District now a top draw for its accessibility, amenities and job opportunities nearby.
A RECENT battle over a condominium site should silence those who still doubt whether Ang Mo Kio is becoming a property hot spot.
The land attracted 14 suitors and eventually went for more than $200 million - probably a record bid for a suburban district plot.
Such is the growing appeal of the district. Homes in Ang Mo Kio, well positioned just north of central Singapore, command a premium compared to those further out.
Four-room resale flats sold at a median price of $260,000 in the April-June period, 30 per cent higher than those in Yishun.
ERA Singapore’s assistant vice-president, Mr Eugene Lim, estimates that prices of resale Housing Board (HDB) flats in Ang Mo Kio have grown 10 to 20 per cent so far this year.
Private housing is thriving as well.
Consultancy Knight Frank said prices at Castle Green condo along Yio Chu Kang Road grew 39 per cent this year to hit $584 per sq ft (psf) in the July-
September period, while Grandeur 8 in Ang Mo Kio Central 3 rose 26.8 per cent to $606 psf.
It is a sign of things to come, given the advantages Ang Mo Kio has to offer.
Key among these advantages is Ang Mo Kio Hub, a mall in the heart of town that is integrated with an air-conditioned bus interchange. It was completed last year and sits just across the road from the Ang Mo Kio MRT station.
Knight Frank’s director of research and consultancy, Mr Nicholas Mak, puts that development on par with major regional retail centres like Causeway Point, Tampines Mall and Jurong Point.
Ang Mo Kio Hub even has an edge over them, as it is far closer to the central business district - about 15 minutes by train from Orchard Road.
This means good demand from tenants wanting to be in flats close to the action. Four-room flats rented for a median $1,000 from April to June, while five-room units went for $1,300.
Upcoming developments may add more vibrancy to the area. The HDB last month put up for sale a plum 1.7ha plot along Ang Mo Kio Street 52, which private developers can use to build about 550 homes.
Private companies are being involved in designing, building and selling public housing in two other projects elsewhere in Singapore - and the idea looks a winner.
The first consisted of condominium-like flats in Tampines that sold like hot cakes last year, while the second, in Boon Keng, is expected to be equally well-received.
The Ang Mo Kio plot is expected to get just as enthusiastic a response.
Add to this the dogfight over a 0.6ha private condominium plot near Ang Mo Kio Hub along Ang Mo Kio Avenue 8.
Far East Organization trumped 13 rivals with a record bid of $202.9 million, or $601 psf per plot ratio.
Far East’s break-even cost is estimated to be around $900 to $1,000 psf, which means apartments will likely be priced at a record $1,100 to $1,200 psf.
Savills Singapore director of marketing and business development Ku Swee Yong believes this could lead to higher prices in the area if sellers use future condo units there as a pricing benchmark.
All in, Ang Mo Kio is ‘one of the few housing estates in Singapore’ that is accessible, has well-developed amenities and job opportunities in clean and well-organised industrial estates nearby, says Mr Mak.
PropNex senior associate manager Lester Tan and ERA’s Mr Lim expect HDB prices in the area to rise by 10 to 20 per cent by the end of next year.
Mr Mak, meanwhile, expects condo prices to grow by 25 to 30 per cent this year and by 15 to 20 per cent next year.
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