Why buyers swarmed to secure a unit at AMO Residence?

The project sold over 98% of its units on the first day of its launch.
 
Outside Central Region’s (OCR) first major new launch, AMO Residence, was swarmed by buyers during its first day.

Property expert, PropNex, said it was likely because of the “first-mover effect.”
 
“In anticipation of potentially higher launch prices in the future, rising interest rates as well as considering the low unsold new private home inventory in the mass market, we believe many of the buyers likely decided to act now by securing a unit at AMO Residence,” PropNex’ Head of Research and Content, Wong Siew Ying, commented.
 
Prices for units at AMO Residence start from $1,890 psf, which buyers can already consider a decent entry price, according to Wong.
 
“Future suburban new launches could potentially trend over $2,000 psf, given firm land prices and higher construction costs,” the expert added.

Wong said the project is also the first non-landed new private residential project in the OCR in eight years, thus the robust take-up for its units. 
 
Before AMO Residence, the last non-landed new launch in Ang Mo Kio was The Panorama which was put on the market in 2014. Citing data from URA Realis caveat, Wong said resale transactions at The Panorama were priced in the range of $1,626 psf to $1,819 psf in Q2 2022.
 
Looking ahead, Wong said the strong demand for units at AMO Residence will bode well for upcoming projects in the OCR, namely Arden, Lentor Modern, and Sky Eden.”