AMO Residence Review (Ang Mo Kio Ave 1 GLS)
April 4, 2022
Highly Sought After Launch With Central Location
In this article, we will review an exciting new launch Amo Residence. It is exciting as this project will be the first to be launched in this area in the past 8 years. There will be a lot of pent-up demand and interest for sure.
We have walked the ground and run through the stats to give you a holistic view of this project so that you can make an informed decision regarding the feasibility of buying a unit in this project.
Landscape of New Condominium Launches in Singapore (Latest)
The Amo Residence site is slated for launch in the middle of 2022 and will be keenly watched by consumers and developers for a couple of reasons. Due to the robust sales of new launches in 2021, the balance units of new launches have been at an all-time low in recent years. In 2021, 13027 units were sold, making it the highest since 2013. This causes a severe depletion in the number of new units available for consumers starting in 2022 with only 14,154 balance units left, the lowest in several years. On the other hand, our government has imposed cooling measures in December 2021 and the 35% ABSD on the transfer of residential properties into a living trust from 9 May 2022. Although we think that the measures will not have much impact on the genuine local home buyers, nevertheless let us get to the nuts and bolts to make a fair analysis.
Introduction to Amo Residence
The Amo Residence site is at District 20, along Ang Mo Kio Ave 1. It is at a great location with exciting new developments coming in fast and furious in the next few years (around the time it TOP). It is next to the public housing estate of Kebun Baru and the landed housing estate of Shangri-La Park, along Ang Mo Kio Ave 1. The location is 350m (or about 10 minutes walk) to Mayflower MRT station which is along the Thomson-East Coast Line (TEL). This provides future residents with good connectivity to Woodlands Regional Centre (existing), the Central Business District, Gardens by The Bay (by 2022), and the East Coast Region by 2025. adding bonus to this, residents can also choose to travel to Bright Hill MRT which will be the future interchange when the Cross-Island Line (CRL) Phase One is ready by 2030. This will give residents direct access to other parts of Singapore in a much shorter time.
The land site is and will be even more well connected to major arterial roads and expressways especially when the upcoming North-South Corridor (NSC) is operational. It is within easy reach of several recreational facilities like parks, shopping malls, stadiums, and swimming pools. Good and popular schools for all educational levels near the site will add to the popularity of this development.
In the second half of this article, we will examine the current economic situation: the available stocks (new private units) in the market and the potential demand for these new private units. From the macro view, we will be looking into the US Fed Fund Rate hike and examine the impact it may have when booking opens in the middle of the year.
Amo Residence: Developers
Amo Residence will be developed jointly by three well-known developers: UOL Group, Singapore Land Group and Kheng Leong Company. They are well-known in the local real estate scene and potential buyers will feel assured with their credibility and commitment.
UOL Group Limited
With a track record of over 50 years, the group is one of the leading public-listed property companies in Singapore. It has a combined portfolio of assets worth about $20bn. Their diversified portfolio span multi-regions and countries: Asia, Oceania, Europe, and North America.
The group has won multiple awards through the years for its commitment to architecture and quality excellence. The awards include FIABCI Prix d’Excellence Award, Aga Khan Award for Architecture, Urban Land Institute Awards for Excellence, and President’s Design Award.
Singapore Land Group
Singapore Land Group Limited (SingLand) is another well-known developer in the local scene. It was incorporated in 1963 and was Singapore first public-listed property developer when listed in 1971.
SingLand has a diverse portfolio of real estate. These include: commercial offices, residential and retail properties and hotels. Their prime commercial assets in Singapore currently include 2.5 million square feet of office space and 1 million square feet of retail space. It aspires to create inclusive environments that respect the highest sustainability standards.
SingLand is also a subsidiary of UOL Group Limited.
Kheng Leong Company
Kheng Leong Company was incorporated in 1949. The company has evolved its business operations to be an investment group with interests in property development and real estate investment. It will continually seeks out compelling investment opportunities locally or internationally.
Amo Residence: A background
Amo Residence site is located at the intersection of Ang Mo Kio Ave 2. Its entrance is just after Ang Mo Kio Ave 2 if you are driving from Upper Thomson Road or you need to make a U-turn after Ang Mo Kio Ave 2 if you are driving from the other direction from Ang Mo Kio Ave 1.
The site is in the popular Ang Mo Kio, District 20. It was launched by the Urban Redevelopment Authority (URA) on 26 Nov 2020 and the developer’s tender was closed on 25 May 2021. Though the site was launched in the midst of Covid-19 uncertainties, it still attracted 15 bids from different real estate ventures. This gives some indications of the potential of the site from the developers’ views. The winning bid of $381.4m came from United Venture Development (2021), a joint venture between three reputable real estate developers: UOL Group, Singapore Land Group and Kheng Leong Company.
