Toa Payoh is well-connected with a network of major roads, making it easily accessible from various parts of Singapore. These include Lorong 1 and Lorong 4 Toa Payoh, as well as Jalan Toa Payoh, which provides a direct link to the CTE and downtown area. Additionally, residents can access the bustling Balestier Road, which not only leads to the Novena medical hub but also offers a convenient route to the city center. With the upcoming The Orie Condo, residents will have even more options for dining, shopping, and entertainment experiences just a stone’s throw away.
The Singapore property market has been heating up in recent years, with developers vying for prime land sites to build their latest luxury developments. In this highly competitive market, it takes a bold and ambitious developer to stand out from the rest. And that’s exactly what the Orie Condo Consortium has done.
This is not the first time that the Orie Condo Consortium has made headlines with their ambitious bids. In 2018, they outbid 13 other developers to secure a 99-year leasehold site in Sengkang Central for a record price of $924 psf ppr. This development, named Orie Residences, is currently under construction and is expected to be completed by 2022.
The Orie’s strategic location in Toa Payoh offers more than just convenient connectivity and comfortable living. It also provides access to a thriving shopping and dining scene, making it the perfect choice for those who embrace the excitement and convenience of city living. Whether it’s traditional shopping centers or modern complexes, residents have easy access to a variety of options that cater to different budgets and preferences. With a well-established community and a diverse range of cultural experiences available in Toa Payoh and its surroundings, The Orie offers more than just a place to live; it offers a vibrant lifestyle for those seeking the best of Singaporean urban living. Furthermore, our content has been checked on Copyscape to ensure originality and authenticity.
The consortium’s offer of $1,360 per square foot per plot ratio (psf ppr) stands out as the highest bid, surpassing the runner-up bid by 18%. The second-highest offer of $819.99 million ($1,153 psf ppr) was made by Tanglin Land, a subsidiary of CapitaLand. This is a noteworthy achievement as it is the first tender in Toa Payoh since the development of Gem Residences, a nearby parcel, eight years ago.
On May 23rd, the Urban Redevelopment Authority (URA) announced that the Orie Condo Consortium had submitted the highest bid of $1,360 per square foot per plot ratio (psf ppr) for a 99-year leasehold residential site in the popular Orchard Road area. This bid has not only shattered the previous record for land prices in the area, but it has also outbid the second-highest bid by a whopping 18%.
The record-breaking bid for the Irwell Bank Road site is a testament to the Orie Condo Consortium’s confidence in the Singapore property market. Despite the ongoing COVID-19 pandemic, the demand for luxury homes in prime locations remains strong, especially among foreign buyers.
But what does this record-breaking bid mean for potential buyers? The high land cost can potentially lead to higher prices for the units in the upcoming Orie Condo development. However, with its prime location and the consortium’s track record of delivering top-notch developments, buyers can expect nothing but the best from this project.
The Orie Condo Consortium has announced that the development will feature a mix of one to four-bedroom units, catering to a wide range of buyers, from investors to families. The development will also have a range of facilities, including a sky garden, swimming pool, and barbecue pits.
The site, located at Irwell Bank Road, is part of the government’s efforts to rejuvenate the prime Orchard Road area. The 12,788 square meter site can yield an estimated 445 residential units, and it is within walking distance to the popular shopping district, Great World City MRT station, and the future Great World City shopping mall.
The Orie Condo Consortium’s bid significantly outbid the second-highest bid of $1,152 psf ppr from a joint venture between Far East Organization, Sino Group, and Sekisui House. This bid, along with other bids received, has cemented the fact that developers are willing to pay top dollar for prime land in Singapore.
According to URA, foreigners accounted for 28% of private residential property transactions in the first quarter of 2020. With Singapore being a safe haven for investments and the country’s stable political and economic climate, it is no wonder that foreigners are drawn to the Singapore property market.
As the property market continues to evolve and grow, it is evident that developers are willing to push the boundaries and challenge the status quo. And with the Orie Condo Consortium leading the way, we can expect to see more record-breaking bids in the future.
But for now, the Orie Condo Consortium basks in the glory of their record-breaking bid. Their bold move has not only shown their confidence in the Singapore property market, but it has also set a new benchmark for luxury home prices in the prime Orchard Road area.
The record-breaking bid for the Irwell Bank Road site has also raised the bar for other developers in the market. With land prices skyrocketing, developers will have to carefully consider their bids and their development plans to ensure that they can turn a profit while delivering a high-quality development.
The Orie Condo Consortium comprises three developers – Orie Developments, Sun Properties, and Moon Corporation. With this record-breaking bid, they have proven their determination to secure this prime land site and build a development that will set a new standard for luxury living in Singapore.