Otto Place 91% sold after second-timer balloting, underscoring EC market strength
According to PropNex, less than 60 unsold EC units continue to be on the marketplace. One of the most recent EC launch before Otto Place was Sim Lian Group’s 760-unit Aurelle at Tampines in March, which offered 90% of units on debut weekend break. The remaining 52 units were gotten just within hours when schedulings opened up for second-timers on April 12. To day, Aurelle’s average cost is $1,766 psf based on caveats lodged.
Meanwhile, a record land rate was set at the current EC GLS tender at Woodlands Drive 17, where City Developments Ltd paid $782 psf ppr in early August. Considering high building and construction costs and brand-new gross floor area harmonisation rules, PropNex expects units at the future project– yielding about 420 units– to be priced over $1,800 psf.
Situated at Plantation Close in Tengah in the West Region, Otto Place is near the upcoming Tengah Park and Bukit Batok West MRT terminals 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 prospective HDB upgraders. Fong incorporated that closeness to colleges and the nearby Jurong Lake Area– allocated as the biggest mixed-use establishment center outside the city– boosts the property’s appeal to families.
The 600-unit EC project had actually previously sold 351 units throughout its launch weekend on July 18– 19, showing a preliminary take-up rate of 59%. With the more sales yesterday, the tally currently rises at 548 units– over 91%– within one month of launch. Based on cautions lodged to date, the standard cost achieved is $1,750 psf.
“With rates of interest trending downwards, an estimated 85% of purchasers at Otto Place went with the deferred payment system, compared to around 75% during the preliminary July launch,” Yip included.
Mark Yip, CEO of Huttons Asia, considered that second-timers generally have bigger family sizes and consequently favour bigger units. “At Otto Place, all the four-bedroom units are fully marketed,” he claimed.
Joint developers Hoi Hup Realty and Sunway Developments hosted 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 offered during the exercise, according to the developers’ introduction.
PropNex chief executive officer Kelvin Fong associated Otto Area’s strong performance to its locational appeal, the dwindling supply of unsold ECs, and buyers’ awareness of rising EC land costs, which are anticipated to exert higher pressure on future launch prices.
The next EC launch in the pipe is Qingjian Realty’s 748-unit project at Jalan Loyang Besar, obtained using a government land sales (GLS) tender in August 2024 at $729 psf per plot ratio. The project is aim at for launch sometime towards completion of this year, claimed Fong.
Second-timers describe homebuyers that have formerly received a housing aid from HDB. During an EC’s initial launch, 70% of units are booked for first-timers, while second-timers are restricted to 30%. This restriction is lifted thirty days after launch, with balloting carried out for second-timers that were unsuccessful in safeguarding a unit beforehand.
