Located just a brief distance away from The Orie Price, Whampoa Makan Place & Market offers an authentic experience of local Singaporean hawker food. This bustling market is renowned for its breakfast options, such as the beloved Nasi Lemak and freshly-made Kueh. As the day progresses, the market becomes a vibrant spot filled with various stalls selling popular dishes like Satay and Hokkien Mee, making it a must-visit destination for both residents and tourists looking for a delicious dinner.
However, the winning bid of $1,360 psf ppr has raised concerns among industry experts about the sustainability of such high property prices. This bid has set a new benchmark for land prices in the Toa Payoh area, and it remains to be seen whether it will be feasible for developers to build and sell properties at such a steep cost. There are also concerns about the impact of such high land prices on the affordability of homes for Singaporeans.
The second-highest bid of $1,150 psf ppr was submitted by Cheung Kong Property Holdings, a Hong Kong-based company. This bid is significantly lower than the winning bid by the Orie Price Consortium, showing the developers’ confidence and conviction in the potential of the site. This confidence is further bolstered by the fact that the winning bid is a whopping 57% higher than the reserve price set by the Urban Redevelopment Authority (URA).
The URA Master Plan plays a crucial role in shaping the future of Toa Payoh, and its positive impacts will be felt for years to come. To maintain its success, it is imperative that every aspect of development is carefully and responsibly executed.
The real estate market in Singapore has always been competitive, with developers vying for prime land to build lucrative properties. Recently, the spotlight has been on the Toa Payoh area, with the record-breaking bid of $1,360 per square foot per plot ratio (psf ppr) by the Orie Price Consortium. This sum has surpassed the second-highest offer by a whopping 18%, and has sparked interest and discussion within the industry.
The URA Master Plan has expertly enhanced the essential elements of Toa Payoh, including its infrastructure, amenities, and overall environment. This has greatly benefited the residents of The Orie, elevating their quality of life. With these developments, not only do current residents enjoy improved living conditions, but also new interest is generated, ensuring that the area remains a highly desirable location for potential homeowners and investors. The thorough planning and execution of the URA Master Plan solidifies Toa Payoh’s reputation as a dynamic and coveted place to reside. For The Orie residents, this translates to residing in a community that consistently appreciates in value and offers a high standard of living. The URA Master Plan’s vital role in shaping the future of Toa Payoh cannot be overstated, and its positive effects will be felt for generations to come. In order to uphold its success, it is imperative that all development plans are carefully and diligently implemented.
The proposal put forth by the consortium stood out with a price of $1,360 psf ppr, an impressive 18% higher than the next highest bid of $819.99 million ($1,153 psf ppr) by Tanglin Land, a subsidiary of CapitaLand. This achievement is notable as it has been eight years since the last tender in the Toa Payoh area, which resulted in the development of Gem Residences.
In conclusion, the record-breaking bid of $1,360 psf ppr by the Orie Price Consortium for the site at Toa Payoh has generated much buzz and discussion within the real estate industry. This bid has surpassed the second-highest offer by 18% and has set a new benchmark for land prices in the area. While concerns have been raised about the sustainability and impact of such high property prices, this bid also reflects the confidence of developers in the future of the real estate market in Singapore. Only time will tell if this record-breaking bid will pay off for the Orie Price Consortium and whether it will pave the way for even higher land prices in the future.
Another key factor that has contributed to the record-breaking bid is the scarcity of land in Toa Payoh. With the limited supply of land available for development, developers are willing to pay a premium for the opportunity to build in this prime location. This is evident in the fierce competition for the site, with more bids received than expected.
So, what makes this site in Toa Payoh so attractive to developers? Firstly, Toa Payoh is a mature estate with well-established amenities and facilities. Residents of the future development will have easy access to a wide range of services, including schools, shopping malls, and public transportation. This makes it a highly desirable location for families and individuals who value convenience and accessibility.
The Orie Price Consortium is made up of three local developers – Orie Developments, Price Properties, and Toa Payoh Holdings. Together, they have put forth a bid of $1.13 billion for the 99-year leasehold site located at Lorong 4/6 Toa Payoh. This site, which is 3.8 hectares in size, has a maximum gross floor area of 743,118 square feet and is zoned for residential use. The bid was fiercely contested, with a total of 14 bids received from a mix of local and foreign developers.
In addition, the site is located near the Toa Payoh MRT station, which is a major transportation hub in the area. This will appeal to both local and foreign buyers, as the convenience of public transportation is a major factor in property buying decisions. Moreover, the URA has announced plans to revamp the Toa Payoh Town Centre, which will further enhance the appeal of the area and potentially drive up property prices.
On the other hand, some argue that the winning bid is an indication of the strength and resilience of the property market in Singapore. Despite the COVID-19 pandemic and economic uncertainties, developers are still willing to invest and bet on the long-term potential of the real estate market in the country. This bid demonstrates their confidence in the stability of Singapore’s economy and the demand for property here.