AMO residence sold 98 percent of units on Day 1
Only 2 penthouses and five 5-bedders left for sale by the end of the day.
Being the first private residential launch in the Ang Mo Kio precinct since 2014, AMO Residence was officially launched for sale yesterday (23 July 2022).
It saw an impressive take-up rate of 98.1 percent, and only 7 units were left for sale by around 7.25 pm in the evening.
According to sources, units were sold at an average per square foot price of $2,100.
In other words, AMO Residence has set a new pricing benchmark for projects that are located within the Outside Central Region (OCR).
This 372-unit condominium project is located just off Ang Mo Kio Avenue 1 and is co-developed by UOL Group, SingLand, and Kheng Leong.
It’s just a mere 5 minutes’ walk away from the new Mayflower MRT Station and within the 1-km radius of 2 top primary schools – Ai Tong and St Nicholas Girls’.
In addition, it is close to 2 popular parks in the area. They are Bishan Park and also Lower Peirce Reservoir Park.
It was noted that AMO Residence is also the 1st major launch in the OCR this year and is likely to be one of the most successful launches in history.
Market watchers said that this is the best-selling project since The Linq at Beauty World despite the recent rise in mortgage interest rates and cooling measures (introduced in December 2021).
That was a 120-unit freehold mixed-use project along Upper Bukit Timah and 86 percent (115 units) were sold on the first day of launch in November 2020.
With 365 units already sold at AMO Residence, it’s left with just two penthouse units and five 5-bedroom units.
The strong demand is no surprise although the level of interest is rather unusual for a project located in the OCR.
One of the main reasons is due to the dwelling supply of new private homes in the OCR and selling prices for condo launches in the future will not be lower due to recent land prices that developers are paying for.
For instance, the recent land sale along Dunman Road saw developer SingHaiYi Group forking out $1,350 psf ppr for it.
Hence, the market expectation is that the new project will be launched at more than $2,300 psf.
Analysts believe that the government will likely increase its land supply via the Government Land Sales (GLS) programme, instead of introducing more cooling measures.
On top of that, it may also recalibrate the mortgage interest rate of the Total Debt Servicing Ratio (TDSR) framework – which is currently being pegged to 3.5 percent.