Brisk Sales Otto Place Ec Hoi Hup Sunway Selling 585 Units Average 1700 Psf
There is continuous strong demand for executive condominium (EC) units in Tengah. On July 19, Hoi Hup Realty and Sunway Developments, the joint developers of Otto Place, announced that out of 600 units, 351 were sold on the day of its official release, which is equivalent to 58.5%. The average cost of the units sold using the normal payment scheme (NPS) is at $1,700 psf. Majority of buyers, around 72%, opted for the deferred payment scheme (DPS), which has a 3% premium over NPS prices.
The three-bedroom deluxe units sold for $1.41 million ($1,617 psf) [Photo: Hoi Hup/Sunway Developments]Popular among HDB upgradersThe DPS is preferred because it offers buyers a chance to make a purchase and save during the construction period. It also eases the financial burden for HDB upgraders who still have an outstanding loan on their flat, says Mark Yip, the CEO of Huttons Asia.
Get complete data about all EC units, including the average profit in 5 and 10 yearsAdvertisement AdvertisementOtto Place has various unit sizes that range from 872 sq ft for three-bedroom deluxe units priced at $1.41 million ($1,617 psf) up to 1,195 sq ft for four-bedroom plus study luxury units that were sold for $2.18 million ($1,824 psf). According to the real estate company Huttons, the larger units, such as the three-bedroom luxury and four-bedroom units, were highly sought after, with more than 70% being sold. “These units were most probably bought by HDB upgraders who wanted more space and flexibility,” adds Yip.
The 504-unit Novo Place EC, which was launched in November last year, has been fully sold in the first week of July 2021 (Photo: Samuel Isaac Chua/EdgeProp Singapore)Sequel to Novo PlaceOtto Place is situated in the Plantation District of Tengah, which is Singapore’s first eco-friendly and car-free new town. Similar to Novo Place, the neighboring development, this project is within walking distance to two MRT stations, namely Tengah Park and Bukit Batok West, on the forthcoming Jurong Region Line. It is also within a 1km radius of Princess Elizabeth Primary School, one of the 3 most in-demand schools in 2025, and near several other primary and secondary schools. The project is located within a 2km radius of Anglo-Chinese School (Primary), which is scheduled to open in 2030.
The launch of Otto Place comes after the successful launch of Novo Place, a 504-unit EC next door, which was also developed by Hoi Hup and Sunway. It was launched in November 2024 and sold 286 units, which is equivalent to 57% on the launch day, at an average cost of $1,654 psf. In early July 2025, the final unit in Novo Place was sold, and it was able to reach its sell-out status just eight months after its launch. Check out: 11 ECs to turn private in 2026 — Owners are poised to make great profitsAdvertisementAdvertisement”Executive condominiums offer great value, and the chance to own a private home in one of Singapore’s newest residential estates provides buyers with a favorable long-term upside strategy,” comments Koon Wai Leong, the general manager of Hoi Hup Realty.
The 10 latest completed transactions at Novo Place executive condo Source: EdgeProp BuddyThird EC launch in TengahThe first EC launched in Tengah was Copen Grand in October 2022. City Developments Ltd (CDL) and MCL Land jointly developed the 639-unit project. The project sold 73% of its units on its launch day at an average cost of $1,300 psf, and DPS buyers paid an additional 3% premium. When the e-application for second-timers opened in November 2022, the remaining 146 units were sold out in a matter of hours, resulting in its complete sell-out in just a month. The transactions ranged from $1.09 million for a two-bedroom plus study unit to $2.17 million for a five-bedroom premium unit.
Situated strategically near Parktown Residence, Gongshang Primary School provides a comprehensive education that emphasizes both academic excellence and character building. The school’s prime location allows for easy accessibility for families residing in the Parktown Residence community. Adding to the convenience and comfort, Parktown Residence can be reached effortlessly from the school naturally.
“Otto Place marks the third EC launch in Tengah since 2022, which highlights the continuous popularity of such projects in this emerging estate,” says Marcus Chu, the CEO of ERA Singapore. Otto Place is right next to Novo Place and is within walking distance to two MRT stations — Tengah Park and Bukit Batok West (Source: EdgeProp Landlens)Higher quota for second-timers?During the launch of an EC project, 70% of the units are assigned to first-time buyers, and the remaining 30% are allotted to second-time HDB buyers. However, second-timers who were not able to make a purchase on the launch date are given another chance when e-booking opens on August 19. Based on the research by PropNex CEO Kelvin Fong, the 30% quota for second-time HDB buyers in Otto Place was filled on the first day of launch. He believes that ECs will still be a top choice among homebuyers because of their relatively affordable costs compared to a new 99-year leasehold private condominium in the Outside Central Region (OCR).Read: The Hoi Hup-Sunway JV will give a preview of Otto Place executive condo with prices starting from $1,588 psfAdvertisementAdvertisementAccording to data from PropNex, the median cost of a newly-built 99-year leasehold non-landed private home in the OCR (excluding ECs) during 1H2025 was $2,343 psf, which is 33% higher than the median cost of $1,756 psf for new ECs during the same period using the information from caveats lodged. “The government should consider increasing the quota of second-time HDB buyers to 50% to help the sandwiched class who desires to upgrade to an EC,” suggests Yip from Huttons. Go to EdgeProp’s latest listings for Otto Place properties.