Otto Place, the latest executive condominium (EC) project in Tengah, sold 59% of its units during its launch weekend, according to Huttons Asia CEO Mark Yip. This performance outstripped the sales of the nearby Novo Place, launched in November 2024, highlighting the high demand for housing in the area. Buyers are particularly drawn to Otto Place due to its proximity to two MRT stations and the highly sought-after Princess Elizabeth Primary School.
The project attracted a balanced mix of first-time and second-time buyers, with the latter making up 51.6% of the purchasers. The 30% quota for second-time buyers was quickly filled by 12:45 pm on the launch day. Many of these buyers had previously been unsuccessful in securing units in other EC projects, indicating a strong pent-up demand. Eligible second-time buyers will have another opportunity to purchase from 19 August.
Yip suggested that the Government should consider increasing the quota for second-time buyers to 50% to better support those looking to upgrade from HDB flats to ECs. The deferred payment scheme offered by Otto Place was popular, with around 75% of buyers opting for it. This scheme allows buyers to secure a unit whilst managing their finances during the construction period, particularly benefiting HDB upgraders who may still have outstanding loans.
Larger units, such as the 3-bedroom luxury and 4-bedroom options, were especially popular, with over 70% sold. These units appeal to HDB upgraders seeking more space and flexibility. Otto Place’s success underscores the strong demand for well-located ECs in Singapore’s West region.
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