The Orie capitalises on Toa Payoh’s rejuvenation, pent-up demand and prices from $2,395 psf
By Cecilia Chow
/ EdgeProp Singapore |
The Orie has 777 units across twin 40-storey towers (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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Singaporean book editor Josephine Tan has called Toa Payoh home for nearly 20 years. She now lives in a four-room flat in Toa Payoh Central and cites the area’s convenience as its main appeal. It is a two-minute walk to Toa Payoh MRT Station and the HDB Hub, where Tan regularly visits a fresh fruit stall, a goreng pisang vendor, her hairdresser and her nail salon. “It’s such a walkable place,” she adds. You don’t even need to go to Orchard Road. You can find everything right here.”
She was contemplating right-sizing to a two-room flexi flat when her property agent told her to consider a one-bedroom-plus-study or a two-bedroom at The Orie, an upcoming 777-unit private condo at Lorong 1 Toa Payoh.
The Orie sits on a 169,456 sq ft, 99-year leasehold residential site offered for sale under the Government Land Sale (GLS) programme in 2023. It was the former home of the Police Security Command Building. At the close of the tender in November 2023, three bids were received.
Get the latest details on available units and prices for The Orie
The winning bid of $968 million came from three major property developers — City Developments (CDL), Frasers Property and Japanese developer Sekisui House — in a 50:25:25 joint venture. The price translates to a land rate of $1,360 psf per plot ratio (psf ppr) based on the site area of 169,456 sq ft.
The Orie was previewed on Jan 3, and by the end of the weekend on Jan 5, it attracted 8,000 visitors (Photo: CDL)
The Orie was previewed on Jan 3, and by the end of the weekend on Jan 5, it attracted 8,000 visitors. The project is scheduled to launch on Jan 18. “The turnout for the first weekend was strong, despite most people just returning from holidays and parents preparing their children for the start of school,” says Ken Low, managing partner of SRI. “This signifies the strength and demand of this locale, having no new launch in the past nine years.”
The Orie is a five-minute walk from Braddell MRT Station and close to the Toa Payoh Integrated Transport Hub, linking the bus interchange to the MRT station.
The project has twin 40-storey towers designed by ADDP Architects, with landscaping by Tinderbox. Units at The Orie are a mix of one-bedroom plus study to five-bedroom with private lift. Prices start from $1.28 million ($2,476 psf) for a 517 sq ft one-bedroom plus study; $1.48 million ($2,500 psf) for a 592 sq ft two-bedroom; $2.09 million ($2,459 psf) for an 850 sq ft three-bedroom; $2.92 million ($2,401 psf) for a 1,216 sq ft four-bedroom; and $3.48 million ($2,395 psf) for a 1,453 sq ft five-bedroom with private lift.
At The Orie, one- and two-bedroom units make up about 50% of the total. Mark Yip, CEO of Huttons Asia, says the starting price of $1.28 million for a one-bedroom plus study at The Orie is “a very attractive entry price for buyers who want to build their wealth through property.”
Yip says that when URA limited the dwelling unit size for projects outside the Central Area to an average of 85 sq m (915 sq ft) in January 2023, very few projects offered one-bedroom plus study units. However, he observes that the number of single-person households is growing rapidly. Based on figures from the Singapore Department of Statistics, single-person households have grown by almost 150,000 since 2000 to 222,700 in 2023.
The 384-unit Trellis Towers is a rare freehold condo in Toa Payoh. It is located at Lorong 1 and is a redevelopment of the former Siong Hoe Biscuit Factory by CDL (Photo: The. Edge Singapore)
Earlier projects hitting new highs
“Toa Payoh has not seen a new private condo launch since 2016,” says Huttons’ Yip. “For many buyers who want to stay in this central location, they had to look at the resale market.” However, he notes that there are just 1,870 completed resale condo units in this sought-after location.
The last private condo launch in Toa Payoh was Gem Residences at Lorong 5. The 578-unit, 99-year leasehold condo was launched in May 2016 at an average price of $1,426 psf. The project is entirely sold and completed in 2020.
Resale prices at Gem Residences reached a high of $2,082 psf in September 2024, when a 1,249 sq ft four-bedroom unit sold for $2.6 million. Last year, there were 32 resale transactions at Gem Residences at an average price of about $1,930 psf, a 5.2% y-o-y increase, according to ERA Research. In 2023, another 33 units at Gem Residences changed hands. “It indicates sustained interest in Toa Payoh’s property market,” says Marcus Chu, CEO of ERA Singapore.
Before Gem Residences, the last private condo launch was the 590-unit Trevista. The 99-year leasehold project at Lorong 3 Toa Payoh was launched in 2009 at an average price of $898 psf and completed in 2011. The project hit a new high psf price of $2,043 psf in November 2024, when a 1,109 sq ft, three-bedroom unit changed hands for $2.265 million, based on caveats lodged.
The first private condo to be launched in Toa Payoh was the 318-unit Oleander Towers by Wing Tai Holding, which was completed in 1997/98 (Photo: The Edge Singapore)
The 384-unit Trellis Towers is a rare freehold condo in Toa Payoh. Located at Lorong 1, it is a redevelopment of the former Siong Hoe Biscuit Factory by CDL. Trellis Towers was launched in November 1996, and the project was completed in 2000. Prices hit an all-time high of $2,294 psf in January 2024 when a 710 sq ft, two-bedroom unit changed hands for $1.63 million.
The first private condo to be launched in Toa Payoh was the 318-unit Oleander Towers by Wing Tai Holdings. The 99-year leasehold project was launched in 1995 and completed in 1997/1998. The project saw prices hit an all-time high of $1,560 psf when a 1,141 sq ft, three-bedroom unit fetched $1.78 million in September 2024.
