On July 9, AMO Residence, a 372-unit private apartment complex situated immediately off Ang Mo Kio Avenue 1, was launched over the weekend. According to property developer UOL Group, as of 2 p.m. on July 11, the project had drawn around 7,500 people to its sales gallery during the holiday weekend.
“AMO Residence had a very large attendance in its first weekend of preview since it is the first significant non-landed project launch in the OCR [Outside Central Region] in 2022,” says Lee Sze Teck, senior director of research at Huttons Asia.
AMO Residence was developed in a 60:20:20 joint venture by UOL Group, Singapore Land Group, and Kheng Leong Co. It lies on a 136,480 sq ft, 99-year leasehold site bought in May last year for $381.38 million ($1,118 psf per plot ratio).
The new development has two 25-story residential buildings with a variety of two- to five-bedroom apartment configurations. Eighty-one percent of the homes are two- and three-bedroom condos ranging in size from 614 to 1,367 square feet.
Two-bedroom condos begin at $1.26 million, three-bedroom units begin at $1.81 million, four-bedroom units begin at $2.48 million, and five-bedroom units begin at $2.85 million.
The project is near 1km of many schools, including CHIJ St Nicholas Girls’ School, Ai Tong School, and Ang Mo Kio Primary School. It’s also close to places including Lower Peirce Reservoir Park and Bishan-Ang Mo Kio Park. A 20-kilometer bicycle route will be built around the estate in stages, transforming Ang Mo Kio into Singapore’s first fully constructed walking and cycling town.
AMO Residence is a five-minute walk from Mayflower MRT station on the Thomson-East Coast Line, which opened in August last year. The development is also near shops and dining options along Thomson Road, as well as malls like Thomson Plaza; Junction 8, which is connected to the Bishan Bus and MRT Interchange; and AMK Hub, which is also connected 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 purchasers are lured to the site because Ang Mo Kio is a mature estate that is strategically situated,” says Huttons Asia CEO Mark Yip. AMO Residence homes feature vistas of nature and unobstructed views over the surrounding Shangri-la Park luxury housing enclave, in addition to closeness to the newly completed Mayflower MRT station, prominent schools, and parks, according to Yip. According to Yip, the complex has a variety of facilities such as seven swimming pools and a tennis court, which are not typically seen in suburban developments these days.
“There is pent-up demand in Ang Mo Kio since The Panorama was launched eight years ago,” says Huttons’ Lee. Wharf Estates Singapore debuted the 698-unit The Panorama in Ang Mo Kio Avenue 2 in January 2014. (formerly known as Wheelock Properties). Based on caveats made with URA Realis in January and February 2014, the average price of units sold was about $1,360 psf. In 2017, the 99-year leasehold condo was built.
According to the most recent caveats, apartments at The Panorama changed hands for prices ranging from $1,654 psf to $1,819 psf in the three months from April to June 2022.
“Ang Mo Kio is an established estate with a few HDB BTO [Built-to-Order] projects that have completed the five-year MOP [minimum occupancy period],” explains Lee.
In 2022, four-room HDB resale apartments in these new BTO complexes had sold for more over $800,000, he notes. According to the most recent Department of Statistics statistics, the Ang Mo Kio planning area includes around 12,000 families with a monthly income of at least $14,000. (Use our Singapore HDB directory to find HDB apartments for rent or sale.)
AMO Residence will be available a fortnight from today, on July 23. ERA, Huttons Asia, and PropNex have been hired as marketing agency. The project is scheduled to be finished in 2026.
“We are happy to introduce AMO Residence in a well-developed, older housing community that has all the contemporary conveniences and facilities while retaining its own unique character and charm,” says Jesline Goh, UOL chief investment and asset officer, in a July 7 news release.