AMO Residence saw a very strong turnout in its first weekend of preview as it is the first major condo launch in the OCR [Outside Central Region] in 2022
AMO Residence - a beautifully designed private condo development consisting of 372-units along Ang Mo Kio Avenue 1, opened for preview on Saturday, July 9. Over the long weekend, the project has attracted a crowd of about 7,500 to its sales gallery.
The Government Land Sale (GLS) land parcel at which AMO Residence occupies at Ang Mo Kio Ave 1, was sold to a consortium consisting of UOL, Singapore Land Group and Kheng Leong in June 2021, at a land cost of $1,118 psf ppr. Estimating from current construction manpower and materials costs, the overall breakeven price is estimated to be above $1,900 psf.
Located within 1km to CHIJ St Nicholas and Ai Tong School, AMO Residence is also within a short five minute walk to the new Mayflower MRT Station (Thomson-East Coast Line) and one stop from Bright Hill MRT Interchange Station on the future Cross Island Line.
AMO Residence consists of two 25-storey residential towers, with a combination of unit types from two bedrooms to five bedrooms and penthouses. Two- and three-bedroom units with sizes ranging from 614 sq ft to 1,367 sq ft make up 81% of the units. AMO Residence also offers three amazing penthouses of between 2,293 sq ft to 2,497 sq ft for the well heeled buyer.
The Government Land Sale (GLS) land parcel at which AMO Residence occupies at Ang Mo Kio Ave 1, was sold to a consortium consisting of UOL, Singapore Land Group and Kheng Leong in June 2021, at a land cost of $1,118 psf ppr. Estimating from current construction manpower and materials costs, the overall breakeven price is estimated to be above $1,900 psf.
Located within 1km to CHIJ St Nicholas and Ai Tong School, AMO Residence is also within a short five minute walk to the new Mayflower MRT Station (Thomson-East Coast Line) and one stop from Bright Hill MRT Interchange Station on the future Cross Island Line.
AMO Residence consists of two 25-storey residential towers, with a combination of unit types from two bedrooms to five bedrooms and penthouses. Two- and three-bedroom units with sizes ranging from 614 sq ft to 1,367 sq ft make up 81% of the units. AMO Residence also offers three amazing penthouses of between 2,293 sq ft to 2,497 sq ft for the well heeled buyer.
Another condo project that launched for sale in July is a luxury development Cape Royale at Sentosa Cove by joint developers IOI Properties and Ho Bee Land. Cape Royale started sale previews for the 99-year-leasehold project on 28 June (Tuesday) sold about 50 per cent of the 50 units put up for sale on its first day of bookings on 6 July (Wednesday). Its 3-bedroom units were understood to be sold at a median price of S$4 million, while 4-room apartments went for a median S$5.5 million.
Jointly developed by IOI Properties and Ho Bee Land, the 302-unit Cape Royale have been rented out since the project was completed in 2013, when the developers felt prices were weak following 2 rounds of property cooling measures that year. However, the launch this week is encouraging due to changing sentiment and current market condition.
This is the first large-scale Sentosa Cove condo launch in over a decade, as the previous projects Seascape and Residences at W, were sold at median prices of S$2,680 psf and S$2,816 psf respectively during their launch in March 2010.
Jointly developed by IOI Properties and Ho Bee Land, the 302-unit Cape Royale have been rented out since the project was completed in 2013, when the developers felt prices were weak following 2 rounds of property cooling measures that year. However, the launch this week is encouraging due to changing sentiment and current market condition.
This is the first large-scale Sentosa Cove condo launch in over a decade, as the previous projects Seascape and Residences at W, were sold at median prices of S$2,680 psf and S$2,816 psf respectively during their launch in March 2010.
This weekend's preview may see units at AMO Residence priced from $1,890 psf for the larger units with two-bedroom units expected to be priced from close to $2,100 psf onwards, starting from $1.26 million; three-bedroom units from $1.81 million; four-bedroom units from $2.48 million; and five-bedroom units from $2.85 million.
Real estate professional Kiwi Lim from Huttons Asia said "recently, we have been consistently seeing new condo launches selling more than 70% and prices have been climbing progressively due to shortage in supply of new condos in the market and rising construction, manpower and fuel costs."
Developers are watching this weekend's preview of AMO Residence to know whether mass market condo buyers are ready to accept a new psychological benchmark above $2,100 psf for OCR condos in the heartlands. Kiwi Lim felt that previous condo launches that saw more than 70% sellout on preview day like Pasir Ris 8 only has a few units selling close to $2,100 psf, Piccadilly Grand is a city fringe condo and therefore naturally commands above $2,100 psf, Liv@MB in D15 is not considered as a typical mass market condo and therefore averaged above $2,300 psf. Therefore AMO Residence will be a litmus test.
Real estate professional Kiwi Lim from Huttons Asia said "recently, we have been consistently seeing new condo launches selling more than 70% and prices have been climbing progressively due to shortage in supply of new condos in the market and rising construction, manpower and fuel costs."
Developers are watching this weekend's preview of AMO Residence to know whether mass market condo buyers are ready to accept a new psychological benchmark above $2,100 psf for OCR condos in the heartlands. Kiwi Lim felt that previous condo launches that saw more than 70% sellout on preview day like Pasir Ris 8 only has a few units selling close to $2,100 psf, Piccadilly Grand is a city fringe condo and therefore naturally commands above $2,100 psf, Liv@MB in D15 is not considered as a typical mass market condo and therefore averaged above $2,300 psf. Therefore AMO Residence will be a litmus test.
Find out what are the upcoming new condo launches in the year 2022
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