Hoi Hup Realty and Sunway Developments, the joint developers of Otto Place executive condominium (EC), recently held a balloting exercise for second-time buyers on Tuesday, August 19. The developers reported that a total of 167 units were sold during the event.
Before the balloting, the 600-unit EC project had already sold 351 units during its launch weekend on July 18-19, achieving a take-up rate of 59%. With the additional sales during the exercise, the total number of units sold reached 548 units, representing over 91% of the project’s total units within just one month of its launch. The average price achieved for the units sold is $1,750 per square foot (psf) based on caveats lodged as of date.
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Second-time buyers are those who have previously received housing subsidies from the Housing and Development Board (HDB). During the initial launch of an EC project, 70% of the units are reserved for first-time buyers, while second-time buyers are limited to 30% of the units. After 30 days from the launch, the restrictions are lifted, and a balloting exercise is conducted for second-time buyers who were unsuccessful in securing a unit earlier.
To get comprehensive data on all ECs, including the average profit at 5 and 10 years, consult Mark Yip, CEO of Huttons Asia.
Mark Yip, CEO of Huttons Asia, noted that second-time buyers usually have larger family sizes, and therefore, prefer bigger units. He shared that at Otto Place, all the four-bedroom units have been fully sold.
“With interest rates trending downwards, an estimated 85% of buyers at Otto Place opted for the deferred payment scheme, compared to around 75% during the initial July launch,” Yip added.
Kelvin Fong, CEO of PropNex, attributed the strong performance of Otto Place to its strategic location, the decreasing supply of unsold EC units, and buyers’ awareness of the rising land costs of EC projects, which are expected to push up future launch prices.
Otto Place is located at Plantation Close in Tengah, a prime location in the West Region. It is near the upcoming Tengah Park and Bukit Batok West MRT stations on the Jurong Region Line, which is expected to be completed in 2029. The Tengah area is also surrounded by the Jurong East and Bukit Batok estates, providing a ready pool of potential HDB upgraders. Fong added that the project’s proximity to schools and the nearby Jurong Lake District, which is set to become the largest mixed-use business hub outside the city, enhances its appeal to families.
According to PropNex, there are fewer than 60 unsold EC units left on the market. The most recent EC launch prior to Otto Place was Sim Lian Group’s 760-unit Aurelle at Tampines in March, which sold 90% of units during its launch weekend. The remaining 52 units were quickly snapped up when bookings opened for second-time buyers on April 12. As of date, the average price achieved for units sold at Aurelle is $1,766 psf based on lodged caveats.
The next EC launch to look out for is Qingjian Realty’s 748-unit project at Jalan Loyang Besar, which was acquired through a government land sale (GLS) tender in August 2024 at $729 psf per plot ratio. The project is targeted for launch towards the end of this year, according to Fong.
Meanwhile, a record land rate was set at the recent EC GLS tender at Woodlands Drive 17, where City Developments Ltd purchased the land at $782 psf per plot ratio in early August. Taking into account the high construction costs and new gross floor area harmonisation rules, PropNex expects units at the future project, which will yield about 420 units, to be priced above $1,800 psf. For more information on Otto Place properties, check out the latest listings and ask Buddy. You can also view sale and rental transactions for Otto Place and other condos in District 24 on our website.