Should You Buy The Orie? A Pricing Review Comparing Gem Residences And New Launches Today

We recently shared our review of The Orie, and now we’re diving deeper into its pricing. Here’s a detailed breakdown of the indicative prices for this new launch, along with an analysis of how it compares at its current price point.

As a recap, here’s the indicative starting price:

Bedroom Type	Size From (Sq Ft)	Price	$PSF
1 Bedroom + Study	517	$1,280,000	$2,476
2 Bedroom	592	$1,480,000	$2,500
3 Bedroom	850	$2,090,000	$2,459
4 Bedroom	1,216	$2,920,000	$2,401
5 Bedroom	1,453	$3,480,000	$2,395

Conservatively, we could see prices climb to approximately $2,600 PSF as prices are progressively staged upward.

Hypothetical prices at $2,600 psf

If prices were to align with the $2,600 PSF average, here are the prices you might expect for each unit type:

Bedroom Type	Size From (Sq Ft)	Price	$PSF
1 Bedroom + Study	517	$1,344,200	$2,600
2 Bedroom	592	$1,539,200	$2,600
3 Bedroom	850	$2,210,000	$2,600
4 Bedroom	1,216	$3,161,600	$2,600
5 Bedroom	1,453	$3,777,800	$2,600

It’s no longer surprising to see 3-bedroom units crossing the $2 million mark in today’s market. For example:

• At Norwood Grand, a new launch in Woodlands (OCR), the most recent 3-bedroom unit (1,011 sq ft) transacted for $2.142 million.
• Over at Chuan Park, a 3-bedroom unit (958 sq ft) sold for over $2.5 million.

Given these recent benchmarks, an estimated $PSF of $2,600 for The Orie appears in line with today’s market.

Context Matters

However, pricing doesn’t exist in a vacuum. The Orie is located in Toa Payoh, an estate primarily made up of HDBs. This could mean that buyers here are more price-sensitive, as HDB upgraders are likely to form the core audience.

To provide further context, let’s examine the land cost behind The Orie. Here’s a comparison of residential sites purchased in 2023/24:

Location	Planning Area	Successful Tender Price	$PSF
Lorong 1 Toa Payoh	Toa Payoh	$968,000,000	$1,360
River Valley Green (Parcel A)	River Valley	$463,999,999	$1,325
Zion Road (Parcel B)	Bukit Merah	$730,088,888	$1,304
Holland Drive	Queenstown	$805,390,000	$1,285
Clementi Avenue 1	Clementi	$633,447,945	$1,250
Pine Grove (Parcel B)	Bukit Timah	$692,388,000	$1,223
Margaret Drive	Queenstown	$497,000,000	$1,154
Jalan Tembusu	Marine Parade	$828,800,000	$1,069
Lentor Central	Ang Mo Kio	$435,166,426	$982
Upper Thomson Road (Parcel B)	Yishun	$779,555,000	$905
Champions Way	Woodlands	$294,889,000	$904
Faber Walk	Clementi	$349,857,988	$900
De Souza Avenue	Bukit Timah	$278,900,000	$841
Canberra Crescent	Sembawang	$279,000,800	$793

The land for Lorong 1 Toa Payoh (The Orie) was acquired by the developers at $1,360 PSF, making it the most expensive site purchase among residential plots in 2023/24.

Notably, this price surpasses even prime locations such as River Valley, Zion Road, and Holland Drive, underscoring the premium placed on this site.

Ranking	Name of Tenderer	Tendered Sale Price	Tendered Sale Price in $PSF
1	CDL Constellation Pte. Ltd., Frasers Property Phoenix Pte. Ltd. and Sekisui House, Ltd.	$968,000,000	$1,360
2	Tanglin Land Pte. Ltd.	$819,999,999	$1,152
3	GuocoLand (Singapore) Pte. Ltd., Intrepid Investments Pte. Ltd., Garden Estates (Pte.) Limited and TID Residential Pte. Ltd.	$775,781,823	$1,090

The second-highest bid, submitted by Tanglin Land, was $1,152 PSF. If successful, this would have placed the land price somewhere between the Margaret Drive and Jalan Tembusu plots, which seems more aligned with market expectations.

However, the winning bid surpassing prices for plots in Bukit Merah and River Valley is a bold one. This raises questions about whether the resulting price point will resonate with HDB upgraders, who form a significant portion of buyers in Toa Payoh.

