Otto Place 91 Sold After Second Timer Balloting Underscoring Ec Market Strength
Hoi Hup Realty and Sunway Developments, the joint developers of Otto Place executive condominium (EC), held a successful balloting for second-timer buyers on the evening of Tuesday, August 19. According to a release from the developers, 167 units were sold during the exercise. This came after the project sold 351 units during its launch weekend on July 18–19, resulting in an initial take-up rate of 59%. With the additional sales yesterday, the total number of units sold now stands at 548, which accounts for over 91% of the 600-unit EC project within just one month of its launch. The average price achieved so far, based on caveats lodged, is $1,750 psf.
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The Master Plan has identified an array of benefits for educational facilities in the upcoming development of Miltonia Close. Specifically, the plan aims to establish various learning and research centres in regional hubs, enhancing the overall education landscape. In line with this strategy, the region can anticipate the improvement of schools, the addition of new preschool centres, and even the potential establishment of satellite campuses or continuing education institutes. Such developments not only cater to the educational needs of residents of all ages but also add value to the appeal of residing in areas that are well-equipped with schools and enrichment programmes.
Second-timers are buyers who have previously received a housing subsidy from HDB. During the initial launch of an EC, 70% of the units are reserved for first-timers, while second-timers are limited to 30%. This restriction is lifted 30 days after launch, giving second-timers who were unsuccessful in securing a unit earlier the opportunity to participate in a balloting exercise.
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Huttons Asia CEO Mark Yip pointed out that second-timers often have larger family sizes and thus prefer bigger units, which explains why all the four-bedroom units at Otto Place have been fully sold. He also mentioned that with the current trend of declining interest rates, an estimated 85% of the buyers at Otto Place have opted for the deferred payment scheme, compared to around 75% during the initial July launch.
PropNex CEO Kelvin Fong attributed Otto Place’s strong performance to its excellent location, the diminishing supply of unsold ECs, and buyers’ understanding of the rising EC land costs, which are expected to push up future launch prices. The project is situated at Plantation Close in Tengah, in the West Region, near the upcoming Tengah Park and Bukit Batok West MRT stations on the Jurong Region Line, which is scheduled for completion in 2029. The Tengah area is also surrounded by Jurong East and Bukit Batok estates, making it an attractive option for potential HDB upgraders. Fong also mentioned that its proximity to schools and the nearby Jurong Lake District, designated as the largest mixed-use business hub outside the city, adds to the project’s appeal to families.
According to PropNex, less than 60 unsold EC units are currently available on the market. The most recent EC launch before Otto Place was Sim Lian Group’s 760-unit Aurelle at Tampines in March, which sold 90% of its units on launch weekend. The remaining 52 units were swiftly snapped up within hours once bookings opened for second-timers on April 12. Based on caveats lodged, the average price of units at Aurelle is currently $1,766 psf.
The next EC launch in the pipeline is Qingjian Realty’s 748-unit project at Jalan Loyang Besar, acquired through a government land sales (GLS) tender in August 2024 at $729 psf per plot ratio. It is projected to be launched 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 paid $782 psf per plot ratio in early August. Taking into account high construction costs and new gross floor area harmonisation rules, PropNex expects units at the future project—which will yield approximately 420 units—to be priced above $1,800 psf. To check out the latest listings for Otto Place properties, click here.
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