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AMO Residence is a luxurious residential development comprising of 2 blocks of 24 and 25 storey towers that showcases 372 units with spectacular views of Bishan-Ang Mo Kio Park, Lower Peirce Reservoir Park and Shangri-la Park landed estate
Target Launch in June.
UOL to start previews for Ang Mo Kio condo at prices from S$1,890 psf
Jul 08, 2022
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PREVIEWS for new Ang Mo Kio project AMO Residence, being built by UOL Group, Singapore Land Group and Kheng Leong Company, will start this Saturday (Jul 9) with prices starting at S$1,890 per square foot.
AMO Residence will be the first major residential launch in the Ang Mo Kio area in 8 years, and will be keenly watched to track market demand and appetite for pricing in the suburban housing market.
Over 80 per cent or 300 of the units available at AMO Residence will be 2- or 3-bedroom units with price tags starting from S$1.3 million and S$1.8 million, respectively. Limited numbers of 4- and 5-bedroom units that come with private lifts will be priced from S$2.5 million and S$2.9 million respectively.
Comprising a pair of 25-storey towers, the 372-unit condominium is located at Ang Mo Kio Rise off Ang Mo Kio Avenue 1 and is expected to be completed in 2026. The 99-year leasehold development will offer 2- to 5-bedroom units ranging from 614 square feet (sq ft) to 1,475 sq ft, along with 3 exclusive penthouses from 2,293 sq ft to 2,497 sq ft.
Sales bookings will commence on Jul 23.
AMO Residence is being developed by UOL Group in joint venture with Singapore Land Group and Kheng Leong. UOL holds 60 per cent in the venture, while the rest own a 20 per cent stake each.
The group’s chief investment and asset officer Jesline Goh believes the Ang Mo Kio project is likely to attract owner-occupiers in view of “the limited supply of new developments in the outside central region, as well as the availability of units at an attractive price quantum”.
The condominium will offer 2 levels of facilities including a clubhouse and a 50-metre infinity lap pool.
The development is situated within a 5-minute walk to Mayflower MRT station on the Thomson-East Coast Line, as well as 1 stop from the Bright Hill MRT interchange on the future Cross Island Line.
UOL said the development is also well-connected to other parts of the island via the future North-South Corridor, which will reduce travel times to Singapore’s Central Business District by up to 30 minutes.
Popular schools within a kilometre of the project include Ai Tong School, CHIJ St Nicholas Girls’ School and Ang Mo Kio Primary School. The development is also in the vicinity of restaurants and shops at Junction 8, AMK Hub and Thomson Plaza.
According to UOL in its press statement, the group’s recent residential development Clavon was fully sold in June this year following its launch in December 2020. UOL said its other developments, Avenue South Residence (launched September 2019) and The Watergardens at Canberra (launched August 2021), have “enjoyed brisk sales with limited units left”.
Shares of mainboard-listed UOL : U14 +0.28% were trading S$0.05 or 0.7 per cent higher at S$7.35 as at 2.47 pm on Thursday, after the announcement was made.
https://www.businesstimes.com.sg/rea...from-s1890-psf
AMO Residence sells over 98% of its 372 units on launch weekend
Jul 24, 2022
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AMO Residence, the year’s first major new launch in the Outside Central Region (OCR), was met with sizzling demand as it sold nearly all its 372 units on the first day of its launch on Saturday (Jul 23).
The 99-year-leasehold private residential development, which is a joint venture between UOL Group, Singapore Land Group and Kheng Leong Company, has sold over 98 per cent of its units and was left with 7 unsold ones.
Prices started from S$1,890 per square foot (psf). The consortium was awarded the site in a state tender last year after they put in the top bid of S$381.38 million or nearly S$1,118 psf per plot ratio (psf ppr).
While the consortium did not comment on the average pricing for units transacted over launch weekend, market talk suggested it was roughly around the S$2,100 psf level.
Anson Lim, UOL’s general manager (residential marketing), said: “There is strong underlying demand as it is the first major private residential project in the mature housing estate of Ang Mo Kio in more than 8 years.” Buyers are mostly owner-occupiers, while some families have purchased multiple units so as to live in the same vicinity.
Lim added: “(Buyers) are particularly attracted to the project’s proximity to Mayflower MRT station, popular schools, lush parks and shopping malls.”
Sources told The Business Times that 68 units were sold on Friday at a VIP preview for buyers who were keen to buy multiple units. One of the project’s 3 penthouses was also sold at the preview, at over S$6 million or about S$2,400 psf.
The 99-year leasehold development offers 2- to 5-bedroom units ranging from 614 sq ft to 1,475 sq ft, along with 3 penthouses sized from 2,293 sq ft to 2,497 sq ft. The 2-bedders and 4-bedders are understood to be completely sold out.
Lee Sze Teck, Huttons’ senior director for research, told BT that buyers opted for the largest units within their budget, driven by the need for more space post-Covid.
Wong Siew Ying, head of research and content at PropNex Realty, highlighted that AMO Residence’s first-mover advantage in being the first major launch in the OCR this year gave sales a shot in the arm. Wong also reckons that some buyers felt the project offered decent entry prices, given that firm land prices and elevated construction costs in the current environment could give rise to future suburban launches trending at over S$2,000 psf.
She said: “In anticipation of potentially higher launch prices in the future, rising interest rates as well as considering the low unsold new private home inventory in the mass market, we believe many of the buyers likely decided to act now by securing a unit at AMO Residence, which is located in a mature estate with a range of amenities in the vicinity, as well as proximity to the Mayflower MRT station and good schools.”
The last non-landed launch in Ang Mo Kio was The Panorama in 2014, while recent resale transactions at The Panorama in Q2 2022 ranged from S$1,626 psf to S$1,819 psf.
According to Huttons’ Lee, AMO Residence is the best-selling project since The Linq @ Beauty World, which was released in November 2020. The mixed-use development at Beauty World MRT station sold 115 of its 120 units at launch between S$2,150 and S$2,200 psf on average.
Lee added: “The success of AMO Residence shows that the market is hungry for attractively priced homes in good locations.”
Analysts say that the robust demand for AMO Residence bodes well for other upcoming launches in the OCR this year, which include QingJian Realty’s The Arden at Phoenix Road, Guocoland’s Lentor Modern and Frasers Property’s Sky Eden @ Bedok.
https://www.businesstimes.com.sg/rea...launch-weekend