The Orie is a new launch condominium located along Lorong 1 Toa Payoh, jointly developed by City Development (SGX:C09), Frasers Property (SGX: TQ5) and Sekisui House. It is the first new launch condo in the area in a while and there is likely to be a huge pent up demand, not only from people looking to move from an existing condo to a new condo in the area but also from upgraders.
Toa Payoh is a mature and well-located estate, famous for its million-dollar HDB flats with more than 200 million-dollar HDB flats transacted to date. The high value of HDB flats around the area indicates that many HDB upgraders have substantial financial capacity to upgrade to condominiums in an area that they are already very familiar with.
Adding to its allure, Toa Payoh is also in the midst of being rejuvenated with the upcoming Toa Payoh Integrated Development. Slated for completion in 2030, this new 12-hectare lifestyle destination and community hub will enhance the attractiveness of the town with a sports centre with swimming pools, indoor sports halls, sheltered tennis, futsal and netball courts, a gymnasium, fitness studios and a football stadium, as well as a polyclinic and public library.
In Singapore, if a good-sized development sells more than 50% of its units on launch day, it’s typically a sign that the project is highly sought after, especially if it’s a large development.
Recent new launches such as Chuan Park, Emerald of Katong and Nava Grove have performed exceptionally well and we think this trend is likely to continue. If we were to make a wild guess, we think The Orie will be one of those properties that sell at least 70% on launch date and may even be at least 3.0 times oversubscribed. In fact, it could potentially outperform Chuan Park.
Price of development
| Unit Type | Unit Size (sqft) | Number of units | Starting price ($’m) |
| 1 Bedroom + study | 517 | 78 | 1.28 |
| 2 Bedroom + Study | 592-700 | 310 | 1.48 |
| 3 Bedroom | 850-1130 | 195 | 2.09 |
| 4 Bedroom | 1216-1367 | 78 | 2.92 |
| 5 Bedroom | 1453 | 116 | 3.48 |
The 777 units in The Orie are located across two 40-story blocks and range from one to five bedrooms, with sizes from 517 sqft to 1,453 sqft. Prices start from $1.28m for a one-bedroom and from $3.48m for a five-bedroom unit.
With a smaller three-bedroom unit starting from $2.1m, it is clear that the developer wants to be available to a broad market, especially HDB upgraders.
With 50% of the development comprising 1- and 2-bedrooms, it is clear the developers are targeting singles and couples as well as investors who are looking to rent to tenants who are looking for a convenient location but are unable or prefer not to live in areas such as Orchard, Novena and River Valley.
There are also 78 units or 10% of the development comprising of the smaller 3-bedroom unit and 39 units or 5% of the development with a 3-bedroom dual-key which may both be attractive to investors or someone looking for the flexibility of renting out a room at their unit while their family is small, to defray mortgage costs.
The 5-bedroom units come with an exclusive private lift which brings residents and guests directly up to the dining/living area, in addition to a common lift which is located at the back of the wet kitchen.
Investment and price appreciation potential
Data has shown that 2-and 3-bedroom units generally show higher annualised gain. This could be because of demand. There are a variety of factors such as family size and the price point at which upgraders typically go for.
Due to the price point, investors tend to choose between 1-bedroom or 2-bedroom units. In this case, while the developer has opted for a single 1-bedroom layout, it has designed 4 distinct types of 2-bedroom units. This reflects the greater exit opportunities for 2-bedroom units as it is attractive to a wider range of buyers.
For The Orie, we think the developer is also trying to attract investors interest to the 3-bedroom units due to the favourable price point of the smaller 3-bedroom option as well as the flexibility of the dual-key unit.
Here, we look at several factors that determine the potential for investment.
Location
The Orie is located in District 12, just a 5 minute walk or 300m away from the Braddell MRT station. For added convenience, Bishan MRT Interchange which sits on both the North-South Line and the Circle Line, and is only one train station away from Braddell.
Major train stations such as Orchard MRT and City Hall MRT are 4 and 7 train stops away respectively.
The development is near the St Joseph Institution International School which has more than 2000 international students. It is within 1KM of Pei Chun Public school and located close to other local schools such as CHIJ Primary and Secondary Toa Payoh as well as the prestigious Raffles Girls and Raffles Institution schools.
This means that it is attractive to expats who are looking to rent as well as locals who are looking to live near reputable local schools.
Transport and amenities
The Orie is located in the Toa Payoh mature estate and adjacent to estates such as Bishan, Ang Mo Kio and Serangoon which means that there is no lack of amenities whether for local or foreigners.
The Orie is accessible to both the Central Expressway (CTE) and Pan Island Expressway (PIE) which makes most of central Singapore within reach.
The Orie is also close to Toa Payoh Central as well as several shopping malls including Junction 8, Zhongshan Mall and malls in Novena such as Novena Square, United Square and Velocity @Novena Square
Size and facility of the development
Historically, boutique developments tend to underperform larger developments. A development needs to be of a certain size to have all the facilities expected of a Condominium.
The Orie consists of two forty storey blocks and may come across as a little cluttered. It has two basement floors of carparks and about 627 car park lots which represents a 0.8 car park to unit ratio.
A 777 unit sized development is considered to be a good sized development and not large enough for guests (or food delivery drivers) to lose their way in (Try finding your way out of D’Leedon or Treasure at Tampines!). The Orie comes with adequate family friendly-facilities as well as larger-scale facilities such as large function rooms.
The developer has acknowledged that it is working with a smaller plot of land and has ensured that The Orie has adequate facilities by having a second level of facilities, such as the Canopy Garden on a second level above the BBQ Pavilions. The Orie not only has a 50m lap pool but also has an adjacent sizeable relaxation pool.
For those who grew up in Singapore and are into nostalgia, The Orie will come with a Dragon Playground and would allow families with young children to experience a similar childhood experience to their parents and even grandparents.
To top it off, The Orie also has one tennis court, allowing it to be considered a full facility condominium in Singapore.
Rental market
The rental catchment market for The Orie is not only expat families who want to place their children in the international school but also younger expats and even young locals who tend to not drive and want to live close to the city. Even local families who may be looking for a rental unit for various reasons would consider the location.
Reputation of Developers
The Orie is jointly developed by three highly reputable developer, each with a strong track record:
City Development is probably the most well regarded local property developer, having launched countless projects in various districts of different markets and having won countless awards.
Frasers Property also needs no introduction having built developments such as Riviere, Sky Eden and 8@Mount Sophia.
Sekisui House is committed to a concept of developing sustainable communities and is behind projects like One Holland Village mixed development as well as millions of residential units globally.
Its gonna be hot!
The Orie is one of the properties that tick so many boxes, making it a strong contender to be oversubscribed and sold out on launch day. Location is the most important factor and while it is not a mixed development that is located above a train station (which comes with a huge price premium), The Orie is already a star in this aspect.
With easy access to the Central Business District and Orchard Road shopping belt, The Orie is designed for homebuyers seeking a prime location surrounded by a variety of recreational, retail and dining options.
The Orie is well located in the Toa Payoh area with extremely developed transport and amenities and near two expressways, namely the CTE & the PIE.
It is also a good-sized development comprising 777 units and have a range of facilities allowing for it to be considered as a full facility condominium. Most importantly, it is being jointly developed by three strong and well-known developers which would allow potential buyers to assuage most worries.
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