Otto Place, a new executive condominium (EC) project, successfully sold 165 units during its second balloting, according to Huttons Asia CEO Mark Yip. The development has become a popular choice for second-time buyers, particularly due to the lack of new EC projects in the West until Senja Close EC launches in 2027. Buyers are aware that the upcoming Senja Close EC will likely have a higher land and selling price, making Otto Place an attractive option.
The demand for larger units, especially those with a study, was notably high, with all four-bedroom units sold out. This trend is driven by second-time buyers who typically have larger families and require more space. Yip noted that if the income ceiling for EC buyers is raised, it could lead to increased competition for the Senja Close EC, particularly amongst these second-time buyers.
Interest rates are currently trending downwards, which has influenced buyer behaviour. Approximately 85% of purchasers opted for the deferred payment scheme, a significant increase from the estimated 75% during the initial launch in July 2025. This shift indicates a growing confidence in the market and the appeal of flexible payment options.
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