CDL-led consortium sells 86% of The Orie at launch, with prices averaging $2,704 psf
By Cecilia Chow
/ EdgeProp Singapore |
The preview of The Orie attracted about 8,000 visitors a fortnight ago (Photo: CDL)
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As of 6pm on Jan 19, the conclusion of its launch weekend, 668 units at the 777-unit private condo The Orie had been sold, bringing the take up to 86%. The average transacted price was $2,704 psf.
The 99-year leasehold condo located at Toa Payoh Lorong 1 is developed by a consortium comprising City Developments Ltd (CDL), Frasers Property and Sekisui House.
In a joint statement, the developers attributed the strong sales at The Orie to pent-up demand for new homes in Toa Payoh. They noted that the last launch in the mature residential estate occurred nearly nine years ago, with the rollout of the 578-unit Gem Residences in early 2016.
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According to the CDL-led consortium, homebuyers were drawn to The Orie's prime location in Toa Payoh, a five-minute walk from Braddell MRT Station and close to various amenities and facilities, including the upcoming Toa Payoh Integrated Development. Notably, The Orie's completion in 2030 aligns with the integrated development's.
"We are delighted with the fantastic response to our first launch of 2025," said Sherman Kwek, group CEO of CDL. "The strong take-up rate for The Orie reflects the development's exceptional design and locational attributes."
In a joint release, the consortium said that 93% of the buyers are Singaporeans. The remaining 7% comprise permanent residents (PRs) of various nationalities, including China, Malaysia, Indonesia, the UK, Australia, Germany, Hong Kong, India, and South Korea. Additionally, a foreign buyer—a US citizen—purchased a unit. In Singapore, US citizens receive the same tax treatment as Singaporeans when buying property in Singapore.
The two- and three-bedroom units, which comprise about 60% of the units in the project, were the most popular and almost entirely sold (Picture: CDL)
Homebuyers were said to be predominantly upgraders and families living in the surrounding area as well as first-time buyers attracted to the project's convenient location.
Marcus Chu, CEO of ERA Singapore, says that many of the buyers grew up in Toa Payoh. "They have a strong attachment to and familiarity with the area," he adds, "There were also many HDB upgraders from Toa Payoh and other centrally located HDB estates."
Chu points to the 1,035 HDB resale flats that changed hands for at least $1 million last year, of which 144 units (14%) were in Toa Payoh.
The consortium behind The Orie reportedly received over 2,200 cheques ahead of the launch, reflecting an oversubscription of 2.8 times. At the VIP preview on Jan 17, the eve of the launch weekend, about 176 units were sold, including bulk purchases and acquisitions by agents.
"The Orie attracted a mix of investors and owner-occupiers," says Mark Yip, CEO of Huttons. "Many buyers saw The Orie as well-priced within the mature estate of Toa Payoh."
Huttons notes that over 60% of the 78 one-bedroom plus study units (517 sq ft) were taken during the launch. Yip notes that given their entry price, ranging from $1.28 million to $1.545 million, these units primarily attracted investors.
The two- and three-bedroom units, which comprise about 60% of the units in the project, were the most popular and almost entirely sold.
The 310 two-bedroom unit types, ranging from 592 sq ft to 700 sq ft, were sold at prices from $1.48 million to $2.119 million. Similarly, the 156 three-bedroom units (850 sq ft to 1,044 sq ft) were sold at prices ranging from $2.09 million to just over $3 million.
Meanwhile, over half of the three-bedroom dual-key units (1,130 sq ft) were sold for prices between $2.75 million and $3.092 million.
Of the 78 four-bedroom units (1,216 sq ft), more than 85% were snapped up at launch, at prices between $2.92 million and $3.452 million. Over half of the four-bedroom premium plus study units (1,367 sq ft) and nearly 60% of the five-bedroom units (1,453 sq ft) found buyers at prices ranging from $3.28 million to $3.998 million.
Developers have sold about 740 new homes at The Orie and Bagnall Haus over the weekend, says Ismail Gafoor, CEO of PropNex. "Their combined sales have already more than doubled the 304 new private homes (excluding executive condos) sold in the whole of January 2024, according to the URA monthly sales data," he adds.
“With several new launches slated 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 significantly boosted transactions,” says Gafoor.
Vijay Natarajan, an analyst at RHB, believes that the strong market momentum will likely encourage more developers to bring forward their project launches to capitalize on favourable conditions. “The key risk, however, is that the surge in sales and prices has slightly increased the likelihood of policy intervention within the next three to six months,” he comments.
While the primary home sales market is expected to be more active this year, PropNex’s Gafoor notes that buyers remain price-sensitive and selective, prioritising projects with strong locational attributes.
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