Let’s delve into a couple of key considerations:

Supply of private property in Toa Payoh is low

Similar to the recent new launch, Chuan Park, there are only a limited number of resale condos in the area. Among them, Gem Residences stands out as the only truly comparable development. The next youngest project is Trevista, followed by two significantly older condominiums.

Project Name	Tenure	Completion	No of units
THE ORIE	99 yrs	2029	777
Gem Residences	99 yrs from 2015	2019	578
TREVISTA	99 yrs from 2008	2011	590
TRELLIS TOWERS	Freehold	2000	384
OLEANDER TOWERS	99 yrs from 1995	1998	318

Breakdown by bedroom type:

Project Name	1BR	2BR	3BR	4BR	5BR	PH	% 1 or 2 Bedders
THE ORIE	78	310	195	117	77		49.9%
GEM RESIDENCES	109	221	172	37	37	2	57.1%
TREVISTA	44	136	298	112			30.5%
TRELLIS TOWERS	38	48	196	98		4	22.4%
OLEANDER TOWERS		88	168	60		2	27.7%
Total	269	803	1,029	424	114	8

Excluding The Orie, there are just 4,517 private units in Toa Payoh.

Project Name	2021	2022	2023	2024	Total	Average	% To Units
Gem Residences	39	44	38	31	152	38	6.57%
OLEANDER TOWERS	16	12	9	6	43	11	3.38%
TRELLIS TOWERS	7	6	5	7	25	6	1.63%
TREVISTA	37	32	20	32	121	30	5.13%
Total	99	94	72	76	341

Over the past three years, only 341 units were sold in Toa Payoh, averaging just 114 units per year. For those looking to upgrade to private property or move within the area, this represents a relatively modest number, likely constrained by the limited supply.

Notably, the newer developments, Gem Residences and Trevista, account for a higher percentage of these sales, reflecting their appeal compared to older options in the area.

Here’s an overview of the HDB supply across Singapore, based on the total number of flats sold. Note that this data excludes HDB flats rented out directly by HDB.

Town	3 Room Flats Sold	4 Room Flats Sold	5 Room Flats Sold	Executive Flats Sold	Total Units
Tampines	14,814	35,678	21,798	5,749	78,039
Jurong West	12,061	30,192	22,492	6,507	71,252
Sengkang	4,800	33,596	25,710	4,463	68,569
Woodlands	7,294	30,388	21,125	6,191	64,998
Yishun	16,288	32,639	11,194	2,567	62,688
Bedok	23,000	21,971	10,773	2,718	58,462
Hougang	10,944	27,306	11,210	4,311	53,771
Punggol	6,255	26,334	18,491	1,126	52,206
Choa Chu Kang	2,664	23,993	15,952	4,762	47,371
Ang Mo Kio	24,440	14,703	6,150	503	45,796
Bukit Merah	15,782	17,192	9,622	47	42,643
Bukit Batok	11,985	18,823	7,964	2,734	41,506
Toa Payoh	16,958	14,375	6,788	854	38,975
Bukit Panjang	3,867	17,224	10,628	3,381	35,100
Kallang/Whampoa	14,234	12,800	5,478	505	33,017
Geylang	12,092	12,525	3,626	832	29,075
Pasir Ris	490	11,641	9,379	7,460	28,970
Queenstown	13,646	10,431	4,338	356	28,771
Clementi	12,747	10,755	4,256	625	28,383
Sembawang	1,705	12,250	9,056	2,871	25,882
Jurong East	7,039	8,188	5,925	1,871	23,023
Serangoon	4,526	10,231	3,760	2,365	20,882
Bishan	2,352	9,359	5,716	1,567	18,994
Central Area	4,205	3,424	904	6	8,539
Marine Parade	3,026	1,798	1,682	0	6,506
Tengah	346	1,337	1,060	0	2,743
Bukit Timah	439	920	683	380	2,422
Total	247,999	450,073	255,760	64,751

While Toa Payoh is often perceived as an HDB town, it doesn’t rank among the largest estates like Tampines or Jurong due to its smaller size. The estate comprises 2,647 private condo units (including The Orie) and nearly 39,000 HDB units, meaning private condos make up only around 6% of the housing stock – significantly lower than the national HDB-to-condo ratio of approximately 80%/15%.

