The Orie Condominium Achieves Early Success

SINGAPORE – The newly launched leasehold condominium The Orie has made waves by selling 668 out of the 777 available units, marking an impressive 86% sell-through rate during its opening weekend. These sales took place at an average price of $2,704 per square foot (psf), setting the tone for Singapore's real estate market as we enter 2025.

According to developers City Developments Limited, Frasers Property, and Sekisui House, a staggering 93% of the buyers were Singaporeans. The remaining purchasers came from a diverse range of countries, including China, Malaysia, Indonesia, Britain, Australia, Germany, Hong Kong, India, South Korea, and even one buyer from the United States.

Prices for The Orie's condos varied significantly, starting at $1.28 million for a one-bedroom unit with a study (517 sq ft) to a luxurious five-bedroom apartment with a private lift at $3.48 million (1,453 sq ft). Popularity among buyers leaned heavily toward the two and three-bedroom units, indicating a trend toward family-friendly living options in the bustling neighborhood.

Developers noted that the buyer demographic primarily included HDB upgraders looking for more space, families drawn to the area's amenities, and first-time buyers eager to settle in a conveniently located development. Additionally, former residents of Toa Payoh were returning to a community they knew and loved, further fueling sales.

Market Response and Demand

Market analysts found The Orie's rapid success unsurprising. Not only did the last major project launch in Toa Payoh occur in 2016 with Gem Residences, but there has also been a growing demand for housing in the area. Huttons Asia's CEO, Mark Yip, pointed out that the Toa Payoh Integrated Development is expected to be completed around the same time as The Orie in 2030, which will enhance the area's appeal.

The residential population of Toa Payoh has surged from 126,720 in 2014 to 139,310 in 2024—an increase of 9.9%, outpacing the overall national growth rate of 8%. This residential demand is driving the high prices seen in this launch, pushing boundaries to a record average of about $2,600 psf—some units even exceeded $3,000 psf. This is a stark contrast to the Gem Residences, where units were transacted at a median price of $1,928 psf over the past six months.

Other Developments and Future Prospects

In addition to The Orie, another new development called Bagnall Haus was launched during the same weekend. Situated in East Coast, this freehold project consists of 113 apartments along with two commercial units. Reports indicate that approximately 62% of residential units were sold at an average price of around $2,490 psf, representing significant interest in well-located freehold properties.

Market observers have noted that the recent surge in property sales will likely continue into the second half of 2025, especially if interest rates drop, leading to further spikes in demand and prices. However, caution is warranted; the authorities are closely monitoring the housing market, with potential measures to rein in excessive demand and curb property investment trends.

As the housing landscape in Singapore evolves, developments like The Orie, with its attractive pricing and prime location, showcase the ongoing allure of the property market amidst economic uncertainties. Investors and homeowners alike are keenly watching how this will play out in the coming months.