At a glance: You know it’s going to be a big one when this GLS site attracted a total of 15 bids when it was released back in 2020. Set to be the first private residential development launched in Ang Mo Kio in eight years, AMO Residence has already attracted a ton of buzz before its expected launch in June. Walking distance to good schools and an MRT, and units with unblocked, park views… there’s definitely a lot that’s going for it. We take a closer look at what this project has to offer.
|Project Name||AMO Residence|
|Developer||United Venture Development (a joint venture|
between UOL Group, Singapore Land Group
and Kheng Leong)
|Address||Ang Mo Kio Ave 1|
|Land Size (sqm)||12,679.4|
|Number of Storeys||24 and 25 storeys|
|Nearest MRT Stations||• Mayflower MRT station (Thomson-East|
|Primary Schools Within 1 km (estimated)||• Ai Tong School|
• Ang Mo Kio Primary School
• CHIJ St. Nicholas Girls’ School
|Nearby International Schools||• HFSE International School|
• Brighton College (Singapore)
• Stamford American International School
• Australian International School
• International French School Singapore
The site, which has just recently been christened AMO Residence, was the site that attracted a total of 15 bids when it was first released by URA and HDB back in Nov 2020. The winning bid for this 12,679.4-sqm piece of land along Ang Mo Kio Ave 1 was $381.38 million, which translates to around $1,118 psf per plot ratio (psf ppr), and it was awarded to United Venture Development, which is a 60:20:20 joint venture between UOL Group, Singapore Land Group and Kheng Leong.
The high number of bids are a clear indication of the site’s potential to the developers, and it’s likely going to do pretty well when it launches, which is estimated to take place next month.
The development has already generated quite a lot of buzz, even before it had a name, which could be due to the fact that it’s the first private residential development to be launched in this Ang Mo Kio neighbourhood in the past 8 years. The last one was Panorama back in 2014, located along Ang Mo Kio St 13.
What does the site have to offer?
One of the main selling points to AMO Residence is that it’s nestled in a landed enclave with a lot of open, unblocked views. Some units will also be aligned to have views of the vast greenery of the adjacent Bishan-Ang Mo Kio Park, which is one of the largest urban parks in Singapore and is linked to MacRitchie and Peirce Reservoirs if you are looking for one epic hiking trail. So you get that sense of exclusivity and that beautiful verdant view, with the added bonus of being close to nature for outdoor activities.
The site is also going to be popular among families with school-going children, with the extensive number of schools nearby. Reputable primary schools like Ai Tong School and CHIJ St. Nicholas Girls’ School are all within a 1-km distance, while popular secondary schools like Anderson Secondary School and Catholic High School are nearby.
There’s also an MRT station within a 12-min (approx.) walking distance. Said station is the Mayflower MRT station, which is situated along the Thomson-East Coast line. The relatively new line is partially opened for now, but will be mostly operational by 2025, just in time for this project’s TOP.
Once opened, it will only take you 4 stops to Woodlands and 8 stops to Orchard. You also get to transit to the future Cross-Island Line at Bright Hill station, which is just 1 stop away, while the Circle Line, North-South Line and Downtown Line are only 3 stops, 4 stops and 5 stops away respectively. Getting around Singapore has never been so convenient.
Because of relatively heavy traffic around the area and the CTE, especially at peak hours, driving to places near town is unfortunately going to take some time. It will take you about 20 mins or more just to get to Orchard Road and nearly half an hour to reach the heart of CBD.
The completion of the North-South Corridor—scheduled for 2026—will definitely improve traffic and connectivity in the area though. Starting from Woodlands and ending at the CBD, the new expressway will also comprise dedicated express bus routes and cycling lanes, cutting through towns such as Yishun, Ang Mo Kio and Toa Payoh.
If you like having big malls near where you live, you will be disappointed with this one unfortunately. The nearest mall is located at AMK Hub, and is only be accessible via a short 12-min or so bus ride.
