[New Launch] The Orie sells over 80% of units at launch, averaging $2,704 psf

As of 6pm on 19 January (the close of its launch weekend), the 777-unit private condominium The Orie had sold 668 units, representing approximately 86% of the development. The average selling price of the units sold was $2,704 psf.

Located along Toa Payoh Lorong 1, the 99-year leasehold condominium is jointly developed by a consortium comprising City Developments Limited (CDL), Frasers Property, and Sekisui House.

In a joint statement, the developers attributed The Orie's strong sales performance to pent-up demand for new homes in Toa Payoh. They noted that the last new project launched in this mature estate was nearly nine years ago, with the 578-unit Gem Residences in early 2016.

Homebuyers were drawn to The Orie's prime location in Toa Payoh, just a five-minute walk from Braddell MRT station and close to a wide array of amenities, including the upcoming Toa Payoh Integrated Development. Notably, The Orie is slated for completion in 2030, coinciding with the completion timeline of the integrated development.

The developers were delighted with the stellar response to their maiden launch of 2025, noting that The Orie's high take-up rate reflects its exceptional design and location attributes.

In their joint statement, the developers revealed that 93% of the buyers were Singapore citizens, with the remaining 7% being Permanent Residents (PRs) of various nationalities, including China, Malaysia, Indonesia, the UK, Australia, Germany, Hong Kong, India, and South Korea. In addition, a foreign buyer—a US citizen—purchased a unit. In Singapore, US citizens enjoy the same stamp duty treatment as Singapore citizens when purchasing residential property.

Buyers were predominantly upgraders and families living in the surrounding neighbourhood, alongside first-time homebuyers attracted by the project's accessible location.

Many buyers grew up in Toa Payoh and retain a deep emotional connection and familiarity with the estate. In addition, there was a healthy pool of HDB upgraders from Toa Payoh and other central heartland precincts.

Last year, a total of 1,035 HDB resale flats were transacted for at least $1 million, with Toa Payoh accounting for 144 units (or 14%).

Ahead of its official launch, The Orie reportedly received more than 2,200 cheques as expressions of interest (EOIs), translating to a 2.8 times oversubscription. During the VIP preview on 17 January (the eve of the launch weekend), around 176 units were sold, including bulk purchases and transactions by property agents.

The Orie drew a balanced mix of investors and owner-occupiers, with many buyers viewing its pricing as compelling for a mature residential estate like Toa Payoh.

During the launch, over 60% of the project's 78 one-bedroom-plus-study units (517 sq ft) were snapped up. With entry prices ranging from $1.28 million to $1.545 million, these units appealed primarily to investors.

Accounting for about 60% of the development, the two- and three-bedroom units were the most popular layouts and were virtually sold out. Among them:

The 310 two-bedroom units (592 to 700 sq ft) were priced between $1.48 million and $2.119 million.

The 156 three-bedroom units (850 to 1,044 sq ft) were priced from $2.09 million to slightly over $3 million.

In addition, more than half of the three-bedroom dual-key units (1,130 sq ft) were sold at prices ranging from $2.75 million to $3.092 million.

Of the 78 four-bedroom units (1,216 sq ft), more than 85% were taken up at launch, with transacted prices between $2.92 million and $3.452 million. Furthermore, 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, with prices ranging from $3.28 million to $3.998 million.

Over the weekend, developers sold a total of about 740 new homes across projects including The Orie and Bagnall Haus. This sales volume far exceeded the 304 new private homes (excluding executive condominiums) sold in January 2024, according to URA monthly sales figures.

With several new project launches lined up for February and March 2025, new private home sales in 1Q2025 are expected to carry forward the momentum from 4Q2024, which was spurred by a surge in transactions from multiple launches in November 2024.

The strong market momentum may prompt more developers to bring forward their launches to capitalise on favourable market conditions. However, a key risk is that the rapid pace of sales and price growth marginally raises the prospect of policy intervention over the next three to six months.

With an increased pipeline of new launches in 2025 and improved market sentiment towards the end of 2024—buoyed by the US Federal Reserve's interest rate cuts—the primary residential market is poised to be more active this year. Nevertheless, buyers remain price-sensitive and selective, showing a clear preference for projects with superior locational attributes.