The site area is about 12,679.4 m2 / 136480 sqft and the maximum permissible Gross Floor Area (GFA) is 341,205 sqft.
This works out to be a bid of $1,118 psf ppr (per square foot per plot ratio) for the site.
UVD put in the highest bid amongst the 15 developers. This worked out to be $1,118 psf ppr. After factoring in all the costs to construct, it is estimated that the breakeven for the developer will be at $1,822 psf ppr. If the developer put in a margin of 15% – 20%, the cost psf ppr will be $2,095 – $2,184.
Great Location That Keeps Getting Better
Amo Residence nestles on the edge of Ang Mo Kio, a matured estate in a rather central location in Singapore. It is in District 20 and grouped under the Outside Central Region (OCR) category. The plot is currently served by two MRT stations (Mayflower and Bright Hill), expressways, and a good road network. Improvements to the road infrastructure are ongoing and traveling to town and other parts of Singapore will be faster and more comfortable.
Major Arterial Roads
There are several major arterial roads and expressways within a 10minutes drive of Amo Residence, making it convenient to reach most parts of Singapore. With Ang Mo Kio being part of the North-South Corridor when it fully opens in 2027, traveling to other parts of Singapore will be a breeze.
Upper Thomson Road
The nearest main road will be Upper Thomson Road. This road will lead you to Thomson Plaza, Lornie Highway, Pan-Island Expressway (PIE), and Bukit Timah Road if you travel south. To the north, it will lead to Lower Pierce Reservoir, Seletar Expressway (SLE), Sembawang Road, etc… It takes just a minute to reach the site from the Upper Thomson Road and AMK Ave 1 junction and slightly longer if traveling is along Ang Mo Kio Ave 1 as you need to do a U-turn.
Central Expressway (CTE)
To reach CTE, it will take about 10 minutes, depending on your luck with the traffic lights along AMK Ave 1. When the NS Corridor opens, it will free up more lanes and time to travel to the Northern and city regions.
The biggest game-changer for traveling for residents of Amo Residence will be when the North-South Corridor achieves completion in 2027. It will be Singapore’s first integrated transport corridor and longest Transit Priority Corridor where there will be dedicated bus lanes, cycling trunk routes, and pedestrian paths. These will serve public bus commuters, active mobility users, and pedestrians very well in the estates that are connected. The 21.5km corridor will run parallel with CTE and will be located along Ang Mo Kio Ave 8 – Bishan Road for the Ang Mo Kio section. The corridor serves to alleviate traffic on the CTE and major arterial roads such as Thomson and Marymount Road. Residents will shave off several minutes of traveling time to the North and town region upon the opening of NSC. Active mobility users and pedestrians will benefit from the cycling trunk routes and pedestrian paths as they will be linked with Park Connector Network (PCN) and local cycling paths within HDB towns along the entire corridor, enhancing connectivity for these groups of people.
Residents of Amo Residence have the option to choose two MRT stations to choose: Mayflower and Bright Hill stations. Both stations are about 600m away and 10 minutes walk although Mayflower is nearer and easier to access. Both sit on the Thomson-East Coast (TEL, Brown Line) which eventually will have 32 stations, connecting to eight different interchanges: East-West Line (EWL), North-South Line (NSL), North-East Line (NEL), Circle Line (CCL), Downtown Line (DTL) and the Cross Island Line (CRL) when fully operational in 2025. Currently, TEL is at Stage 2 out of 5 stages. This means that residents around the Mayflower MRT station can travel up to Woodlands North in the North and Caldecott to the south at this time.
Each TEL train has five doors on each side instead of the usual four, bringing commuters a faster and smoother journey.
At this time, if you take a train from Mayflower MRT station:
- 4 stops north will reach Woodlands MRT where you can change to the North-South Line. Another stop away will be Woodlands North station, the northernmost of this line.
- One-stop south is the Bright Hill station (or you may choose to walk from the site). You can visit Bishan-Ang Mo Kio Park and the famous Kong Meng San Phor Kark See Monastery. Bright Hill station will also be the future interchange with Cross Island Line (CR). Phase 1 of CR is slated to be completed by 2030.
- Two stops away from Mayflower station is Upper Thomson station. This is where the popular Thomson Plaza is located. There are several F&Bs and retail shops found along the shophouses in Upper Thomson Road which are worth to check them out.
- Three stops away is Caldecott station. This also serves as an interchange for Circle Line (CC). You can also visit MacRitchie Reservoir from this station.
By 2025, TEL will enable you to travel to:
- Shenton Way station which is a new station
- Marina Bay which also is an interchange with Circle Line (CC).
