The URA Master Plan prioritizes the improvement of transportation infrastructure to ensure convenient mobility for Toa Payoh’s residents. This includes enhancing existing roads and public transport networks. For The Orie, this translates to improved access to major expressways such as the Pan Island Expressway (PIE) and Central Expressway (CTE), along with upgraded bus services and nearby MRT stations like Toa Payoh and Braddell. With these enhancements, residents can expect reduced travel time and increased convenience, making it effortless to navigate the city for both work and leisure. Additionally, for those interested in purchasing a unit at The Orie, The Orie price will be a valuable consideration alongside its enhanced connectivity.
The bid by the Orie Price Consortium has set a new record for the Toa Payoh area, with the previous highest bid being $1,181 psf ppr in 2018 for a neighbouring site. It also surpasses the average land price of nearby properties that were sold in the past year, which was approximately $1,150 psf ppr. The consortium comprises of three companies – Orie Developments, Price Corporation and Consortium Builders, all of which are seasoned players in the real estate industry in Singapore.
The winning bid by the Orie Price Consortium has raised eyebrows and has sparked discussions among industry experts. Many are curious about the consortium’s strategy and the reasoning behind their bold bid. As it turns out, the consortium’s bid was driven by their confidence in the strong demand for property in the Toa Payoh area. With its close proximity to the city centre and excellent amenities, Toa Payoh has always been a highly sought-after location for both investors and homebuyers.
On the other hand, the URA has also benefited from this bidding war, with the winning bid surpassing its reserve price by a significant margin. This will contribute to the government’s land sales revenue, which can be used for public projects and initiatives.
The 18% higher bid value of $1,360 per square foot per plot ratio submitted by the consortium stands out, compared to the runner-up bid of $819.99 million ($1,153 per square foot per plot ratio) from Tanglin Land, a subsidiary of CapitaLand. This stands as a noteworthy achievement, as it marks the first tender for development in Toa Payoh since the adjacent parcel was transformed into Gem Residences eight years ago.
Located just a bit outside of the hustle and bustle and easily accessible through MRT or bus, Junction 8 is a popular mall in Bishan. It offers a diverse range of retail stores, from fashion to electronics and lifestyle products. Additionally, there is a cinema and a wide selection of dining options available. For The Orie residents seeking a more thorough retail experience or a night out, Junction 8 presents a convenient and appealing option that they can explore with ease.
Furthermore, the consortium also believes that Singapore’s economy is on the path to recovery, and with the easing of travel restrictions, foreign buyers are expected to return to the market. This could potentially increase demand and push property prices up, making their winning bid a wise investment in the long run. This move by the consortium also shows their faith in the sustainable growth of the property market in Singapore.
The winning bid by the Orie Price Consortium has not only made headlines but also set the tone for future property bids in the Toa Payoh area. It has also raised the benchmark for land prices, which could potentially drive up property prices in the future. This could affect both buyers and sellers, with potential buyers having to pay higher prices for properties, and sellers potentially earning higher profits.
The real estate market in Singapore is constantly evolving and properties in prime locations are in high demand. In the recent news, a bidding war for a prime parcel of land in Toa Payoh has caught the attention of many. The Orie Price Consortium has emerged as the winner with a record-breaking bid of $1,360 per square foot per plot ratio (psf ppr), surpassing its competitors by a staggering 18%. This milestone achievement has not only created buzz in the real estate industry, but it also holds significance in the overall economic landscape of Singapore.
In conclusion, the Orie Price Consortium’s record-breaking bid for the prime Toa Payoh parcel has created a buzz in the real estate industry, setting a new benchmark for land prices in the area. It not only shows the confidence of developers in the property market but also highlights the competitive nature of the GLS programme. With the winning bid surpassing its competitors by 18%, it is a milestone achievement that has surpassed expectations and set a new record for the Toa Payoh area.
The consortium’s bid has also highlighted the competitive nature of the GLS programme, with developers vying for prime sites to develop their projects. In recent years, the market has seen an increase in land bids, with developers bidding aggressively to secure sites. This can be attributed to the limited land supply in Singapore, which drives up property prices. However, with a steady demand for property, developers are willing to take the risk and make bold bids to secure prime sites for their developments.
The site in question is a 99-year leasehold parcel located at Lorong 4 Toa Payoh, with a site area of approximately 11,530 square meters. It has a maximum allowable gross floor area (GFA) of 31,344 square meters and is zoned for residential use, making it a prime spot for new property developments. The Urban Redevelopment Authority (URA) launched the site for sale in May 2021 under the Government Land Sales (GLS) programme, attracting a total of 15 bids from various developers.
