Artist’s interpretation of the 777-unit The Orie residential condominium project in Top Payoh … [+]
City Developments Ltd (CDL) and its joint venture partners, controlled by billionaire Kwek Leng Beng, sold 86% of a residential apartment project in central Singapore in a weekend launch, amid signs that housing demand in the city is recovering.
About 668 units in the 777-unit residential project have been sold, the partners said in a joint statement on Sunday. CDL is co-developing condominiums with Thai billionaire Charoen Sirivadhanabhakdi and Japan's Sekisui House in the Toa Payoh district in central Singapore, about 11 kilometers north of the Raffles Place central business district.
The project, called The Orie, will sell for S$1.28 million (US$940,000) for one-bedroom units with an area of about 517 square feet (48 square meters) and S$3.48 million for five-bedroom units, with a total built-up area of 1,453 Square meters square feet.
“The Orie's strong occupancy rates reflect the development's exceptional design and location attributes,” City Developments group chief executive Sherman Kwek said in a statement.
The Orie is located near Braddell MRT Station and Toa Payoh Integrated Transport Hub. It is also close to the 12-hectare sports and lifestyle arena being developed by the government, which will include a 10,000-seat stadium and an aquatics centre.
The 99-year leasehold condominium will be built on two 40-storey towers and occupy 169,458 sq ft on land 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.
The projects are coming to market as Singapore housing demand rebounds in the final quarter of 2024, with preliminary government data released this month 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 tame for much of the year, lower borrowing costs sparked a year-end buying spree in November. One of the top-selling projects in Q4 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 the executive chairman of City Development Corporation and Singapore's Hong Leong Group, which was founded by his father in 1941. Operating independent group Hong Leong Berhad (Malaysia), which has 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.
