The Orie, a 777-unit private condo located at Lorong 1 Toa Payoh, will be previewed by City Developments Limited (CDL), Frasers Property and Sekisui House on Friday, Jan 3. The official launch is scheduled for Jan 18.The residential development boasts twin 40-storey towers, featuring a mix of one-bedroom plus study units ranging from 517 sq ft to five-bedroom apartments of 1,453 sq ft. The project is strategically located at the intersection with Lorong 4 Toa Payoh, offering easy access to the CBD, Orchard Road shopping belt and various amenities.Private condo at District 12 debuts after more than eight yearsThe public can expect the first private condo in Toa Payoh in over eight years when The Orie is unveiled. This follows the launch of the 578-unit Gem Residences at Lorong 5 Toa Payoh in 2016, with its completion slated for 2020. The Orie is a joint venture between three major property developers, namely CDL, Frasers Property and Sekisui House, who have come together to submit a bid of $968 million, which translates to a land rate of $1,360 psf per plot ratio (ppr) for the site at Lorong 1 Toa Payoh.The Orie offers a wide array of units that cater to different needs and preferences. From the 517 sq ft one-bedroom plus study unit that is priced at $1.28 million ($2,476 psf) to the 1,453 sq ft five-bedroom apartment featuring an exclusive private lift, buyers can expect to find a unit that suits their lifestyle and budget.
Located within District 12, which belongs to the city fringe or Rest of Central Region (RCR), The Orie promises excellent connectivity to various parts of the island. The condo is a five-minute walk to Braddell MRT Station on the North-South Line (NSL), and near the upcoming Toa Payoh Integrated Transport Hub, which connects Toa Payoh Bus Interchange to Toa Payoh MRT station. The new 12-ha integrated development and community hub is expected to be completed in 2030.
The Orie – the first new launch of a private condo since 2016
The Orie marks the first new launch of a private condo following a three-year hiatus since Gem Residences in 2016. The development has over 40 condominium facilities, units with efficient layouts, quality fittings by Hansgrohe, bathroom wares by Duravit, and premium home appliances by De Dietrich and Samsung. Being labelled as a super low energy development, The Orie is a highly anticipated project that sets a new benchmark for future developments.
The Orie – an upcoming hotspot for families
When contemplating investing in a condo, it is crucial to also evaluate its potential rental yield. Rental yield refers to the yearly rental income compared to the property’s purchase price, expressed as a percentage. In Singapore, condos’ rental yields can fluctuate greatly depending on factors such as location, property condition, and market demand. Generally, areas with high demand for rentals, like those near business districts or schools, typically offer better rental yields. Extensive market research and seeking guidance from real estate agents can provide valuable insights into a condo’s rental potential. Condo is an essential consideration in this decision-making process.
For families with school-going children, The Orie is a perfect choice as it is situated within close proximity to various educational institutions. Some schools in the neighbourhood include Pei Chun Public School, CHIJ (Toa Payoh) Primary and Secondary Schools and First Toa Payoh Primary School. The residential development is also surrounded by various amenities including sports centres, public library, shopping malls, and healthcare facilities.
The Orie – a joint venture between CDL, Frasers Property and Sekisui House
The three major property developers banded together to submit the highest bid for a Government Land Sales (GLS) site at Lorong 1 Toa Payoh. The joint venture is a 50:25:25 split between CDL, Frasers Property and Sekisui House. Speaking about the project, Sherman Kwek – CDL’s group CEO, shared that the company is excited to usher in the New Year with the launch of The Orie. He also added that the central location and excellent connectivity of the condo will be highly beneficial to homebuyers.
The Orie – a dream partnership
Takehisa Yanagi, managing officer and head of international development department, Sekisui House, shared his thoughts about The Orie, stating that the project marks “a new partnership” between Japanese developer Sekisui House and CDL. However, he also added that Sekisui House and Frasers Property have collaborated on projects in Singapore for the past 13 years, and their partnership has yielded numerous successful projects.
Latest transactions at Gem Residences
Property transactions at Gem Residences at Lorong 5 Toa Payoh since its launch in 2016 (Source: EdgeProp Landlens)
The latest property transactions at Gem Residences were recorded to be between 1.48 million and $3.48 million. The Orie could be the next highly desired residential development in the area, given its strategic location and excellent connectivity to various amenities.