Introduction
The Orie, a new private condominium in Toa Payoh, has made a strong start to 2025 with an impressive 86% sales rate at its launch. This achievement is attributed to the strategic location and timely release of the property, which aligns with the broader rejuvenation plans for the area. In this blog post, we will delve into the details of The Orie’s launch, its pricing, and the factors contributing to its success.
The Orie’s Launch Weekend
By the close of its first weekend, The Orie had moved 668 of its 777 homes, translating to an 86% sales rate. This remarkable performance is a testament to the pent-up demand for new homes in Toa Payoh, a mature estate that has seen limited major launches in recent years[1].
Developer Perspectives
Sherman Kwek, the group CEO of City Developments (CDL), praised the “fantastic response” to The Orie, highlighting the design and location as key factors in drawing buyers. The consortium behind The Orie includes CDL, Frasers Property, and Sekisui House, which collectively brought a winning bid of $968 million for the project.
Buyer Profile
The buyers of The Orie are predominantly local upgraders and families from Toa Payoh. Many first-timers were also attracted by the property’s proximity to transit and services, especially with the upcoming integrated facilities in the area. The diverse range of unit types, including one-bedroom plus study flats, two- and three-bedroom homes, and dual-key formats, catered to various buyer needs and preferences.
Unit Types and Pricing
- One-Bedroom Plus Study Flats: These units, priced roughly from $1.28 million to $1.545 million, drew mostly investor interest. More than 60% of these units were claimed by launch weekend[1].
- Two-Bedroom Homes: Ranging from $1.48 million to $2.119 million, these units (592–700 sq ft) were highly popular, nearly selling out.
- Three-Bedroom Types: Priced from $2.09 million to just over $3 million, these units (850–1,044 sq ft) also saw strong take-up.
- Dual-Key Formats: These flexible living or rental income options were particularly popular.
- Four-Bedroom Configurations: Priced in the high $2 million to mid-$3 million range, these units had strong acceptance.
- Spacious Options: Four-bedroom premium plus study and five-bedroom floor plans, priced from $3.28 million and above, drew interest despite higher prices, indicating a niche group valuing extra living areas.
Market Impact and Outlook
The success of The Orie has contributed significantly to the surge in new private home sales in January 2025. According to PropNex CEO Ismail Gafoor, developers moved around 740 new units across Bagnall Haus and The Orie in one weekend alone, more than doubling January 2024’s tally of 304 new private homes.
Looking at the broader 1Q2025 outlook, Gafoor foresees sustained momentum carried by additional project rollouts in February and March. He links much of the optimism to renewed market confidence and interest rate adjustments in late 2024. With The Orie’s success, other developers might expedite their new projects to tap into positive market conditions. However, he cautions that a surge in prices elevates the risk of policy measures.
Conclusion
The Orie’s success demonstrates how location and timing can spark overwhelming buyer response. For potential homeowners or investors eyeing a mature estate with proven resale value, The Orie showcases the appeal of a convenient address and the value of living in a rejuvenating neighborhood. With upcoming projects on the horizon, both buyers and sellers can anticipate an active market.
The Orie’s Strategic Location
The Orie stands on a 99-year leasehold plot and is strategically positioned to benefit from the upcoming integrated development in Toa Payoh. This alignment of completion dates with local rejuvenation plans makes it a strategic pick for long-term living. Buyers see The Orie’s timeline as neatly aligned with the broader rejuvenation around Toa Payoh, capturing the imagination of upgraders and first-timers alike.
Visitor Interest
The sales gallery for The Orie drew 8,000 visitors over the first three days, indicating strong interest in the property. This high foot traffic underscores the pent-up demand for new homes in Toa Payoh and the appeal of The Orie’s offerings.
Developer Insights
The Orie’s pricing as fair for a mature estate like Toa Payoh, attracting both investors and those seeking a centrally located home. The diverse range of unit types and pricing strategies helped in catering to various buyer segments, contributing to the high sales rate.
In conclusion, The Orie’s launch has set a strong precedent for the real estate market in 2025. Its success is a testament to the strategic planning and execution by the CDL-led consortium, aligning with the broader rejuvenation plans for Toa Payoh.
As the market continues to evolve, The Orie’s performance will be closely watched, providing insights into the current trends and future prospects of the Singapore property market.