Otto Place 91% sold after second-timer balloting, underscoring EC market strength
The next EC launch in the pipe is Qingjian Realty’s 748-unit project at Jalan Loyang Besar, got via a government land sales (GLS) tender in August 2024 at $729 psf per plot ratio. The project is aim at for launch sometime towards the end of this year, said Fong.
The 600-unit EC project had previously marketed 351 units throughout its launch weekend on July 18– 19, demonstrating an initial take-up rate of 59%. With the extra sales yesterday, the tally currently rises at 548 units– over 91%– throughout one month of launch. Based on cautions lodged to day, the standard rate attained is $1,750 psf.
Situated at Plantation Close in Tengah in the West Area, Otto Place is close to the upcoming Tengah Park and Bukit Batok West MRT stations on the Jurong Region Line, slated for conclusion in 2029. The Tengah area is also flanked by Jurong East and Bukit Batok estates, offering a ready pool of possible HDB upgraders. Fong included that closeness to schools and the neighboring Jurong Lake Area– reserved as the biggest mixed-use business center outside the city– enhances the property’s appeal to households.
According to PropNex, less than 60 unsold EC units stay on the marketplace. One of the most recent EC launch prior to Otto Place was Sim Lian Group’s 760-unit Aurelle at Tampines in March, which offered 90% of units on debut weekend. The remaining 52 units were gotten within hours when reservations opened for second-timers on April 12. To date, Aurelle’s average price is $1,766 psf based upon caveats lodged.
On the other hand, a record land rate was evaluated the current EC GLS tender at Woodlands Drive 17, where City Developments Ltd paid $782 psf ppr in very early August. Considering high building and construction costs and new gross floor area harmonisation rules, PropNex anticipates units at the future project– producing about 420 units– to be valued above $1,800 psf.
Bloomsbury Residences floor plan
Second-timers refer to homebuyers that have actually previously received a real estate subsidy from HDB. During an EC’s preliminary release, 70% of units are scheduled for first-timers, even though second-timers are limited to 30%. This limitation is raised 30 days after launch, with balloting carried out for second-timers who were not successful in safeguarding a unit earlier.
Mark Yip, CEO of Huttons Asia, noted that second-timers normally have bigger family sizes and for that reason favour larger units. “At Otto Place, all the four-bedroom units are completely marketed,” he stated.
PropNex chief executive officer Kelvin Fong associated Otto Place’s strong performance to its locational appeal, the diminishing supply of unsold ECs, and buyers’ awareness of rising EC land prices, which are anticipated to exert higher pressure on future launch prices.
“With rate of interest trending downhill, an approximated 85% of purchasers at Otto Place opted for the deferred payment plan, compared to around 75% during the first July launch,” Yip added.
Joint developers Hoi Hup Realty and Sunway Developments kept the balloting for second-timer clients of Otto Place exec condominium (EC) on the night of Tuesday, August 19. A total amount of 167 units were sold throughout the exercise, according to the developers’ introduction.
