SINGAPORE: Get ready, Singapore! In just two weeks, a key player in the luxury real estate market, billionaire Kwek Leng Beng, is gearing up to unveil a new residential condominium project that promises to draw significant interest amid a recovering housing market.

City Developments Limited (CDL), Singapore’s second-largest property developer controlled by Kwek, will officially begin sales of its highly-anticipated 777-unit condominium, named The Orie, starting January 18, 2025. This announcement comes on the heels of exciting news from the Urban Redevelopment Authority, which reported a 2.3% rise in private residential property prices in the last quarter of 2024.

Strategically situated in the coveted Toa Payoh estate, The Orie features one-bedroom units sized at approximately 48 square meters, with prices starting at S$1.28 million. For those seeking more spacious living arrangements, the lavish five-bedroom units are priced up to S$3.48 million, making The Orie a prime opportunity for affluent homebuyers.

Sherman Kwek, CEO of City Developments, highlighted the advantages of this new development, emphasizing its “central location and excellent connectivity” which make it ideal for urban living. This project is particularly notable as it marks the first new private residential endeavor in Toa Payoh since 2016.

The Orie is a collaborative effort between City Developments, Frasers Property—owned by Thai billionaire Charoen Sirivadhanabhakdi—and Japan’s Sekisui House. This joint venture showcases a blend of international expertise and local market insight, promising a remarkable living experience.

As for Kwek Leng Beng, with a net worth of approximately US$11.5 billion (S$15.76 billion), he ranks as the fourth richest individual on Forbes' list of Singapore’s elite, published in September 2024. The Kwek family’s extensive portfolio includes numerous rental properties across key global cities such as the UK, Japan, Australia, and the US.

Could this premium condo project signal a new era of growth in Singapore's real estate market? Keep an eye out as the housing landscape continues to evolve!

Stay tuned for more updates on The Orie and don’t miss your chance to call this luxurious development home!