Month: January 2025

Article Rewrite:City Developments Limited (CDL), Frasers Property, and Sekisui House are set to give a preview of their latest venture, The Orie, on January 3rd, with the official launch scheduled for January 18th. This private condominium is located at the intersection of Lorong 1 Toa Payoh and Lorong 4 Toa Payoh, and boasts a total of 777 units spread across two 40-storey towers. The units are a mix of one-bedroom plus study, ranging from 517 sq ft to five-bedroom apartments of 1,453 sq ft. Prices for the units start at $1.28 million ($2,476 psf) for a one-bedroom plus study, $1.48 million ($2,500 psf) for a two-bedroom, $2.09 million ($2,459 psf) for a three-bedroom, $2.92 million ($2,401 psf) for a four-bedroom, and $3.48 million ($2,395 psf) for a five-bedroom unit with an exclusive private lift. Potential buyers can search for the latest New Launches to find out transaction prices and available units.

The Orie will be the first new private condo launch since 2016 when the 578-unit Gem Residences was launched, with the project completed in 2020. The three major developers joined forces to submit the winning bid for a Government Land Sales (GLS) site at Lorong 1 Toa Payoh. Their joint bid of $968 million translates to a land rate of $1,360 psf per plot ratio (ppr) for the site. The joint venture is divided between CDL (50%), Frasers Property (25%), and Sekisui House (25%).

Sherman Kwek, CDL’s group CEO, expressed his excitement for the new year and the launch of The Orie, the first private residential development in Toa Payoh in over eight years. He emphasized the property’s outstanding location and connectivity, as it is nestled in the vibrant and highly sought-after Toa Payoh estate. The Orie is situated just a five-minute walk from Braddell MRT Station on the North-South Line (NSL) and also near the new Toa Payoh Integrated Transport Hub, which connects Toa Payoh Bus Interchange to Toa Payoh MRT station. This new 12-ha integrated development and community hub is expected to be completed by 2030, providing residents with access to a sports center, football stadium, polyclinic, public library, and other sports facilities.

With a prime location in District 12, in the city fringe or Rest of Central Region (RCR), The Orie offers easy access to the CBD and Orchard Road’s shopping belt. Soon Su Lin, CEO of Frasers Property Singapore, also noted the development’s super low energy design, which offers over 40 condominium facilities, units with efficient layouts, quality fittings by Hansgrohe, bathroom wares by Duravit, and premium home appliances by De Dietrich and Samsung.

The demand for condos in Singapore is on the rise, largely due to the limited availability of land in the country. Being an island nation with a growing population, land is a valuable and scarce asset, resulting in strict regulations on its use and a fiercely competitive real estate market. As a result, property prices are constantly increasing, making condo ownership a lucrative investment opportunity with the potential for significant capital appreciation. So, it’s no surprise that condos are becoming increasingly popular among investors in Singapore.

Takehisa Yanagi, managing officer and head of international development department at Sekisui House, referred to The Orie as a new partnership with CDL. He added that Sekisui House and Frasers Property have been collaborating on projects in Singapore for the past 13 years.

Other amenities in the area include the Toa Payoh Town Centre, HDB Hub, SAFRA Toa Payoh, Junction 8 shopping mall, and MacRitchie Reservoir. For families, schools in the neighbourhood include Pei Chun Public School, CHIJ (Toa Payoh) Primary and Secondary Schools, and First Toa Payoh Primary School. Healthcare facilities nearby include Toa Payoh Polyclinic, Tan Tock Seng Hospital, Mount Alvernia Hospital, Mount Elizabeth Novena Hospital, and Thomson Medical Centre.

The Orie marks a significant enhancement in Toa Payoh’s residential offerings, with it being the first new launch in over eight years. Potential buyers can stay updated on the latest transaction prices and available units by searching for The Orie on New Launches.

With its completion in 2020, the 578-unit Gem Residences at Lorong 5 Toa Payoh was the last private condo launched in the area. Interested buyers can refer to the latest listings for The Orie for more information about the project, including a comparison of price trends between New Sale Condos and Resale Condos, as well as information on recently launched projects and those that have recently obtained TOP.

District 12 properties are in high demand, and The Orie is expected to be a highly sought-after development. To stay informed on all the latest listings in the area, potential buyers can search for condo listings in District 12 on New Launches.…

Effective January 1, ERA Singapore will no longer cover the Council for Estate Agencies (CEA) license renewal fees for its real estate agents. This move marks the end of a longstanding practice that has been in place for the past seven years, even during the COVID-19 pandemic. While this gesture has been a symbol of ERA’s support for its agents, the company has decided to discontinue it in order to redirect resources towards initiatives that will benefit its agents and clients.