However, the recent Bidadari precinct presents an opportunity for future HDB upgraders, as many homeowners there are likely to profit from their BTO flats in the coming years. In total, 5,950 HDB units in Toa Payoh have leases starting from 2019, making up roughly 15% of the estate’s total HDB stock.

If 15% of these households choose to upgrade, we’re looking at approximately 893 potential upgraders. For those seeking newer private developments, the available options are limited to The Orie, Gem Residences, and possibly Trevista – though Trevista’s pricing tends to be on the higher side.

This presents a promising prospect. While Toa Payoh isn’t a massive estate, having a significant proportion of newer HDB flats reaching their Minimum Occupation Period (MOP) in the next few years is a positive indicator for the private property market.

Additionally, we can analyse the proportion of HDB upgraders across different parts of Singapore by examining purchaser address data based on planning areas:

Planning Area	HDB	Unknown	Private	Grand Total	HDB Upgrader
Sengkang	236		200	436	54.10%
Sembawang	30		26	56	53.60%
Yishun	139		129	268	51.90%
Choa Chu Kang	61		60	121	50.40%
Mandai	8		8	16	50.00%
Punggol	76		82	158	48.10%
Hougang	361	3	417	781	46.20%
Tampines	285		353	638	44.70%
Toa Payoh	186	6	254	446	41.70%
Jurong West	66		100	166	39.80%
Pasir Ris	302	73	418	793	38.10%
Clementi	219	3	395	617	35.50%
Jurong East	107	114	109	330	32.40%
Bukit Panjang	159	85	249	493	32.30%
Kallang	175	21	349	545	32.10%
Bukit Batok	209	108	350	667	31.30%
Bishan	94		222	316	29.70%
Bukit Merah	157	1	378	536	29.30%
Ang Mo Kio	363	340	546	1249	29.10%
Geylang	296	177	550	1023	28.90%
Woodlands	115	175	108	398	28.90%
Queenstown	168	38	380	586	28.70%
Bedok	334	45	801	1180	28.30%
Novena	132	8	336	476	27.70%
Outram	28	11	65	104	26.90%
Downtown Core	84	41	267	392	21.40%
Museum	6		25	31	19.40%
Serangoon	237	609	384	1230	19.30%
Rochor	26	61	74	161	16.10%
Bukit Timah	209	544	668	1421	14.70%
River Valley	40	10	225	275	14.50%
Newton	33	16	180	229	14.40%
Singapore River	29	100	79	208	13.90%
Tanglin	46	23	327	396	11.60%
Orchard	21		176	197	10.70%
Southern Islands	12		114	126	9.50%
Marine Parade	130	1047	492	1669	7.80%

According to the data, approximately 41% of condo transactions in Toa Payoh were made by buyers with an HDB address. This figure is comparable to other estates with higher percentages, indicating a consistent demand from HDB upgraders.

Additionally, we can gain further insights into buyers’ preferences by breaking down the data by individual condo projects:

Project	HDB Address	Private Address	Total	HDB Upgrader %
Gem Residences	18	13	31	58%
Oleander Towers	2	4	6	33%
Trellis Towers	3	3	6	50%
Trevista	9	23	32	28%

In 2024, nearly 60% of buyers at Gem Residences are HDB upgraders, highlighting that most of those seeking something new in the area likely come from HDB flats. Combined with the limited supply, this positions The Orie to capitalise on demand from HDB upgraders nearby.

However, pricing remains a crucial factor. While Trevista has a transaction volume similar to Gem Residences, only 30% of its buyers are upgraders. This is likely driven by Trevista’s higher price points, which we’ll explore further below.

How Did Gem Residences Perform?

One way to gauge the potential success or challenges for The Orie is by examining the performance of Gem Residences, given the similar supply dynamics at the time of its launch.

Gem Residences’ performance offers valuable insights into how The Orie might fare.

So, how did Gem Residences perform compared to other developments that launched around the same time?

