Summary
By the close of its first weekend, The Orie had moved 668 of 777 homes, translating to 86% sales at $2,704 psf on average. It stands on a 99-year leasehold plot and is helmed by the CDL-led consortium with Frasers Property and Sekisui House.
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.
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
Marcus Chu, CEO of ERA Singapore, observes that plenty of buyers have deep ties to Toa Payoh, including some who grew up there. Upgraders from HDB flats in Toa Payoh or nearby estates made up a noticeable share of sales.
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.
Smaller one-bedroom plus study options accounted for a substantial share of early takers, as Huttons indicates over half were sold. Their lower entry price put them on the radar for investment-focused purchasers.
The two- and three-bedroom segments formed about 60% of The Orie’s overall unit mix and proved the most popular, nearly selling out. Two-bedroom homes (592–700 sq ft) ranged from $1.48 million to $2.119 million, while the 156 three-bedroom types (850–1,044 sq ft) fetched $2.09 million to just over $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.
Spacious options, including four-bedroom premium plus study and five-bedroom floor plans, drew interest despite higher prices of $3.28 million and above. Their strong take-up indicates a niche group valuing extra living areas.
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.
Vijay Natarajan, an RHB analyst, expects more developers to hasten upcoming launches amid strong sales and high prices. However, he warns that the rapid climb in home values could prompt a government response within three to six months.
Conclusion
For potential homeowners or investors eyeing a mature estate with proven resale value, The Orie demonstrates how location and timing can spark overwhelming buyer response.
Parktown Residence 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.