Otto Place 91 Sold After Second Timer Balloting Underscoring Ec Market Strength

The Otto Place executive condominium (EC), a joint development by Hoi Hup Realty and Sunway Developments, recently held a balloting exercise for second-timer buyers on Tuesday, August 19. According to a release by the developers, a total of 167 units were successfully sold during the balloting.

During its initial launch on July 18–19, the 600-unit EC project had already sold 351 units, with an initial take-up rate of 59%. With the additional sales during the recent balloting, the total number of units sold now stands at 548 units, which is over 91% of the total units, all within just one month of launch. Based on caveats lodged to date, the average price achieved is $1,750 per square foot (psf).

Second-timers, referring to buyers who have previously received housing subsidies from the Housing and Development Board (HDB), are restricted to buying only 30% of the units during an EC’s initial launch. This restriction is lifted 30 days after launch, when balloting is conducted for second-timers who were unsuccessful in securing a unit earlier. Explore comprehensive data about all ECs, including average profits at 5 and 10 years.

Mark Yip, CEO of Huttons Asia, noted that second-timers typically prefer larger units due to their larger family sizes. He stated that at Otto Place, all the four-bedroom units were fully sold.

Yip also mentioned that with interest rates trending downwards, an estimated 85% of buyers at Otto Place have opted for the deferred payment scheme, which is higher than the 75% who chose the same scheme during the initial July launch.

Kelvin Fong, CEO of PropNex, attributed Otto Place’s strong performance to its location, the dwindling supply of unsold EC units, and buyers’ awareness of rising EC land costs, which are expected to push up 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, which is expected to be completed in 2029. The Tengah area is also surrounded by 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 has been earmarked as the largest mixed-use business hub outside the city, enhances its appeal to families.

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According to PropNex, there are currently fewer than 60 unsold EC units 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 quickly 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, which was acquired via a government land sales (GLS) tender in August 2024 at $729 psf per plot ratio. The project is expected 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 is expected to yield about 420 units, to be priced above $1,800 psf.

Check out the latest listings for Otto Place properties and view the sale and rental transactions in District 24.