Projects	Gain			Loss
	Average of quantum	Average of %	No. of Tnx	Average of quantum	Average of %	No. of Tnx
FOREST WOODS	$313,638	26.8%	105
THE ALPS RESIDENCES	$215,563	26.1%	167
LAKE GRANDE	$226,540	22.7%	111
STURDEE RESIDENCES	$219,467	21.2%	64	-$39,300	-4%	1
QUEENS PEAK	$232,528	21.1%	167
PARC RIVIERA	$200,614	20.9%	284
STARS OF KOVAN	$218,489	20.6%	102
Gem Residences	$240,766	20.5%	158	-$139,000	-7%	1
THE WISTERIA	$137,973	16.8%	80
GRAMERCY PARK	$985,083	15.4%	10
VIIO @ BALESTIER	$126,558	12.1%	10
STRAITS MANSIONS	$224,000	11.1%	2
183 LONGHAUS	$140,165	10.7%	9	-$125,200	-8%	1
CAIRNHILL NINE	$257,361	8.4%	18	-$166,000	-6%	5
THE ASANA	$68,662	4.5%	7	-$135,753	-9%	7
38 JERVOIS	$40,899	3.5%	1
Average	$342,957	37%	1,954	-$138,918	-7%	15

Gem Residences performed quite well, delivering an average return of 20.5% for those who made a profit. Only one person recorded a loss, while 158 buyers saw gains.

While this performance isn’t exceptional, given that anyone who bought in 2016/17 benefitted from the market’s low point, it’s still noteworthy that Gem Residences ranks in the top half of developments launched that year – just 2.2% behind third-place Lake Grande.

The developments that underperformed were mostly boutique projects, except for Wisteria.

On the surface, this all looks positive. However, buyers won’t be comparing The Orie solely to Gem Residences. With the price point now higher, it raises the question: Should you be concerned?

Here’s a look at resale prices in the area by bedroom type:

Project	Tenure	1BR	2BR	3BR	4BR	5BR	PH
The Orie (assuming $2,600 psf)	99 yrs	$1,344,200	$1,539,200	$2,210,000	$3,161,600	$3,777,800
Gem Residences	99 yrs from 2015		$1,212,794	$1,903,000	$2,406,667	$2,584,444	$2,988,888
Oleander Towers	99 yrs from 1995			$1,708,333
Trellis Towers	Freehold		$1,522,500	$2,196,250
Trevista	99 yrs from 2008	$1,167,500	$1,678,753	$2,224,135	$3,065,000

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Immediately, it’s clear that while Trevista is older than Gem Residences, it commands a higher price due to its larger unit sizes. Earlier, we examined the proportion of HDB upgraders in the estate and found that Trevista attracted fewer buyers with HDB addresses, likely due to its higher prices. For instance, a 2-bedroom unit at Trevista costs on average about $400k more than Gem Residences in 2024, despite having 7 fewer years on its lease.

When comparing The Orie to Gem Residences, the price gap becomes even more apparent. The Orie is priced over $300k higher for both 2- and 3-bedroom units, and a staggering $700k more for the 4-bedroom. The price difference climbs to $1.2 million for a 5-bedroom unit.

We’ve also compared Gem Residences to The Orie’s smallest unit for each bedroom type, meaning the price differences could be even greater.

This raises concerns for The Orie. If the target market is primarily HDB upgraders, the higher price point could make it less appealing compared to Gem Residences, which offers a more competitive price point.

Another concern is the lack of 1-bedroom transactions at Gem Residences in 2024

Despite having 109 1-bedder units, it’s surprising that not a single unit has been sold this year. We checked PropertyGuru, where there are currently 12 active listings, though some are duplicates of the same unit. Looking at the listing history, some of these units have been on the market since early 2024, meaning they’ve been selling for nearly a year with no success.

One of the listings is for a 484 sq ft unit priced at around $928k, which is significantly lower than the prices at The Orie. While the size difference is notable (as Gem Residences includes the AC ledge as part of its space, being a pre-harmonisation development), the price is still about $400k less than the starting prices at The Orie.

This reflects a common trend: HDB upgraders typically prefer to move into 2-bedroom or larger units. A 3-room HDB has 2 bedrooms, so upgrading to a 1-bedroom unit doesn’t align with their needs.

That’s why we believe The Orie’s decision to offer fewer 1-bedder units, compared to Gem Residences, is a wise one. For those considering buying a 1-bedder, be aware that the exit could be challenging, as evidenced by Gem Residences. The primary target market (HDB upgraders) is unlikely to consider a 1-bedroom as an option.

2-Bedroom comparison – The Orie vs Gem Residences

2-bedroom units make up 310 units out of the 777 units at Gem Residences, accounting for the majority (about 40%) of the development. In 2024, there were 20 transactions for 2-bedroom units, representing 9% of the total 2-bedders, which is a healthy sales rate.

