SINGAPORE - AMO Residence, a joint private residential project between developers UOL Group, Singapore Land Group and Kheng Leong Company, sold over 98 per cent of units during its launch on Saturday (July 23).
A total of 365 units of the 372-unit Ang Mo Kio development was sold on the first day, leaving just seven unsold units.
Mr Anson Lim, UOL general manager of residential marketing, said demand was strong as AMO Residence is the first major private residential project in the mature housing estate of Ang Mo Kio in more than eight years.
Buyers were primarily local home buyers with several families buying multiple units so that they can reside in the same vicinity, Mr Lim said.
"They are mostly owner-occupiers, and based on what we observed, they are particularly attracted to the project's proximity to Mayflower MRT station, popular schools, lush parks and shopping malls."
The 99-year leasehold development in Ang Mo Kio Rise comprises two- to five-bedroom units ranging from 614 sq ft to 1,475 sq ft, as well as three penthouses of 2,293 sq ft to 2,497 sq ft.
Units are priced from $1,890 psf, with a two-bedroom unit starting from $1.26 million.
The strong demand comes despite a string of property cooling measures announced in December 2021 and higher interest rates for mortgages.
All three local banks this month raised their rates for home loans, with rates for two- and three-year fixed packages now starting at 2.75 per cent. Home loan rates have been steadily rising since the fourth quarter of last year, when three-year fixed deals were at 1.15 per cent.
This comes after the US Federal Reserve raised its interest rate in May to cool rising inflation.
Data released by the Urban Redevelopment Authority on Friday showed an increase in private non-landed home prices, which rose 3.6 per cent in the second quarter compared with the first.
This was due to higher prices at Piccadilly Grand in Northumberland Road, which sold 324 units at a median price of $2,175 per sq ft in the second quarter, and Liv@MB in Mountbatten, which sold 231 units at a median price of $2,408 psf in the same period.