Artist’s interpretation of the 777-unit The Orie residential condominium project in Top Payoh … [+]
City Developments Ltd. (CDL), controlled by billionaire Kwek Leng Beng, along with joint venture partners Thai tycoon Charoen Sirivadhanabhakdi and Japan's Sekisui House, will start selling its prime residential condominium project in central Singapore this month, as signs of the country's Strong demand for housing is recovering.
The Orie project, located in the residential area of Toa Payoh, about 11 kilometers north of the Raffles Place central business district, has 777 units, with prices starting at S$1.28 million (US$940,000) for a one-bedroom unit of about 517 square feet. A five-bedroom unit (48 sq m) with a total built-up area of 1,453 sq ft is priced at S$3.48 million. Previews will begin tomorrow, and the developer has scheduled a pre-order sale on January 18th.
“Situated in the vibrant and highly sought-after Toa Payoh estate, homebuyers will benefit from its central location and excellent transport links,” City Developments group chief executive Sherman Kwek said in a statement. “With the two of us Together with esteemed partners, who are all leading developers in their own right, we worked together to realize our vision of bold architectural and landscape design complemented by thoughtful and sustainable features.”
The 99-year leasehold condominium will be built on two 40-storey towers and occupy 169,458 sq ft of land that the partners purchased for S$968 million at a government land auction in November 2023. This is the first private residential project launched in Toa Payoh since 2016.
Projects are coming to market as Singapore housing demand rebounds in the final quarter of 2024, with preliminary government data released today showing private home prices rose 2.3% in the fourth quarter after falling 0.7% in the previous three months. While sales have been largely sluggish for much of the year, lower borrowing costs sparked a year-end buying frenzy, pushing developers' unit sales in November to their highest monthly sales in more than a decade.
One of the top-selling projects in the fourth quarter of 2024 was CDL's 348-unit Norwood Grand condominiums, which sold 84% of its units during its launch weekend in late October.
Kwek Leng Beng is executive chairman of City Development Corporation and Singapore's Hong Leong Group, which was founded by his father in 1941. Hong Leong Berhad (Malaysia) operates an independent group with interests in: financial, food and property. Mr Quek, who shares a net worth of US$11.5 billion with his family, was ranked fourth on a list of Singapore's 50 richest people released in September.
