Otto Place 91% sold after second-timer balloting, underscoring EC market strength
Artist's impression of the 600-unit Otto Place EC at Plantation Close in Tengah (Picture: Hoi Hup/Sunway Developments)
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Joint developers Hoi Hup Realty and Sunway Developments held the balloting for second-timer buyers of Otto Place executive condominium (EC) on the evening of Tuesday, August 19. A total of 167 units were sold during the exercise, according to the developers’ release.
The 600-unit EC project had earlier sold 351 units during its launch weekend on July 18–19, reflecting an initial take-up rate of 59%. With the additional sales yesterday, the tally now stands at 548 units—over 91%—within one month of launch. Based on caveats lodged to date, the average price achieved is $1,750 psf.
Second-timers refer to buyers who have previously received a housing subsidy from HDB. During an EC’s initial launch, 70% of units are reserved for first-timers, while second-timers are limited to 30%. This restriction is lifted 30 days after launch, with balloting conducted for second-timers who were unsuccessful in securing a unit earlier.
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Mark Yip, CEO of Huttons Asia, noted that second-timers typically have larger family sizes and therefore favour bigger units. “At Otto Place, all the four-bedroom units are fully sold,” he said.
“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.
About 85% of the buyers at Otto Place opted for the deferred payment scheme (Photo: Hoi Hup Realty/Sunway Developments)
PropNex CEO Kelvin Fong attributed Otto Place’s strong performance to its locational appeal, the dwindling supply of unsold ECs, and buyers’ awareness of rising EC land costs, which are expected to exert upward pressure on future launch prices.
Located at Plantation Close in Tengah in the West Region, Otto Place is near the upcoming Tengah Park and Bukit Batok West MRT stations on the Jurong Region Line, slated for completion in 2029. The Tengah area is also flanked by Jurong East and Bukit Batok estates, providing a ready pool of potential HDB upgraders. Fong added that proximity to schools and the nearby Jurong Lake District—earmarked as the largest mixed-use business hub outside the city—enhances the project’s appeal to families.
According to PropNex, fewer than 60 unsold EC units remain 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 on launch weekend. The remaining 52 units were snapped up within hours when bookings opened for second-timers on April 12. To date, Aurelle’s average price is $1,766 psf based on caveats lodged.
The next EC launch in the pipeline is Qingjian Realty’s 748-unit project 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, said Fong.
Meanwhile, a record land rate was set at the recent EC GLS tender at Woodlands Drive 17, where City Developments Ltd paid $782 psf ppr in early August. Taking into account high construction costs and new gross floor area harmonisation rules, PropNex expects units at the future project—yielding about 420 units—to be priced above $1,800 psf.
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