On average, 2-bedroom units at Gem have sold for around $1.2 million. At $2,600 psf, the smallest 2-bedroom unit at The Orie would be priced around $1.539 million, which is about $300k more than its counterparts at Gem Residences.

Let’s look at the 570 sq ft 2-bedder at Gem Residences. In December 2024, a unit on the 26th floor sold for $1.1 million, which is approximately $439k less than what you’d expect to pay for a comparable unit at The Orie.

Layout-wise, The Orie offers a more efficient design with its dumbbell layout, providing better space utilization. Additionally, it offers a larger size (even excluding the AC ledge), meaning more usable space compared to older developments. The living and dining areas are more separated and spacious, unlike in Gem Residences, where the layout can feel more cramped. The kitchen in The Orie also comes with its own window, enhancing the overall functionality and ventilation.

Both bedrooms in The Orie are generously sized, unlike some units at Gem Residences, where the second bedroom is small enough only to fit a single bed. While The Orie has a $400k price difference, the added space and functional design could justify the premium, especially for young couples or small families.

Moreover, The Orie will be around 10 years newer by the time it’s completed, which could also make it more appealing for buyers seeking a modern living experience.

Can 3-room flat BTO buyers in the Bidadari area afford The Orie?

The launch prices of 3-room BTO flats in the latest Bidadari projects that recently MOP ranged from $297k to $385k. Recently, a high-floor unit in the area sold for an impressive $900k, though this is likely an exception due to its prime location, with likely park views.

That said, prices are unlikely to deviate significantly from the typical range, with most 3-room flats likely going for around $750k. If that’s the case, BTO buyers could see a profit of around $409k, which could easily cover the downpayment for a 2-bedroom unit at The Orie.

While this makes it feasible for HDB upgraders to consider The Orie, the real question is whether they will allocate most of their profit to a condo purchase. This is something that will depend on the financial priorities and lifestyle choices of the buyer.

3-Bedroom comparison – The Orie vs Gem Residences

The Orie stands out with its efficient dumbbell layout, making it the clear winner when compared to Gem Residences, which suffers from a less functional design.

One of the key drawbacks of Gem Residences is its huge AC ledge, which means the layout isn’t as large as the size may suggest. In particular, the 947 sq ft unit feels tight as the living and dining areas almost spill into the hallway, and the large balcony further eats into the space.

In contrast, The Orie maximises its 850 sq ft with a more efficient layout, including a sizeable store – a rare feature for this size. Most stores in units of this size would only fit one shelving rack, but here, buyers can fit up to three racks, resembling the storage capacity of a typical 3-bedroom unit. This thoughtful design is a huge plus for those needing extra storage space.

At an average price of $2,600 psf, The Orie offers a more functional layout for around $200k more than Gem Residences, making it a compelling option. However, a downside is the lack of natural ventilation, something Gem Residences offers, though this is often the case with more compact layouts.

Turning to 4-room flats in Bidadari, we see these properties going for around $1 million. With launch prices between $433k – $550k, owners stand to make a profit of about $500k, which could cover the downpayment for a 3-bedroom unit.

Given these price points, The Orie is certainly a strong contender, especially for HDB upgraders looking for more space and a better layout at a competitive price.

A Quick Note on the Dual Key Units at The Orie

The 3-bedroom dual key units at The Orie offer great flexibility, making them ideal for multi-generation living, where privacy is key, or for those looking to live in one unit and rent out the other.

However, the layout may not appeal to regular families who don’t require such arrangements. The dual key design can result in inefficient use of space, especially in areas like the foyer, which serves as a separator between the two units but doesn’t add much functionality. Additionally, having two pantries instead of a single well-designed kitchen with a yard and household shelter can make the layout less optimised.

It’s important to note that Gem Residences does not offer a dual-key layout but rather a triple-key design, which is a different concept altogether and not directly comparable.

In Gem Residences, the triple key layout offers no pantry space between the rooms. This makes it feel more like room rentals than a proper studio unit. The main occupant, likely residing in the master bedroom, has no dedicated living or dining area. As a result, the space functions more like a regular 3-bedroom layout, but without a proper living/dining space, which limits its appeal.

The triple-key design seems more suited to investors or singles who plan to rent out two of the rooms. However, the layout doesn’t optimize the space for these needs. The unit lacks the necessary features of a typical triple key, and its overall configuration isn’t practical for most families. It may explain why it’s priced considerably lower—up to $1 million less than other similar properties.

