sold, priced from $3.28 million to $3.998 million. These larger units cater to multi-generation families or those wanting extra space.
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.
PropNex projects an active first quarter in 2025, with momentum continuing after a busy November 2024. Nonetheless, Gafoor cautions that price-conscious buyers will remain selective, prioritizing well-located developments.
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
Considering The Orie’s sales success, demand appears undeterred by current prices, especially for convenient, centrally situated homes. Upgraders, investors, and families see benefits in areas like Toa Payoh.
The Hillshore Number of Units
Considering the brisk pace of sales, The Orie reaffirms the appeal of a convenient address and the value of living in a mature neighborhood. With upcoming projects on the horizon, both buyers and sellers can anticipate an active market.