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DEVELOPERS City Developments (CDL), Frasers Property and Sekisui House started the year’s new launches with their Toa Payoh project, The Orie, with prices starting in the S$2,400 to S$2,500 per square foot (psf) range.

Located in District 12, the 99-year leasehold development will house 777 units in two blocks of 40-storey apartments. The Orie is the first private residential launch in Toa Payoh since 2016.

The smallest units are the one bedders with studies, of 517 square feet (sq ft) from S$1.28 million (or S$2,476 psf).

Two-bedroom units of 592 to 700 sq ft start from S$1.48 million (S$2,500 psf); while three-bedroom units of 850 to 1,130 sq ft, start from S$2.09 million (S$2,459 psf); and four bedders, sized from 1,216 to 1,367 sq ft, start from S$2.92 million (S$2,401 psf).

The largest five-bedroom unit with a private lift is priced from S$3.48 million (S$2,395 psf for 1,453 sq ft).

The 169,458 sq ft site was acquired in a state tender in November 2023 for S$968 million or S$1,360 psf per plot ratio.

The launch of The Orie comes on the heels of flash data released today by the Urban Redevelopment Authority (URA) showing private residential prices rising 2.3 per cent in the fourth quarter of 2024, bringing the full-year increase to 3.9 per cent.

The rise in Q4’s property prices is driven by a surge in new sales during the quarter, which made up more than half (53 per cent) of 2024 new sales volumes.

The project is close to the Toa Payoh Integrated Transport Hub that is set to be completed in 2030, which will house the new sports centre, public library and polyclinic.

The last condo project in the area was the 576-unit Gem Residences, which was launched in 2016. Data from URA’s Realis showed that the median unit price for the development over the last year was S$1,490 psf.

Preview for the project will start on Friday (Jan 3). The Orie will book sales on Jan 18 and is expected to be completed by May 2030.