- With Amo Residences clearing off 98% of the demand, it is still relatively oversubscribed, as we saw close to 1500 cheques collected for 372 units.
- The last time we saw such a result during launch day was when The Linq @ Beauty World sold 96% in 2020, and J-Gateway sold 99% in 2013.
- With supply being at one of S’pore lowest points, genuine buyers have to be more decisive and ensure their funds are ready to secure something that they really want/like.
With 1460 cheques collected for this launch and more than 1000 buyers leaving disappointed, we will see a spillover effect where some of these buyers overflow to current existing projects.
And these other demands, among others from other property launches would move on to the next opportunities they see, eventually allowing the demand to create an appreciation effect due to demand. However, we would see more demand releases slowly as despite ABSD adjustments and the increase in interest rates, Singaporeans are still more than prudent in buying properties.
And that being said, to add on to the commentary, Private home prices up 3.5%. It is likely that Buyers recognize that developers are unlikely to reduce prices of upcoming new launches and the increasing land prices and construction costs, and have come to terms with the prices in the "new high".
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EdgeProp: Amo Residence 98% sold on first day of launch
AMO Residence condo in Ang Mo Kio over 98% sold on first day of launch