With demand chasing after limited supply, prices of projects such as Gem Residences, Oleander Towers, Trellis Towers and Trevista have been pushed up by between 20% and 36% from 2020 to 2024, notes Huttons.
The upcoming Toa Payoh Integrated Development is scheduled for completion in 2030, which aligns with the completion of The Orie (Picture: MKPL Architects)
Rejuvenation of one of the first HDB towns
Toa Payoh is undergoing a major transformation with the Toa Payoh Integrated Development (TPID). By 2030, the development will feature a 10,000-seat stadium, a 2,000-seat aquatic centre, a 5,000-seat indoor hall with 22 badminton courts, another indoor hall for team sports, a gym, and sheltered futsal, tennis and netball courts.
Community amenities at the TPID include Toa Payoh Polyclinic, Toa Payoh Library and a town park (a redevelopment of the former Toa Payoh Town Park). “It will make Toa Payoh more vibrant than ever,” says Huttons’ Yip.
ERA’s Chu notes that the TPID’s expected completion by 2030 aligns with the targeted completion of The Orie. “The future residents of The Orie will enjoy proximity to the new amenities at TPID, adding value to the project and enhancing the overall appeal of the area,” he says. “It will become a hub for community use and national events, boasting the town’s profile.”
Toa Payoh’s Dragon Playground, an icon in Toa Payoh, was built in 1979 (Photo: Albert Chua/EdgeProp Singapore)
Chu notes that the upcoming TPID will bolster buyer confidence in the government’s commitment to revitalising Toa Payoh, one of Singapore’s earliest housing estates. As the second satellite town after Queenstown, Toa Payoh was the first to be fully developed by HDB. Construction of its first 1,425 flats started in late 1964 and was completed by 1966.
The icon of Toa Payoh is the Dragon Playground at Lorong 6 Toa Payoh, designed by HDB architect Khor Ean Ghee and built in 1979. “The Dragon Playground was a popular meeting spot for people,” recounts Tan, the Toa Payoh resident of two decades.
As of June 2024, the Toa Payoh Planning Area has an estimated population of 139,310 and consists of 12 subzones. In addition to Toa Payoh Central and Toa Payoh West, these include Bidadari, Braddell, Kim Keat, Potong Pasir and Woodleigh.
Showflat of a 700 sq ft two-bedroom plus study. At The Orie, one-and two-bedroom types make up 50% of the units (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Prices reflect post-harmonisation of GFA
The indicative starting price of The Orie is $2,395 psf. According to SRI’s Low, the prices are based on the post-harmonisation of gross floor area (GFA). He adds that the resale prices of newer 99-year leasehold private condos in the Toa Payoh Planning Area are nearly on a par with the upcoming launch prices of The Orie.
At the 805-unit Park Colonial in Woodleigh, completed in 2021, a new high of $2,404 psf was achieved in December 2024 for a 678 sq ft two-bedroom unit on the seventh floor that changed hands for $1.63 million.
The 1,206-unit Jadescape on Shunfu Lane saw a 1,421 sq ft, four-bedroom unit hit a new high of $2,402 psf in September when it changed hands for $3.438 million. The condo was completed in 2022.
The Woodleigh Residences, which is integrated with the Woodleigh Mall and MRT Station, was launched in November 2018. The 667-unit apartments were completed in 2023. In October, a 958 sq ft, three-bedroom unit was sold for $2.51 million or a new high of $2,620 psf.
At the 805-unit Park Colonial in Woodleigh, completed in 2021, a new high of $2,404 psf was achieved in December 2024 for a 678 sq ft two-bedroom unit on the seventh floor that changed hands for $1.63 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Riding on upgrader demand
Christine Sun, chief strategist and researcher at OrangeTee Group, expects several factors to bolster demand for The Orie. One is the lack of new launches in Toa Payoh, which has created a strong pent-up demand.
“Moreover, many HDB flats have recently been sold at high prices, indicating that many HDB flat owners have the financial means to upgrade to a private condominium,” adds Sun.
Around 1,033 resale flats sold for over $1 million last year, setting a new record. According to Sun, Toa Payoh recorded the highest number of million-dollar resale flats in 4Q2024, with 58 transactions. Of these, 20 were four- and five-room flats at Alkaff Vista in Bidadari Park, which had recently passed the five-year minimum occupation period (MOP). “As a result, there should be many potential HDB upgraders actively considering the purchase of private properties in the area,” she adds.
Toa Payoh recorded the highest number of million-dollar resale flats in 4Q2024, with 58 transactions (Photo: Samuel Isaac Chua/EdgeProp Singapore)
‘Capturing unsatiated demand in 2024’
In addition to the existing residents in the central area, Ismail Gafoor, CEO of PropNex, expects potential buyers of The Orie to include upgraders from the suburban areas who desire to live in a more central location and investors.
Gafoor says the 8,000 turnout on the first weekend of preview is “a continuation of the positive momentum that built up last quarter.” He points to the cheque collection as an expression of interest ahead of the November launch of the 846-unit Emerald of Katong, the 916-unit Chuan Park and the 552-unit Nava Grove. “They far exceeded the available units for sale, which shows that demand has outstripped supply,” he continues.
Given the strong demand and the project’s locational attributes, Gafoor is confident that sales at The Orie will surpass 50%. “Whether it will hit 75%, we will have to wait and see,” he says. “It is a great start to the year, marked by positive sentiment and growing homebuyer confidence.”
Huttons’ Yip says most visitors to The Orie’s sales gallery live in Districts 12 and 19 or the Central and Northeast Regions. “The Orie will quench the thirst for new private homes in Toa Payoh,” he adds. “It will also capture some of the unsatiated demand in 2024. Sales at The Orie may exceed 50% on launch weekend.”
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