Otto Place’s overall take-up rate reaches 91% after its second balloting

The 600-unit EC project has now sold 547 units.

Otto Place EC sold 166 units in its second balloting, data from Huttons and PropNex showed.

Combined with the units sold during its initial launch in July, the 600-unit EC project has now sold 547 units, reflecting an overall take-up rate of 91%.

Mark Yip, CEO, Huttons Asia, noted that with no other new EC project in the West until Senja Close EC in 2027, second-timers saw Otto Place as the last opportunity to upgrade.

“The second-timers usually have a bigger family size and would need a larger space. Hence, the larger units like those with a study were sought after. All the 4-bedroom units were fully sold,” Yip added.

Kelvin Fong, CEO of PropNex, said that given the 30% second-timer buyer quota at the launch weekend was quickly met, the robust take-up during the second-timers’ sales booking was expected.

Fong believes Otto Place EC performed well “due to the project’s positive locational attributes, dwindling inventory of unsold ECs, and buyers being cognizant of rising EC GLS land costs, which may put upward pressure on the prices of future EC launches.”

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