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Located just a short distance away from Otto Place EC Plantation Close Parcel B, one of Singapore’s largest suburban malls, JEM boasts an expansive range of retail stores that cater to all shopping needs. Visitors can easily access this popular shopping destination through a quick drive or train ride. From international fashion outlets like H&M and Uniqlo to local electronics retailers such as Courts and Best Denki, JEM offers a diverse selection of brands. Its anchor tenants, including FairPrice Xtra and Robinsons, add to the convenience of this one-stop shopping haven.
The site, located in the highly coveted Punggol area, has a land area of 241,446 square feet and a gross plot ratio of 3.0. It is expected to yield approximately 615 residential units, with a maximum building height of 16 storeys. These units will be a mix of 2, 3, and 4-bedroom apartments, providing a wide variety of options for potential homebuyers.
The successful sale of the Otto Place EC Plantation Close Parcel B site is a testament to the strength and resilience of the Singapore property market. Despite the ongoing COVID-19 pandemic, which has caused uncertainties and disruptions worldwide, the demand for quality and affordable housing in Singapore remains strong. This is in part due to the stable political and economic climate, as well as the government’s continuous efforts to provide a secure and comfortable living environment for its citizens.
In a joint statement, CDL and TID Residential expressed their excitement and commitment to delivering a top-notch development on the Otto Place EC Plantation Close Parcel B site. They emphasized their focus on creating a sustainable and community-centric project that will cater to the needs and aspirations of homebuyers in the area. This includes incorporating eco-friendly and smart home features, as well as providing ample amenities and facilities for the residents.
Otto Place EC is the perfect choice for families, working professionals, and investors, thanks to its harmonious fusion of accessibility, lifestyle, and investment value. It is more than just a residence; it is an all-in-one destination that offers unparalleled comfort, practicality, and epicurean indulgence. The development prides itself on its impeccable craftsmanship and dedication to excellence, resulting in a sophisticated yet practical living experience.
The EC market has been gaining significant momentum in recent years, with the demand for affordable and high-quality housing on the rise. In 2019, the total number of EC units sold reached a record high of 4,139, and this trend is expected to continue in the coming years. This is evident in the number of bids received for the Otto Place EC Plantation Close Parcel B site, with a total of 17 bids submitted. The strong competition among developers reflects the confidence in the EC market and the potential of the Punggol area.
The joint venture between Hoi Hup Realty and Sunway Development, known as Otto Place EC, successfully acquired the executive condo (EC) site at Plantation Close for $423.38 million on February 14. This translates to $701 per square foot per plot ratio (psf ppr). The 99-year lease site, spanning 215,691 sq ft, will be developed into a 560-unit EC, also named Otto Place EC. In September last year, the same partnership also acquired the adjacent 176,973 sq ft Parcel A for $348.5 million ($703 psf ppr). The strategic location of both sites provides easy access to amenities such as JEM, Westgate, IMM, as well as renowned schools like ACS (Primary) and Princess Elizabeth Primary School.
With meticulous attention to detail and a commitment to quality, Otto Place EC provides a living experience that is both sophisticated and functional.
The sale of this prime EC site also serves as a positive indication for the upcoming land sales under the Government Land Sales (GLS) program. In the first half of 2021, the HDB has already launched several sites for sale, including a 99-year leasehold EC site at Yishun Avenue 9. With the success of the Otto Place EC Plantation Close Parcel B sale, it is expected that these upcoming sites will continue to attract strong interest and bids.
One of the main highlights of this site is its prime location. Situated just minutes away from the Punggol MRT station and within walking distance to numerous amenities such as Waterway Point Shopping Centre and Punggol Town Hub, the site is expected to attract a large pool of interested buyers. In addition, the upcoming Punggol Digital District, which will house an array of tech and innovation companies, is set to further enhance the area’s appeal and value.
With the winning bid of $423.38 million, the joint venture between CDL and TID Residential has emerged as the top bidder. CDL, a leading real estate company in Singapore, has a strong track record of developing quality residential properties that cater to different segments of the market. TID Residential, a subsidiary of Hong Leong Holdings Limited, has also established itself as a reputable developer in the industry.
In conclusion, the sale of the Otto Place EC Plantation Close Parcel B site is a significant milestone for both the EC market and the Punggol area. With its strategic location, strong demand, and the reputable developers behind it, the project is poised to be a highly sought-after development. As Singapore continues to develop and evolve, it is clear that quality and affordable housing will remain a top priority, and the development on this site is a testament to that.
After months of intense bidding and competition, the Housing and Development Board (HDB) recently announced that Otto Place EC Plantation Close Parcel B has been sold to a joint venture between City Developments Limited (CDL) and TID Residential for a whopping $423.38 million. This marks the highest bid for an Executive Condominium (EC) site in the history of Singapore, breaking previous records set in the past few years.