Otto Place 91% sold after second-timer balloting, underscoring EC market strength
The 600-unit EC venture had previously offered 351 units during its launch weekend on July 18– 19, reflecting a first take-up rate of 59%. With the extra sales yesterday, the tally currently rises at 548 units– over 91%– within one month of launch. Based on caveats lodged to day, the typical price reached is $1,750 psf.
Mark Yip, Chief Executive Officer of Huttons Asia, considered that second-timers commonly have bigger family sizes and therefore favour larger units. “At Otto Place, all the four-bedroom units are fully marketed,” he claimed.
“With rate of interest trending downwards, an approximated 85% of purchasers at Otto Place chose the deferred payment plan, compared to around 75% in the time of the first July launch,” Yip included.
Situated at Plantation Close in Tengah in the West Area, Otto Place is near the upcoming Tengah Park and Bukit Batok West MRT stations on the Jurong Region Line, slated for conclusion in 2029. The Tengah area is also flanked by Jurong East and Bukit Batok estates, providing a ready pool of possible HDB upgraders. Fong added that distance to schools and the close-by Jurong Lake Area– allocated as the biggest mixed-use company hub outside the city– enhances the project’s attract families.
At the same time, a record land rate was evaluated the recent EC GLS tender at Woodlands Drive 17, where City Developments Ltd paid $782 psf ppr in very early August. Considering high building costs and new gross flooring area harmonisation rules, PropNex expects units at the future project– producing about 420 units– to be valued over $1,800 psf.
According to PropNex, fewer than 60 unsold EC units continue being on the marketplace. One of the most current EC launch prior to Otto Place was Sim Lian Group’s 760-unit Aurelle at Tampines in March, that sold 90% of units on launch weekend. The remaining 52 units were grabbed in just hours when bookings opened for second-timers on April 12. To day, Aurelle’s average rate is $1,766 psf based upon caveats lodged.
The next EC launch in the pipeline is Qingjian Realty’s 748-unit task at Jalan Loyang Besar, acquired via a government land sales (GLS) tender in August 2024 at $729 psf per plot ratio. The project is targeted for launch sometime towards the end of this year, claimed Fong.
Joint developers Hoi Hup Realty and Sunway Developments held the balloting for second-timer clients of Otto Place executive condominium (EC) on the night of Tuesday, August 19. An overall of 167 units were offered during the exercise, according to the developers’ release.
Second-timers describe buyers who have formerly obtained a real estate aid from HDB. Throughout an EC’s preliminary start, 70% of units are reserved for first-timers, while second-timers are limited to 30%. This constraint is removed thirty days after release, with balloting carried out for second-timers that were not successful in safeguarding a unit previously.
PropNex chief executive officer Kelvin Fong attributed Otto Place’s strong performance to its locational demand, the dwindling supply of unsold ECs, and buyers’ awareness of increasing EC land costs, which are expected to exert upward pressure on future launch prices.