Given these differences in layout, Gem Residences’ “Trio” design doesn’t offer much insight into how The Orie will perform. It’s not directly comparable, and its design constraints make it less likely to appeal to the same demographic.

A more relevant comparison might be 8@Woodleigh, a condo located right next to the Bidadari precinct, which could offer better insights into how properties near this area perform.

In November 2024, a 3rd-floor dual key unit at 8@Woodleigh (1,152 sq ft) was sold for $2.16 million. While this price is relatively lower due to its position on a low floor, it’s still noteworthy when comparing it to The Orie.

Assuming The Orie’s dual key starts at $2,450 psf, the total price would be around $2.768 million, a considerable premium. However, this price difference must be viewed in context: 8@Woodleigh was completed in 2012, and by the time The Orie is ready, it will be 18 years newer, offering advantages in terms of condition and features.

Key Differences:

• Layout: The Orie boasts a household shelter and a decent-sized balcony, allowing plenty of sunlight and ventilation into the kitchen, which adds to its practicality. In contrast, 8@Woodleigh has large planter spaces and bay windows, which are less efficient in terms of usable space.
• Dual Key Design: The dual key unit at 8@Woodleigh is highly pragmatic. Both sections have their own living and dining areas, which makes the studio section feel like a home rather than just a bedroom. The larger section functions as a compact 3-bedroom unit, with two queen-sized beds fitting comfortably.
• Age and Condition: The Orie’s newer age would naturally result in more modern amenities and construction standards. 8@Woodleigh, being older, will have ageing facilities and potentially less efficient space planning, making the premium for The Orie more justified for some buyers.
• Location: Both developments are near MRT stations, but 8@Woodleigh benefits from its proximity to The Woodleigh Mall, providing air-conditioned shopping and more immediate amenities. While The Orie is surrounded by other amenities, it lacks this specific convenience.

4 Bedroom The Orie vs Gem Residences Comparison

Here’s a look at the differences between them, and some considerations to make.

Layout Differences:

1. Bathrooms
   • Gem Residences offers 3 bathrooms, with 2 ensuite (for the master and one other bedroom). This means only 2 common bedrooms share a single toilet.
   • The Orie, on the other hand, has 2 bathrooms, with 3 bedrooms sharing one common toilet. This could be a consideration for families who prioritise bathroom convenience.
2. Kitchen and Utility Spaces
   • Gem Residences has a balcony that’s likely used for hanging clothes, and a store space, but lacks a WC.
   • The Orie follows a more traditional layout with a yard (with a window) and a WC. It also includes a household shelter, which is beneficial for storage and extra space.
3. Dining and Living Areas
   • The Orie provides a dedicated section for dining, comfortably fitting 8 people.
   • Gem Residences combines the dining and living areas, offering more flexibility in the use of space
4. Common Bedrooms
   • The common bedrooms in The Orie are slightly larger, allowing for a queen-sized bed comfortably. In Gem Residences, while you can fit a queen-sized bed, the space is more tight without as much flexibility.

There is no clear winner in terms of layout. Some buyers may prioritize the extra bathroom and ensuite facilities in Gem Residences, while others may prefer the larger common bedrooms and more traditional layout in The Orie.

The price difference of $500k+ might seem significant, but for buyers who value a newer development and larger bedrooms, The Orie may offer enough value to justify the higher price.

However, for price-sensitive HDB upgraders, Gem Residences offers practicality and efficiency, with its extra bathroom and flexible living spaces. The difference in price for a 25% downpayment is around $140,400, which could be seen as a decent premium for a newer development.

While the upfront cost of Gem Residences is lower, the long-term cost (including interest expenses) should be factored in. Many HDB upgraders will likely gravitate toward Gem Residences due to the lower initial price and practical layout, especially for those with a tighter budget.

5 Bedroom The Orie vs Gem Residences Comparison

Here are the main differences between both:

Gem Residences:

The most recent 5-bedroom unit at Gem Residences was a 1,313 sq ft sub-sale in July 2024, which went for $2,518,000. At this price, Gem Residences offers affordable value, especially for HDB upgraders with larger families.

The unit includes 1 common bathroom shared with 4 bedrooms, which could be inconvenient for larger families. It also features a balcony, a yard, and a store room, which adds practicality to the space. The kitchen is compact but still functional.

