First major condo in 8 years in Ang Mo Kio sees 98% sold on launch day
First major condo in 8 years in Ang Mo Kio sees 98% sold on launch day. During its Saturday launch, AMO Residence, a joint private residential project by UOL Group, Singapore Land Group, and Kheng Leong Company, sold more than 98 percent of its units (July 23).
365 of the 372-unit Ang Mo Kio development’s units were sold on the first day, leaving only seven unsold. According to Mr Anson Lim, UOL’s general manager of residential marketing, demand is high because AMO Residence is the first major private residential project in Ang Mo Kio’s mature housing estate in over eight years.
Buyers were mostly locals, with several families purchasing multiple units to live in the same area, according to Mr Lim. “They are mostly owner-occupiers, and based on our observations, they are especially drawn to the project’s proximity to the Mayflower MRT station, popular schools, lush parks, and shopping malls.”
The 99-year leasehold development in Ang Mo Kio Rise features two- to five-bedroom units ranging in size from 614 square feet to 1,475 square feet, as well as three penthouses ranging in size from 2,293 square feet to 2,497 square feet. Prices start at $1,890 per square foot, with a two-bedroom unit starting at $1.26 million.
Despite the announcement of a slew of property cooling measures in December 2021, as well as higher mortgage interest rates, demand remains strong. All three local banks raised their home loan rates this month, with rates for two- and three-year fixed packages now beginning at 2.75 percent. Home loan rates have been steadily rising since the fourth quarter of last year, when three-year fixed deals were at 1.15 percent. This comes after the US Federal Reserve raised interest rates in May to combat rising inflation.
On Friday, the Urban Redevelopment Authority released data showing a 3.6 percent increase in private non-landed home prices in the second quarter compared to the first. This was due to higher prices at Piccadilly Grand on Northumberland Road, which sold 324 units in the second quarter at a median price of $2,175 per sq ft, and [email protected] on Mountbatten, which sold 231 units at a median price of $2,408 psf.
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