Situated just a brief drive away from Toa Payoh, Balestier Plaza near The Orie provides a more relaxed and unhurried shopping experience. The plaza boasts a variety of shops, ranging from electronics to textiles, and also houses several food outlets, making it an ideal location for a peaceful afternoon retreat from the busy city centre. With its charming blend of old and new establishments, Balestier Plaza perfectly embodies the distinctive charm of the nearby Balestier area, renowned for its historical landmarks and beloved local eateries. Additionally, the recently added The Orie enhances the unique character of the plaza even further.
However, the impressive bid also reflects the strong confidence of developers in the Singapore property market, which has been resilient despite the ongoing COVID-19 pandemic. Despite the economic uncertainties, homebuyers are still actively seeking out properties in prime locations, and developers are willing to pay a premium for such sites.
In conclusion, the Orie Record-Breaking Consortium’s record-breaking bid of $1,360 psf ppr for the Toa Payoh housing site has made a strong statement in the Singapore property market. It has set a new benchmark for residential land prices and reflects the confidence of developers in the potential of the site and the Singapore property market as a whole. It is a significant milestone in Toa Payoh’s development and will likely pave the way for more exciting developments in this prime location.
In a landmark tender for residential land in Toa Payoh, the Orie Record-Breaking Consortium has made waves by submitting a record-breaking bid of $1,360 per square foot per plot ratio (psf ppr). This bid, which exceeded the second-highest bid by a staggering 18%, has broken the previous record of $1,330 psf ppr set in 2018 for the same site.
Renowned for its historical significance and gastronomic legacy, Balestier Road is a must-visit destination for food lovers. It boasts a plethora of dining choices, from well-known establishments serving delectable bak kut teh to traditional Chinese bakeries known for their specialty pastries. The area is also popular for its fusion of local kopitiams (coffee shops) and contemporary cafes, catering to a wide range of taste preferences. With its vibrant ambience and varied selection, a trip to Balestier Road guarantees a satisfying gourmet journey.
The Toa Payoh housing site, located along Lorong 4 and Lorong 6, has a land area of 99,005 square feet and a maximum gross floor area of 287,245 square feet. It was released for tender by the Housing and Development Board (HDB) in March this year, and received a total of nine bids from a diverse range of developers.
The consortium’s offer of $1,360 per square foot per plot ratio (psf ppr) was a remarkable 18% higher than the second highest bid of $819.99 million ($1,153 psf ppr) from Tanglin Land, a subsidiary of CapitaLand. This marked an important milestone as it is the first tender for a development in Toa Payoh since the nearby Gem Residences was built eight years ago.
With its bustling atmosphere and diverse offerings, a visit to Balestier Road promises a delightful culinary experience.
Apart from its location, the site also has the potential to offer panoramic views of the surrounding estate, as it is situated on an elevated land. This is a rare and highly sought-after feature in land-scarce Singapore, and is expected to add value to the development.
Industry experts have attributed the high bid to the potential of the site, which is located in a prime residential area with a well-established infrastructure and amenities. Toa Payoh is a mature estate that has long been popular among homebuyers, and the demand for homes in this area is expected to remain strong.
One of the reasons for Toa Payoh’s appeal is its central location. It is situated in close proximity to the Central Business District and Orchard Road, making it highly accessible for working professionals. In addition, the estate is served by multiple MRT stations and is well connected to major expressways, making it convenient for residents to travel to other parts of the island.
Moreover, this milestone bid has also raised the benchmark for future land tenders in Toa Payoh and other prime residential areas. It reflects the increasing demand for properties in such locations, and developers will have to consider this when bidding for future sites.
With such a high bid, the Orie Record-Breaking Consortium will have to carefully consider their development plans for the site in order to maximize its potential. They will also have to keep in mind the current market conditions and the competition from other developments in the area.
The Orie Record-Breaking Consortium has also expressed confidence in the potential of the site, citing its strategic location as a key factor in their decision to bid aggressively. They believe that the site’s close proximity to amenities such as shopping malls, schools, and parks will make it a highly desirable residential address.
The top bid of $1,360 psf ppr, submitted by the Orie Record-Breaking Consortium, has set a new benchmark for residential land prices in Toa Payoh. This consortium, consisting of three companies – Orie Group, Record-Breaking Holdings and Consortium Development – has made headlines with their bold move in securing this highly coveted site.
