UOL sold almost all of the units of at AMO Residence condominium it introduced over the weekend, adding to indications that Singapore’s housing demand remained healthy despite rising interest rates.
During the project’s weekend opening, the business, in conjunction with Kheng Leong Co and Wee’s Singapore Land, sold nearly 98% of the 372 apartments at AMO Residence Condo in Ang Mo Kio in downtown Singapore. Anson Lim of UOL, said in a statement, “There is a significant underlying demand since this is the first large private residential project in Ang Mo Kio’s senior housing estate in more than eight years.” He noted that the project, which is anticipated to be finished in 2026, is close to the MayFlower MRT station and prominent schools.
The project’s solid sales indicate that Singapore’s pent-up demand for private homes remains healthy, with purchasers unfazed by increasing interest rates and escalating inflationary pressures that might cause another global crisis. According to figures issued by the government on Friday, home prices grew by 3.5% during the second quarter compared to the previous quarter, while sales surged by 31% to over 2,400 units.
Two-bedroom flats at AMO Residences are priced from S$1.26 million, while three-bedroom apartments are priced from S$1.81 million, four-bedroom units are priced from S$2.48 million, and five-bedroom units are priced from S$2.85 million. This property, which consists of two 25-story residential buildings with unobstructed views of Bishan-Ang Mo Kio Park, is selling for around S$1,890 per square foot.
Despite major interruptions caused by the Covid-19 outbreak, UOL has been vigorously selling its residential developments. In June of this year, the 640-unit Clavon, which was launched in December 2020 in the western Singaporean town of Clementi, was completely sold out. The group’s Avenue South Residence near Raffles Place and The Watergardens at Canberra in northern Singapore are also seeing robust sales, according to the report.