As such, this is ideal for buyers on a budget who need a 5-bedroom unit and are looking for a more affordable option within the area.

The Orie:

The 5-bedroom unit at The Orie is priced at $3.777 million, reflecting a luxurious and premium offering.

Unlike Gem Residences, The Orie features a private lift for added exclusivity and convenience.

It includes a Junior Master Bedroom with its own ensuite, catering to families who require extra space and privacy.

Master Bedroom is compact, as the focus here is on affordability while still providing ample space in all rooms.

This is best suited for buyers looking for a new, higher-end 5-bedroom unit, with decently-sized rooms and modern amenities.

Here’s a quick comparison to see how The Orie measures up against other new launches on the market today

Project	Tenure	1BR	2BR	3BR	4BR	5BR
North Gaia	99 yrs			$1,258,000	$1,729,000
Lumina Grand	99 yrs			$1,364,000	$1,846,000	$2,130,000
The Shorefront	999 yrs		$1,471,000	$1,739,000	$2,797,000
The Arden	99 yrs			$1,837,000	$2,193,000
Kassia	Freehold	$1,160,000	$1,545,000	$1,838,000	$2,522,000
The Myst	99 yrs	$1,342,000	$1,573,000	$1,918,000	$2,746,000	$3,180,000
Jansen House	999 yrs		$1,511,000	$1,988,000	$2,430,000
Hillhaven	99 yrs		$1,610,576	$2,008,917	$2,730,234
The Orie	99 yrs	$1,280,000	$1,480,000	$2,090,000	$2,920,000	$3,480,000
SORA	99 yrs	$1,406,000	$1,559,000	$2,094,000	$3,225,000	$3,542,000
Lentoria	99 yrs	$1,308,000	$1,689,000	$2,112,000	$2,700,000
Bartley Vue	99 yrs			$2,163,000
The Botany at Dairy Farm	99 yrs			$2,248,000
Hill House	Freehold	$1,398,000	$1,937,000	$2,258,000
The LakeGarden Residences	99 yrs	$1,387,900	$1,616,500	$2,358,300	$2,870,300	$3,426,600
Hillock Green	99 yrs	$1,498,000	$1,553,000	$2,364,000	$2,648,000
Sceneca Residence	99 yrs			$2,368,000	$3,000,000
Terra Hill	Freehold		$1,884,000	$2,376,000	$3,469,000	$5,511,000
Koon Seng House	Freehold		$1,807,000	$2,387,000	$2,780,000
The Arcady at Boon Keng	Freehold		$1,785,000	$2,390,000	$3,701,000
Nava Grove	99 yrs		$1,892,400	$2,432,700	$3,180,200	$4,329,100
Grand Dunman	99 yrs	$1,428,000	$1,964,000	$2,458,000	$3,311,000	$4,034,000
Claydence	Freehold	$1,412,200	$1,807,800	$2,474,800	$4,977,200
The Hill @ One-North	99 yrs		$1,918,000	$2,499,000	$3,137,000
Pinetree Hill	99 yrs		$2,006,000	$2,561,000	$3,214,000	$4,364,000
The Hillshore	Freehold		$1,788,000	$2,588,000	$3,880,000
Chuan Park	99 yrs		$1,908,469	$2,625,550	$3,522,508
The Continuum	Freehold	$1,502,000	$1,886,000	$2,670,000	$3,388,000	$5,567,000
Lentor Hills Residences	99 yrs	$1,334,000		$2,733,000	$2,787,000
Atlassia	Freehold		$3,059,028	$2,804,578
8@BT	99 yrs	$1,565,000	$1,881,000	$2,813,000	$3,613,000
Union Square Residences	99 yrs	$1,404,000	$2,023,000	$2,820,000	$4,620,000
J’den	99 yrs			$2,970,000	$3,312,000
Tembusu Grand	99 yrs	$1,409,000		$3,042,000	$3,385,000	$4,028,000
Enchante	Freehold			$3,398,700	$3,748,300
10 Evelyn	Freehold	$1,431,500		$3,416,000
Ikigai	Freehold			$3,465,280
One Bernam	99 yrs	$1,508,000	$2,019,000	$3,829,000		$16,446,000
Cuscaden Reserve	99 yrs	$2,086,000	$2,919,000	$3,848,000
Midtown Bay	99 yrs	$1,588,000	$2,308,000	$4,714,000
Watten House	Freehold			$5,038,000	$4,956,000	$7,958,000
The Giverny Residences	Freehold			$5,497,000	$9,566,000
32 Gilstead	Freehold				$14,474,000
Altura	99 yrs					$2,210,000
Blossoms By The Park	99 yrs				$3,336,000
Boulevard 88	Freehold		$4,785,000
Canninghill Piers	99 yrs	$1,712,000				$8,904,000
Grange 1866	Freehold	$1,595,000	$2,285,000
Irwell Hill Residences	99 yrs				$9,452,000	$11,080,000
Lentor Mansion	99 yrs				$2,717,000	$3,223,000
Norwood Grand	99 yrs				$2,590,000
Orchard Sophia	Freehold		$1,694,300
Straits at Joo Chiat	Freehold				$2,196,520	$3,022,240
TMW Maxwell	99 yrs	$1,420,000	$2,404,000

