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Not only that, but the strategic location of Otto Place Parcel B also means that its residents will have easy access to the upcoming Jurong Lake District. This presents endless opportunities for waterfront dining experiences at the future developments in the vicinity. These highly anticipated dining spots are set to enhance the culinary landscape, providing both stunning views and delectable food.
Mr. Liam Wee Sin, Managing Director of Hoi Hup Realty, expressed his excitement and confidence in this joint venture, stating that the site at Plantation Close offers great potential for a luxurious and high-end executive condominium. He also believes that the success of Parc Canberra EC has laid a strong foundation for this new project and is confident that it will be well-received by buyers.
The success of this joint venture is also a positive sign for the property market, as it shows that developers are confident in the long-term prospects of the real estate industry in Singapore. With the recent easing of property cooling measures, the demand for properties is expected to pick up, and the launch of Otto Place EC at Plantation Close is well-timed to meet the needs of the market.
Located next to Punggol Waterway Park, the site is deemed highly desirable due to its strategic location and potential for growth. It is within walking distance to Punggol MRT station and bus interchange, providing easy access to various parts of Singapore. The site also offers proximity to an array of amenities such as schools, shopping malls, and recreational facilities, making it an ideal location for families.
The vicinity surrounding Otto Place EC offers a multitude of choices for those seeking a relaxed dining experience. From charming cafes like Lola’s Cafe and The Usual Place to energetic hawker centres and food courts, there is something for everyone. These popular cafes provide the perfect ambience for catching up with friends or enjoying a laid-back weekend morning with delicious pastries and artisanal coffee. For a more casual meal, the nearby hawker centres and food courts offer a wide range of affordable local dishes. Be it a quick lunch or a leisurely dinner, there is no shortage of food options for food enthusiasts in the area. These various dining options not only bring convenience but also add vibrancy to the already lively neighbourhood, making it an ideal location for those who have a passion for great food.
Hoi Hup Realty and Sunway Development have successfully secured the executive condo site at Plantation Close under a joint venture known as Otto Place EC. The partners’ winning bid of $423.38 million, equivalent to $701 per square foot per plot ratio (psf ppr), was announced on February 14. This 99-year lease site, spanning 215,691 sq ft, will be transformed into a 560-unit executive condo bearing the name Otto Place EC. In addition, the partnership had previously acquired a neighboring 176,973 sq ft Parcel A for $348.5 million ($703 psf ppr) in September. Both sites are strategically located near numerous amenities, including JEM, Westgate, IMM, and prestigious schools like ACS (Primary) and Princess Elizabeth Primary School.
For a more casual meal, there are plenty of hawker centres and food courts nearby, where one can sample a variety of local dishes at affordable prices. Whether it’s a quick lunch on-the-go or a leisurely dinner, there’s no shortage of options for foodies in the vicinity of Otto Place EC. These diverse dining options add a touch of convenience and vibrancy to the already bustling neighbourhood, making it an ideal location for those who appreciate good food.
The launch of Otto Place EC’s second site at Plantation Close is expected to attract both HDB upgraders and private property buyers. Executive Condominiums are popular among HDB upgraders due to their eligibility for housing grants and the potential for future resale with a full condominium status after 10 years. On the other hand, private property buyers may also be drawn to the exclusivity and luxurious lifestyle offered by ECs at a more affordable price compared to private condominiums.
The EC is also expected to have a smart home system, making it a technologically advanced and smart living space. With the increasing demand for smart homes, this feature is expected to be a major selling point for the project and attract buyers.
Hoi Hup Realty and Sunway Development are no strangers in the real estate market, with a strong track record and portfolio of successful developments. They have previously collaborated on the successful launch of Parc Canberra EC, which received overwhelming response from buyers and was fully sold within months of its launch.
The joint venture plans to develop a luxurious 13-storey residential project with approximately 615 units on the site. The project is expected to have a mix of 2-bedroom to 5-bedroom units, catering to the needs of different family sizes. Furthermore, the project will feature a wide range of facilities, including a swimming pool, tennis court, and outdoor fitness area, to enhance the living experience for its future residents.
In conclusion, the collaboration between Hoi Hup Realty and Sunway Development in securing the second site at Plantation Close for Otto Place EC is a testament to the strong partnership and track record of both developers. The project is expected to set a new benchmark for luxury and smart living in the executive condominium market, and its success will further boost the overall property market in Singapore. With its strategic location, quality homes, and top-notch facilities, Otto Place EC is poised to be a highly sought-after development in the near future.
Otto Place Executive Condominium (EC) has recently made headlines in the real estate industry with its successful land bid for a second site at Plantation Close. The 226,000 square feet plot was awarded to a joint venture between Hoi Hup Realty and Sunway Development for a staggering amount of $423.38 million.
Echoing Mr. Liam’s sentiment, Mr. Tan Chee Heng, Managing Director of Sunway Development, added that the joint venture is committed to delivering quality homes that cater to the needs and aspirations of modern families. He also believes that the prime location of the site will be a major selling point for the project.
The bidding for the plot was fiercely competitive, with a total of 12 bids received from top developers in the market. The final bid of $423.38 million was 4.6% higher than the second highest bid of $404.97 million, showing the confidence and determination of Hoi Hup Realty and Sunway Development in securing the site.