- Gardens By the Bay station which will also be a brand new station.
- Founders’ Memorial which the building itself will be completed by 2027 to commemorate the values and ideals exemplified by Singapore’s first-generation leaders and people who played a crucial part in Singapore’s development.
- All the way to the easternmost station is Sungei Bedok which is an interchange with Downtown Line (DT)
Amo Residence: Facilities
This section will be updated once we have the latest information.
Amo Residence: Enviable Amenities Nearby
Residents of Ang Mo Kio Ave 1 GLS site will be spoilt for choice with the quality and quantity of amenities. Here we put together a list of things that will contribute to families looking for travel convenience and/or a pleasant environment to bring up their families. Here’s what we will look at:
- shopping malls
- F&Bs and food centers
- popular schools from primary schools to pre-tertiary institutions
- parks and greenery
Ang Mo Kio Hub
The nearest shopping center is Ang Mo Kio Hub which is strategically located within the Ang Mo Kio estate. Ang Mo Kio Hub attracts people from all walks of life with its diverse range of tenants.
Some of the tenants include:
Grocery shopping: FairPrice Xtra
Family Restaurants: Ajisen Ramen, Fish & Co, I’m KIM Korean BBQ, Kei Kaisendon, etc…
Cafes and Quick Service Restaurants: Burger King, Dunkin’ Donuts, Paris Baguette, Starbucks, MOS Burger, etc…
Food Court Centre: NTUC Foodfare
Cinema and Entertainment: Cathay Cineplexes, Timezone
Health & Beauty: Fitness First, The Body Shop, Salon One, and many more…
This family-friendly shopping center has been around for the longest time. It now boasts of a newly minted Upper Thomson MRT station and this is just two stops away from Mayflower station. It could possibly be the fastest shopping center to reach from Amo Residence.
The tenants’ offerings mainly catered to families. They include:
Grocery shopping: FairPrice Finest
Value Store: Daiso
Family Restaurants: Swensen’s, Sushi Tei
Cafes and Quick Service Restaurants: Starbucks, KFC, Subway, and a host of local cafes
Food Court Centre: Koufu
Education: Sylvia McCully School of Dancing, Yamaha, Learning Point
Health & Beauty: Watsons, Guardian, and many more…
Located slightly further away is the immensely popular Junction 8 with its array of F&Bs, retail shops and it includes a cinema. It is located in the densely populated Bishan estate and has its own wide range of shops. Residents of Amo Residence can look to this shopping mall with its slightly different mix of shops from Ang Mo Kio Hub and Thomson Plaza to complement their entertainment and shopping experience.
Some of the tenants include:
Grocery shopping: FairPrice Finest
Value Store: Japan Home
Family Restaurants: Canton Paradise, Din Tai Fung, Osaka Ohsho, Swensen’s
Cafes and Quick Service Restaurants: McDonald’s, MOS Burger, KFC, The Coffee Bean & Tea Leaf, Toast Box, etc…
Food Court Centre: Food Junction
Cinema: Golden Village
Health & Beauty: Innisfree, Laneige, Watsons, Guardian, and many more…
Restaurants & F&Bs
Without venturing afar or even into the shopping malls, there are famous eateries peppered around the development; along Upper Thomson Road or within the Ang Mo Kio estate. Below are some of the restaurants, cafes, and hawker centers worth checking out.
A place for Great Education
Parents looking for a head start for their school-going children will love Amo Residence. The area is blessed with a few top and popular primary schools within the 1km range. There are also great secondary schools and pre-tertiary institutions for further studies. Here are some of them:
Primary Schools within 1km:
- Ai Tong Primary School
- CHIJ St. Nicholas’ Girls School (Pri)
- Ang Mo Kio Primary School
Primary Schools between 1 – 2 km:
- Catholic High School
- Jing Shan Primary School
- Anderson Primary School
- Mayflower Primary School
- Teck Ghee Primary School
- Ang Mo Kio Secondary School
- Mayflower Secondary School
Eunoia Junior College
Anderson Serangoon Junior College
Other Higher Education Institutions:
ITE College Central
If you love greenery or enjoy the outdoors, you will definitely love Amo Residence. There are parks within walking distance to nearby reservoirs with secondary forests for you to do hiking or long walks. These places will quickly replace the stress from the hustle and bustle of city life with serenity and calm while you are there.
- Ang Mo Kio Garden East
- Ang Mo Kio Garden West
- Bishan – Ang Mo Kio Park is the nearest; just a road away
- Lower Pierce Reservoir; Singapore’s second oldest reservoir
and do not forget MacRitchie Reservoir which is just 2 stops away from Bright Hill station (or 3 stops from Mayflower station).