SINGAPORE (EDGEPROP) - AMO Residence, the 372-unit private condo project located just off Ang Mo Kio Avenue 1, previewed on Saturday, July 9. Over the long weekend, the project has attracted a crowd of about 7,500 to its sales gallery as at 2pm on July 11, according to property developer UOL Group.

Read also: AMO Residence to open for preview on July 9; prices to start from $1,890 psf

“AMO Residence saw a very strong turnout in its first weekend of preview as it is the first major non-landed project launch in the OCR [Outside Central Region] in 2022,” says Lee Sze Teck, Huttons Asia senior director of research.

Developed by UOL Group, Singapore Land Group and Kheng Leong Co. in a 60:20:20 joint venture, AMO Residence sits on a 136,480 sq ft, 99-year leasehold site, purchased in May last year for $381.38 million ($1,118 psf per plot ratio).

The new project has two 25-storey residential towers, with a mix of two- to five-bedroom unit types. Two- and three-bedroom units with sizes ranging from 614 sq ft to 1,367 sq ft make up 81% of the units. There are also three penthouses of 2,293 sq ft to 2,497 sq ft.

Units are priced from $1,890 psf, with two-bedroom units 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.

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The project is located within a 1km range of schools such as CHIJ St Nicholas Girls’ School, Ai Tong School and Ang Mo Kio Primary School. It’s also in the vicinity of parks such as Lower Peirce Reservoir Park and Bishan-Ang Mo Kio Park. There will be a 20km cycling path around the estate that is being completed in phases and will transform Ang Mo Kio into the first fully developed walking and cycling town in Singapore.

Mayflower MRT station on the Thomson-East Coast Line, which opened in August last year, is located within a five-minute walk from AMO Residence. The development is also close to shops and eateries along Thomson Road as well as malls such as Thomson Plaza; Junction 8 at Bishan Place, which is linked to the Bishan MRT Interchange and bus interchange; and AMK Hub, which is also linked to the bus interchange and the Ang Mo Kio MRT station, which will be the future interchange for the North-South and Cross Island Lines.

“Prospective buyers are drawn to the location as Ang Mo Kio is a mature estate and centrally located,” says Mark Yip, CEO of Huttons Asia. Besides proximity to the recently opened Mayflower MRT station, popular schools and parks, Yip also points out that units at AMO Residence enjoy views of greenery and unblocked views over the Shangri-la Park private housing enclave nearby. The development comes with a wide range of amenities including seven swimming pools and a tennis court, which is not commonly found in suburban projects these days, notes Yip.

“There is pent-up demand in Ang Mo Kio as the last launch was The Panorama eight years ago,” observes Huttons’ Lee. The 698-unit The Panorama at Ang Mo Kio Avenue 2 was launched in January 2014 by Wharf Estates Singapore (formerly known as Wheelock Properties). Average prices of units sold was about $1,360 psf, based on caveats lodged with URA Realis in January and February 2014. The 99-year leasehold condo was completed in 2017.

Based on the latest caveats lodged, units at The Panorama have changed hands at prices ranging from $1,654 psf to $1,819 psf in the last three months from April to June 2022.

“Ang Mo Kio is a mature estate and has a few HDB BTO [Built-to-Order] projects which have passed the five-year MOP [minimum occupation period],” says Lee.

Four-room HDB resale flats in these new BTO projects have transacted at more than $800,000 in 2022, he adds. The Ang Mo Kio planning area has more than 12,000 households with monthly income of at least $14,000, based on the latest data by the Department of Statistics. (Find HDB flats for rent or sale with our Singapore HDB directory)

AMO Residence is scheduled to launch a fortnight from now on July 23. The appointed marketing agencies are ERA, Huttons Asia and PropNex. The project is expected to be completed sometime in 2026.

“We are delighted to launch AMO Residence in a well-developed, mature housing estate that has all the modern comforts and amenities, yet retains its own distinct character and charm,” says Jesline Goh, UOL chief investment and asset officer in a press statement on July 7.

Check out the latest listings near AMO Residence, The Panorama, CHIJ St Nicholas Girls’ School, Ai Tong School, Ang Mo Kio Primary School, Mayflower MRT station, Bishan MRT Interchange, Ang Mo Kio MRT station

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