AMO Residences
Case Study

AMO Residence - A Closer Look At 2022's Top New Launch Project

We’re evaluating the top performing new condo launch project of 2022 to find out what worked & how you can replicate its success in your upcoming projects!

Quek Qiao Hui

January 17, 2023

New year, new projects!

With so many options on the horizon for 2023, let’s take a quick glance at last year’s top performing project, AMO Residences, for some key takeaways. 

For a short recap, AMO Residence is a joint private residential project between developers UOL Group, Singapore Land Group and Kheng Leong Company. The residence comprises 372 luxury residential units, in Twin Towers of 25 storeys, and is expected to be completed by the end of 2029.

With a 98% sold out rate (at average $2,100 psf) during launch, here are some valuable insights on the project as well as how you can go about picking the right project for your next campaign.

1. Why did it perform well?
1.1   Oversubscription of BTO nearby
1.2   Location (Nearest OCR to RCR)
1.3   Proximity to primary schools
2. Which Project To Look Out For in 2023?
2.1   Lentor Hill Residences

1. Why did it perform well?

As mentioned previously, AMO Residence was the top selling project of 2022. 

As one of the first major private residential projects in Ang Mo Kio for more than eight years, it may not come as a surprise for most that the units sold well. But unexpectedly, even AMO Residence’s penthouses, which are said to have fetched more than $6 million ($2,406 psf), received roaring sales despite cooling measures. 

So aside from the above reasoning, why did AMO Residence stand out particularly? To answer this question, let us dive deeper to other possible factors that led to its success.

1.1 Oversubscription of BTO nearby

Early signs showed there was a pent-up demand for residential units in Ang Mo Kio that were unfazed by rising mortgage rates.

During the August 2020 BTO launch in Ang Mo Kio, Kebun Baru Edge became one of the most heavily subscribed estates. In fact, a total of 1,180 applications were vying for just 140 flats. 

That’s the equivalent of 9 other applicants competing with you to get a home.

Yes, competition is stiff. But why? 

According to ERA Realty research and consultancy head Nicholas Mak, the proximity of the upcoming Mayflower MRT Station on the Thomson-East Coast Line was one of the locations’ key attractions.

But a “stronger reason” for Kebun Baru Edge’s oversubscription is its prime location within 1KM radius from top schools such as Ai Tong School and CHIJ Nicholas Girls’ Primary School.  

It is important to take note of these details as they are the very same factors that would attract buyers for subsequent new launches in the vicinity.

Drawing correlations between prices of other residential homes may also help us gain useful insights to predict the performance of a new launch.

For example, while AMO Residences were pricier than BTOs, resale flat prices in the same area were not too far off, ranging from $740,000 to $1.15 million in 2022 - which wasn’t much different from purchasing a new condominium itself. 

As such, while looking out for your next new launch condos, it’s also good to take note of well-performing BTO projects, or even resale flat prices nearby (especially in mature estates), as:

  • Residents can enjoy the various amenities that have been developed over the years as compared to their non-mature counterparts. These include transport networks, shopping malls, schools and parks.
  • Million-dollar HDB resale flats are increasingly common. So, buyers may find condominiums a more worthy buy compared to HDBs - especially if both homes fall within the same price range while also offering additional benefits like 24/7 security measures, and access to facilities like swimming pools as well as gyms.

1.2 Location (Nearest OCR to RCR)

Ang Mo Kio is a mature HDB estate that has been an underserved area for many years. It’s known to be a popular geographically central area, with the nearest OCR located close to the Central Business District.

Housing a total of 163,280 residents, it is one of the biggest areas by population size and the 8th largest neighbourhood in Singapore.

The advantage of living in a mature HDB estate is its plentiful amenities, which makes it a highly sought-after neighbourhood. 

Ang Mo Kio is also known for being a shopper’s paradise. The biggest mall in the area is AMK Hub which offers plenty of shopping options for nearby residents. Besides AMK Hub, you’ll also find other malls such as AMK mall, Ngee Ann City, and AMK plaza, nearby as well.

In terms of accessibility, the residence is a short 7 minutes walk from Mayflower and Brighthill MRT station. The area is also well-connected with many expressways, including NSE, CTE, BKE, KPE, PIE, AYE - that’s nearly all the major expressways in Singapore. 

With its great connectivity and plethora of shopping options, it’s no doubt why Ang Mo Kio is one of the hottest areas in demand!

1.3 Proximity to primary schools

Closely located to top primary schools, AMO Residence was a dream come true for parents with school-going children. 

Not only will their kids be in the hands of the best educators during their formative years, the close proximity (1-2 KM radius) to renowned schools, including Ai Tong School, CHIJ Saint Nicholas Girls’ School, and Anderson Primary School, provide the ultimate convenience.

And for some parents, this even meant an extra few minutes of precious sleep!

2. Which Project To Look Out For in 2023?

Before we get into 2023’s anticipated new launch, let’s round off what we’ve learnt; 

  • There’s generally a high demand for residential units that are located close to the Central Business District, so keep an eye out for new launches located in the OCR nearest to the central regions.
  • Look into areas that have well-performing BTO projects nearby, a high concentration of good primary schools, as well as plenty of amenities. 

2.1 Lentor Hill Residences

Given our analysis, one of the new launch condominiums we expect to perform well would be Lentor Hill Residences. 

In fact, Central Weave @ AMK, a BTO project nearby, showed strong performance with 4,513 people gunning for 398 units as well. 

But that’s not all - Lentor Hill Residences is also the only new launch condo project in Ang Mo Jio scheduled for 2023, which shows promising potential. 

However, it’s also important that you don’t put all your eggs in one basket. While our data does point to Lentor Hill, dwindling demands for residences in Ang Mo Kio or changes in the real estate market could very well slow sales down. So, be sure to research more and invest your marketing efforts wisely - timing matters too!

And that's it! 

All the best for your upcoming condo launches and cheers to closing more sales this year.

Interested in seeing our work up close? 

Over the past few years, SellMoreCondos (SMC) have served more than 80 realtors in Singapore to generate over 2.5 million dollars in comms. But that’s not all that we do – our talented creative team can also help build you attractive landing pages and google ads, all wrapped up in a range of affordable packages. Check out our e-shop here or get in touch with our friendly team to set up a successful new launch condo campaign of your own!

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