Nonetheless, AMO Residence isn’t exactly located on ulu street. At Kebun Baru Court BTO, which sits right next to the condo, you get a sizeable Ang Mo supermarket and a small coffee shop for day-to-day meals and daily necessities.
Then there’s the Kebun Baru Mall neighbourhood centre, which is just 10 mins by foot, if you need access to a wet market and more food options. The Sembawang Hills Food Centre, which offers a greater variety of hawker fare, is also a 10-min walk away on the opposite direction. Next to the hawker centre, a number of cafes, bars and restaurants line the streets along Jalan Kuras and Jalan Leban.
The floor plans aren’t released yet, but judging from the considerable piece of land, and the estimated number of storeys, we can expect the units to be decently sized and for the facilities to be relatively adequate.
If we take a look at developer UOL’s residential portfolio, projects like Avenue South Residence and MeyerHouse, which we covered previously, pack a punch in features. Their more recent projects such as Clavon located at Clementi and Watergardens at Canberra also feel like self-contained communities with a ton of facilities within the site, so we really don’t expect this project at Ang Mo Kio to be any different.
What are we expecting in terms of launch prices?
Analysts have estimated the launch prices for AMO Residence to be between $2,000 psf to $2,100 psf, based on its land rate of $1,118 psf ppr. By comparison, the GLS sites at Lentor Central and Lentor Hills Road (Parcel A), which closed their tenders several months after the Ang Mo Kio Ave 1 site, were sold for $1,204 psf ppr and $1,060 psf ppr respectively. These two sites are located walking distance to Lentor MRT station, one stop away from Mayflower MRT. Prices for AMO Residence will therefore likely be relatively competitive.
Graphics by The Straits Times and URA
For those who are willing to wait, three more GLS sites were recently released in the Lentor area, which will give you more options. With cooling measures in place since December 2021, developers are likely to be conservative with their bidding this time around, so that may translate to lower land rates. The increasing competition in the area may also drive overall prices up as well, so it’s a good thing either way.
For a comparable D20 new launch project, let’s take a look at Jadescape, which was launched back in 2018 and is located at the former Shunfu Ville site at Bishan. Launch prices for that condo were averaging around $1,700 psf at the time. Looking at just this year’s sale transactions alone though, we are coming up with an average of around $1,850 psf, still slightly lower than the projected amount for AMO Residence.
So it really comes down to what AMO Residence can offer, the facilities available and the unit choices. If we do just a perfunctory location comparison, Jadescape’s not looking too bad. It also faces a landed housing enclave, is walking distance to two MRT stations on different lines and has a hawker centre nearby. But AMO Residence comes out ahead for its proximity to more primary schools within a 1-km distance and the highly coveted verdant views and surrounding greenery.
How about resale condominiums nearby? Here’s a look at the average prices:
|Tenure||TOP||Number of Units||Average Prices|
|The Gardens at|
|Adana @ Thomson||Freehold||2018||74||$1,845|
All these, as you can see, are below the $2,000 psf mark, even for the relatively new, freehold property Adana @ Thomson. That said, newly launched condos are usually priced higher than older resale condos, but whether that higher price point is justifiable is still partially up in the air, since we have yet to look at the floor plans or the facilities available.
How is the rentability?
For those who are looking at this project as a rental opportunity, we are definitely seeing a tenant market of local families who are looking to send their kids to the nearby schools. Ang Mo Kio isn’t a typical expat town, but it can be a consideration for professionals who work in this neighbourhood or the nearby business nodes in Woodlands (15-min drive), Seletar Aerospace Park (13-min drive), Paya Lebar Quarter (19-min drive) or the future Punggol Digital District (18-min drive).
In terms of rental income, here are some numbers you can take reference from, based on the recent rental contract transactions for the nearby condos:
As of 23 July 2022, there are only 7 units left unsold: 2 penthouse units and 5 five-bedroom units.