Buying frenzy at AMO Residence drives debate on need for more property cooling measures

CHAMPAGNE may be flowing in the boardrooms of UOL Group and its consortium partners Singapore Land Group and Kheng Leong Group. The UOL-led consortium sold over 98 per cent of the 372 units of 99-year leasehold private residential development, AMO Residence, the year’s first major new launch in the Outside Central Region (OCR), by the first day of its launch on Jul 23. Based on market talk, pricing achieved was roughly around the S$2,100 per square foot level.

Home loan rates are rising, which makes financing for home purchases more costly. Economic growth at home and abroad may slow amid the prolonged conflict in Ukraine, supply chain disruptions and rising inflation.

Still, the private home market in Singapore looks to have shaken off the shock of property cooling measures introduced on Dec 16, 2021.  Prices of private homes rose by 3.5 per cent quarter on quarter in the second quarter of 2022, versus the 0.7 per cent quarterly increase in the first quarter, according to data by the Urban Redevelopment Authority (URA).