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Last Updated: 17th May, 2025
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OTTO PLACE (EXECUTIVE CONDOMINIUM)
Otto Place is a project by renowned Singaporean developers Hoi Hup Realty and Sunway Group, celebrated for their commitment to quality and innovation. Established in 1983, Hoi Hup Realty boasts an impressive portfolio that includes notable developments like Sophia Hills and Parc Canberra.
Tengah New Town, Singapore's first Smart and Sustainable Town, spans over 700 hectares, similar in size to Bishan, and will introduce the nation’s inaugural car-free town center, complete with dedicated cycling and walking paths.
As the first Eco-Town featuring a centralized cooling system and a pneumatic waste conveyance system, Otto Place offers an exceptional opportunity for first-time homeowners and savvy investors to secure a in one of Singapore's most promising growth areas, especially given the strong demand Executive Condominiums and limited new land supply.
Otto Place offers a range of 1 to 5 bedroom smart homes, designed for modern living with premium smart features for seamless convenience. Thoughtfully designed facilities include a swimming pool, fitness center, communal facilities, playgrounds, landscape deck, basement carpark, creating the perfect environment for families and professionals alike. 1 Block of 15-Storey; 1 Block of 16-Storey; 6 Blocks of 20-Storey.
HIGHLY ANTICIPATED PROJECT IN 2025
OTTO PLACE
Executive Condo
PROJECT INFORMATION
Project Name: OTTO PLACE
Developer: Hoi Hup & Sunway
Total Units: 600 Units
No. of Blocks: 8 blocks (15, 16 & 20 story)
Site Area: 20,038.2
Estimated TOP: 2029
Address: Plantation Close Parcel B, Tengah
Tenure: 99 Leasehold
District: 24 (Bukit batok, Tengah)
Price PSF: $16XX-17XXPSF onwards
Indicative Price Range: $1.2MIL onwards
Frequently Asked Questions
What is an Executive Condominium?
An Executive Condominium (EC) is a type of housing in Singapore that combines elements of public and private housing. Developed and sold by private developers, ECs are designed to cater to the needs of the "sandwich class" – individuals whose household incomes exceed the limits for public housing (HDB flats) but find private condominiums relatively expensive.
Is an executive condo part of HDB?
For the initial 10 years, executive condominiums are classified as Housing and Development Board (HDB) assets, leading to their classification as hybrid private-public properties. Nonetheless, the Singaporean government provides financial support in pricing and permits the utilisation of specific CPF housing grants (elaborated further below).
What is the difference between a private condo and an executive condo?
In the initial years of ownership, ECs are subjected to specific limitations, during which they are exclusively sold to Singaporean citizens. After a designated duration, usually around five years, these restrictions are removed, enabling the owner to sell the EC to citizens and permanent residents. Other limitations, guidelines, and mandates must be adhered to as well. In contrast, private condominiums have little to no restrictions. You can also read about HDB vs. private condos, which we think you’ll find interesting.
Why do people buy an EC?
In addition to qualifying for CPF housing grants, ECs generally have prices around 20% lower than regular condominiums because of the financial support provided by the government during their construction stage. These subsidies aim to enhance affordability for a specific category of potential home purchasers.
Can I buy or invest in private residential property in Singapore or overseas after I buy an EC unit?
Yes, but only after you fulfil the 5-year MOP period of your purchased EC.
Do I have to pay the agent a commission to purchase EC?
No, you do not have to pay an agent any commission to purchase EC. The agent will assist you in applying, balloting, and booking an EC unit from the developer.
What is the cost of buying an EC?
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Purchase Price
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Stamp Duty (Buyers Stamp Duty)
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Legal fee
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ECs are also NOT affected by Additional Buyers Stamp Duty.
Is EC or BTO better?
Both a Build-To-Order (BTO) apartment and an Executive Condominium (EC) present significant prospects for value increase and a more substantial profit margin. BTO flats come with lower entry hurdles due to their affordability, and they provide a broader array of locations compared to ECs (though still more restricted than resale flats).
What is the salary cap for an executive condo?
The combined earnings of all individuals named in the EC application should not surpass $16,000. Thus, the intended demographic for ECs comprises households with earnings ranging from $14,000 to $16,000 per month.Upon reserving an EC unit, the property developer will provide instructions regarding document submission, including income-related papers.
What must I bring to book an EC unit?
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NRIC
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Birth certificate and marriage certificate
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3 months payslips (payslip issued for the month of application for EC unit and immediately preceding 2 months) or an official letter from their employers stating their 3 months gross income ( for the month of application for EC unit and immediately preceding 2 months), an income tax return or assessment; and
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Other documents as required by the developer or HDB.
Check Your Eligibility
You must meet the eligibility conditions to buy an Executive Condominium (EC) unit from a property developer. Please also find out if you must pay a resale levy and what conditions will apply after you buy an EC unit, before you apply for an EC unit.
Get in touch with us to access your:
✔ Eligibility to buy an Executive Condominium
✔ Financial planning including loan calculation and budgeting
✔ Timeline planning on selling & buying the next home
Normal Progressive Payment Scheme
Please contact us to learn more about Normal Progressive Payment Scheme and Deferred Payment Scheme. Bridging loan is available for HDB existing owner. Maximum Loan to Value to subject to TDSR (Total Debt Servicing Ratio). Please contact us to do a full set of financial calculation.
5%
Booking fee upon unit selection. Payable by cash only.
15%
Exercise fee upon signing S&P. Payable by Cash or CPF OA.
5%
Normal Progressive Payment Scheme. Payable by Cash or CPF OA.
75%
Normal Progressive Payment Scheme. Payable by bank loan
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