According to a statement from ERA, this decision will allow the company to focus on initiatives that will enhance growth and success for its top-performing salesforce and provide added value to consumers. However, ERA will continue to support new agents by covering their renewal fees for the first two years, which is a common industry practice to help newcomers establish themselves.

In addition to addressing the recurring issue of inactive agents moving between agencies to take advantage of the fee coverage, this decision has also resulted in a modest reduction of around 300 agents, mainly inactive or part-time salespersons with no transactions in the past year.

On the other hand, ERA has attracted approximately 230 new professional agents who have joined the agency on January 1, showcasing its continued appeal to active and aspiring real estate agents. This decision also aligns with the CEA’s consideration of implementing a minimum transaction requirement for real estate salespersons, highlighting the importance of active participation and continuous professional development in the industry.

Marcus Chu, CEO of ERA Singapore, explains, “By reallocating resources towards technology, training, and marketing, we reaffirm our commitment to empowering our core team of results-driven salespersons to excel and deliver exceptional value to clients.”

The demand for condos in Singapore remains high due to a key factor – limited land availability. Singapore, being a small island nation with a rapidly increasing population, is constantly facing a scarcity of land for development. As a result, the government has implemented strict land use policies, creating a competitive real estate market where property prices continue to rise. This has made investing in real estate, especially condos, a highly attractive option with the potential for significant capital appreciation. With the inclusion of Singapore Projects, this market only becomes more enticing for potential investors.…

On January 1, SRI, a real estate agency, announced that it had acquired 111 agents from Knight Frank Singapore’s agency business, KF Property Network (KFPN), including its head, Evan Chung.

This group of agents represented 40.5% of the 274 sales force at KFPN as of January 1, 2024, when it was ranked as the sixth-largest property agency by the Council for Estate Agencies (CEA). SRI, which had 1,286 agents at the beginning of 2024, was the fifth-largest property agency. With the addition of 111 agents from KF Property Network, as well as new recruits from the four largest agencies – PropNex, ERA, Huttons, and OrangeTee & Tie (OTT) – SRI’s agency sales force has now increased to 1,501 at the start of 2025.

Co-founded by managing partners Bruce Lye and Benson Koh in 2016, SRI is a spin-off from SRI5000, which the duo had established as a division of SLP Realty six years earlier. From its beginnings with 120 agents operating out of a 2,000 sq ft shop unit on Eng Watt Street in Tiong Bahru, the agency has experienced significant growth. In 2021, when its sales force surpassed the 1,000 mark, SRI moved to a larger 4,200 sq ft office space at Great World. Today, SRI has reached a significant milestone by reaching nearly 1,500 real estate agents and has set a goal of expanding the team to 2,000 by the end of 2025, according to the firm’s CEO, Thomas Tan.

The expanded sales force is expected to enhance SRI’s current business lines, which include residential, capital markets, industrial, auctions, and international projects. Tan states that many of the new agents from KFPN are involved in large deals, which complement SRI’s luxury property segments, such as Good Class Bungalow (GCB). Despite its growth, SRI maintains its positioning as a boutique agency with a strong focus on the luxury residential market. Tan’s aim is to transform SRI into a “thought leader in the industry, known for its high standards, niche expertise, and client-centric approach.”

Singapore’s urban environment is characterized by towering skyscrapers and contemporary infrastructure. Condos, situated in sought-after locations, offer a combination of opulence and convenience that appeals to both locals and foreigners. These residential complexes boast an array of facilities, including swimming pools, fitness centers, and security services, that elevate the standard of living and make them desirable to prospective renters and purchasers. From an investor’s perspective, these amenities equate to greater rental returns and appreciate in property values as time passes. Condo is an integral part of this transformed paragraph.

Former KFPN head Evan Chung, who is now joining SRI as a leader, explains that the decision to move was driven by the agency’s commitment to equip its agents with effective tools, comprehensive support, and expert coaching. He adds, “The open and collaborative culture here makes us feel supported as professionals and as a team striving for excellence together. Hence, we believe this will be a great platform to grow our business and serve our valued clients through the offerings across the residential, commercial, and industrial market segments, auctions, and international properties.”

In the wake of Chung and other agents leaving, KFPN’s sales force has decreased to 145 agents, and its ranking has dropped from sixth to eighth largest agency, according to CEA public register figures as of January 1. However, Knight Frank Singapore’s CEO, Galven Tan, states that it is “business as usual” at KFPN. He adds that they are in the process of appointing a new head to lead KFPN and ensure strong leadership to drive its growth and success. He states, “We will evaluate the team’s strengths and expertise to strategically position KFPN for future opportunities.”…