When buying a new house, one of the biggest considerations is how convenient the location is.
This is probably why when an Ang Mo Kio condominium, AMO Residence, was launched on Saturday (23 Jul), many rushed to buy a unit.
Source: EdgeProp
On the day itself, 98% of units were sold out, leaving only seven unsold units, reported The Straits Times (ST).
On Saturday (23 Jul), AMO Residence launched to an overwhelming response, selling out 98% of the available units.
Out of the 372 available units, 365 units were snapped up on launch day.
AMO Residence is a joint private residential project between UOL Group, Singapore Land Group and Kheng Leong Company.
According to EdgeProp, UOL general manager Mr Anson Lim said demand is strong as this is the first major private residential project in the mature estate of Ang Mo Kio in over eight years.
Source: Property Factsheet
He shared that most buyers were local home buyers. Some families were even buying multiple units so they can stay in the same vicinity.
Based on his observation, most buyers were attracted to the condo’s proximity to Mayflower MRT station.
There are also popular schools, lush parks, and shopping malls in the area.
AMO Residence is a 99-year leasehold development at Ang Mo Kio Rise set to be completed in 2026.
The condo has two-room, three-room, four-room, and five-room units. They range from 614 sq ft to 1,475 sq ft.
It also has three penthouses that are between 2,293 sq ft and 2,497 sq ft.
According to ST, units are priced from S$1,890 per square foot, and a two-room unit starts from S$1.26 million.
Edgeprop reported that after the launch day, only seven units remain unsold, which includes two penthouses and five five-room units.
The demand for the condominium remained strong despite the string of property cooling measures announced back in Dec 2021.
Buyers were also not deterred by the higher mortgage interest rates introduced by banks just this month.
As of now, rates for two and three-year fixed packages start at 2.75%, reported ST.
Last Friday (22 Jul), the Urban Redevelopment Authority (URA) also shared that there has been an increase in private non-landed home prices.
In the second quarter of 2022, prices have risen 3.6%.
Buying a house is a momentous decision. And when houses in prime locations like Ang Mo Kio launch, they are often sold out fast.
After all, who wouldn’t want to live in such a convenient location?
Congratulations to all successful buyers of AMO Residence units for snapping up such an in-demand property.
Have news you must share? Get in touch with us via email at news@mustsharenews.com.
Featured image adapted from EdgeProp and Property Factsheet.
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