DECEMBER 22, 2022 PUBLISHED AT 11:25 AM
By TERENCE ANG
When the 99-year-leasehold private condominium AMO Residence was launched in July 2022, 98 per cent of its 372 units were sold out within the first day of launch, making it one of the most successful launches of 2022.
Being a development by UOL Group, Singapore Land Group and Kheng Leong Group, AMO Residence is an Outside of Central Region (OCR) project located in the prized District 20 — a Singapore-central area loosely bounded by MacRitchie Reservoir Park, Lower Peirce Reservoir Park, Yio Chu Kang Road, the Central Expressway and Bishan Flyover.
Shaped like a star, District 20 is basically home to parts of Ang Mo Kio and Bishan, two mature estates that have consistently drawn record home sales in HDB projects like Cheng San Court, Natura Loft and many more.
For condos, the 4,229-sqft five-bedroom penthouse at JadeScape currently holds the record at $6.2m ($1,466 psf). The 1,206-unit development in the Rest of Central Region (RCR) will TOP next year.
For OCR condo projects in D20, the current record would be a 2,497-sqft penthouse at AMO Residence, which sold for $6m ($2,406 psf).
While we wait for AMO Residence to be completed by 2026, here are several other private condos in District 20 which have made record sales for their respective developments recently:
In September, before the cooling measures came into effect, a 2,379-square-foot penthouse at the 698-unit The Panorama was sold at a record high for the development.
The five-bedroom unit sold for $3.98m, or $1,673 psf, surpassing the previous $3.198m record ($1,428 psf) for another penthouse sold there in May 2021. The Panorama is roughly over three years old, TOPing in 2019.
According to Kenny Lee, Senior Division Director from PropNex, who closed the penthouse deal, the unit has an unblocked view of northern Singapore overlooking two reservoirs and the Singapore Island Country Club (SICC) on the left.
It is also near CHIJ St. Nicholas Girls’ school and the Mayflower MRT station on the Thomson-East Coast (TEL) line.
When the sellers for the penthouse unit first approached Lee, he knew that AMO Residence and Lentor Modern were entering the market around the same period.
“The seller, who works in a senior management position in an MNC, was looking to right-size and move nearer to the city. I highlighted that it might be the right time to rebalance his portfolio for two reasons: OCR prices increased during the pandemic’s two-year period, and we were crossing the $2,000 psf mark,” Lee told us.
Lee was right. When both OCR condos AMO Residence (D20) and Lentor Modern (D26) launched, the average psf price for larger, premium units hit the $2,000 to $2,200 mark.
“The gap between CCR and OCR prices has also narrowed over the years, so it was a good opportunity for the sellers to move nearer to the city area (CCR),” Lee added.
With proper mortgage planning, the seller timed the sale of his penthouse before his next purchase (so he was not impacted by a hefty ABSD).
The cooling measure on Sept 30, 2022 did not greatly impact the seller also. According to Lee, the OTP was signed before Sept 30.
Finally, last month, two condo units within District 20’s Bishan estate registered record sales for their respective developments.
The first was Thomson V One, a boutique, four-storey, 99-year leasehold development of 21 apartments, and the other was Tresalveo, a freehold development of 176 apartments.
The Thomson V One sale was a 1,163-sqft penthouse with two bedrooms, which sold for $1.335m ($1.148 psf). It surpassed the project’s previous record of $1.195m ($1,028 psf) in June 2010.
The Tresalveo sale was a 1,701-sqft three-bedroom apartment on the seventh to ninth floor range, which sold for $2.82m ($1,658 psf). It surpassed the project’s previous record set in December 2021, when a 1,550-sqft unit was sold for $2.5m ($1,613 psf).
District 20 average per-square-foot prices
Here’s the average psf price trends of private condos, executive condominiums (ECs) and HDB resale flats in District 20 over the years.
The trajectory for private condos has surged way faster than ECs and HDB resale flats. Over the past 10 years, average psf prices of private condos rose nearly 50 per cent, compared to ECs (27 per cent) and HDB resale flats (17 per cent).
The chart also shows average psf prices of private condos currently at $1,822 psf, driven mainly by AMO Residence and JadeScape. For ECs, they’re mostly from nineteen-year-old Bishan Loft.
Finally, for HDB resale, most of the higher psf price points are driven from flats at Bishan’s Natura Loft and Cheng San Court at Ang Mo Kio St 51.