Chief Editor July 27 2022

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AMO Residence is 98% sold on new launch weekend

AMO Residence new launch sales report card surprised naysayers that $2,000 PSF is expensive for a condominium in Ang Mo Kio which falls under the Outside Central Region (OCR).

According to a ERA property agent, the new project AMO Residence is 98% sold after its launch last weekend. There are altogether 372 units consisting of 2 to 5 bedrooms in this 99 years leasehold private condominium. 

The location of AMO Residence is at 21 and 23 Ang Mo Kio Rise. 

Being the first private residential condo project in Ang Mo Kio after 8 good years, the response is overwhelming and the property developers are laughing to the bank. 

UOL, Singapore Land and Kheng Leong form a joint venture to submit a top bid of S$381 million for the government land sale (GLS). It is equivalent to S$1,118 psf per plot ratio (psf ppr).

The close proximity to Mayflower MRT and popular schools are some of the attractiveness of AMO residence.

Last Friday VIP preview was reserved for buyers whom are purchasing multiple units at AMO residence, hence they enjoyed the priority to choose before the balloting commenced on Saturday. 

Does the first mover advantage works for these AMO residence buyers? Can they sell their units at a profit of $2,300 PSF or higher when the project TOP in 2026?

With the seller stamp duty (SSD) in place, the purchasers could not sell their units until 2025 if they do not want to be penalized by Inland Revenue Authority of Singapore (IRAS).

The interest rate is likely to be in the range of 4 to 5 percent in years to come. 

MAS Chairman, Tharman Shanmugaratnam, has reminded Singaporeans to be prudent in buying a residential property in the rising interest rate environment. 

PropertyForSale Managing Director, Mr Chia, has a piece of advice to property investors. Do your sums and ensure you can afford your monthly housing loan mortgage if the interest rate is at 4.50%.