This table should be viewed with some caution, as the lowest prices for other projects are likely based on larger units that are yet to be sold, on higher floors, or a combination of both. However, if you’re in the market for a new launch right now, here’s a snapshot of what’s available.

Currently, The Orie ranks lower on the list. Considering its proximity to the MRT, nearby amenities, and its central location, the price is quite attractive. However, this could change as the prices are staged upwards.

For instance, if we estimate $2,600 psf for the 850 sq ft 3-bedder, it would price around $2.21 million. At this price point, alternatives like Lentoria, The Botany at Dairy Farm, and The LakeGarden Residences come into play. While these developments are in different locations, The Orie stands out for its central location, excellent amenities, and walking distance to the MRT.

The launch of EOK and Chuan Park offers valuable insights into how The Orie might perform in the market.

EOK achieved an average price of $2,637 psf in the first 3 days, while Chuan Park averaged $2,582 psf in its first 2 days. The lowest price psf for EOK was $2,387, while Chuan Park saw a lower minimum of $2,269.

For The Orie, the lowest price psf is $2,395, but this is for the 5-bedroom units. The 3-bedroom units start at around $2,459 psf. Based on transaction data, it seems that the success of Chuan Park and Emerald of Katong has given confidence to the developers.

While The Orie isn’t directly comparable to either of these two projects, it does share similar features, such as being a full-fledged condo, part of the mass-market segment, and located near the MRT and key amenities. Given this, if average prices remain in the $2,500+ to $2,600+ psf range, it seems likely that units at The Orie will be popular, based on the performance of similar developments.

However, if prices rise significantly beyond this range, The Orie might face challenges, especially since it’s located within an HDB town. In contrast, Chuan Park benefits from being surrounded by landed enclaves, and EOK is situated in the prestigious District 15 (plus the landed enclaves around), which attracts potential buyers from nearby landed properties or those considering downgrading.

Conclusion

Overall, The Orie stands out in the compact 3-bedroom category, offering an attractive layout and location. However, the price premium for other bedroom types, particularly the 5-bedroom units and 1 bedders, warrants more careful consideration.

It’s clear that the developers are positioning The Orie as a more upmarket project, which is evident in features like the private lift and higher price for the 5-bedroom unit. This strategy assumes there will be sufficient demand from buyers beyond HDB upgraders to support these prices.

Frequently asked questions

What are the starting prices for different unit types at The Orie?

The starting prices range from $1,280,000 for a 1-bedroom + study (517 sq ft) to $3,480,000 for a 5-bedroom (1,453 sq ft). Prices per square foot are around $2,395 to $2,500.

How does the land cost for The Orie compare to other recent residential site purchases?

The land for The Orie was acquired at $1,360 PSF, making it the most expensive residential site purchase in 2023/24, surpassing prime locations like River Valley and Holland Drive.

What is the potential market for buyers of The Orie in Toa Payoh?

Many buyers are likely to be HDB upgraders, as Toa Payoh has limited private property supply and a significant number of HDB flats reaching their MOP, creating demand for new private developments like The Orie.

How did Gem Residences perform compared to other projects launched around the same time?

Gem Residences performed well, with an average profit of 20.5% for buyers who made gains. It ranks in the top half of developments launched in that period, indicating positive market performance.

What are the concerns regarding the pricing of The Orie compared to similar developments like Gem Residences?

The Orie is priced over $300,000 higher for 2- and 3-bedroom units and up to $1.2 million more for larger units compared to Gem Residences, which may affect its appeal to HDB upgraders seeking more affordable options.