UOL Group Ltd.– controlled by banking and real estate billionaire Wee Cho Yaw – sold almost every unit of a suburban residential condominium building it launched over the weekend, adding to signs that housing demand in Singapore remains robust despite soaring interest rates.
The company, in partnership with Wee’s Singapore Land and Kheng Leong Co., sold over 98% of the 372 units at AMO Residence at Ang Mo Kio in central Singapore when the project launched over the weekend. “There is strong underlying demand as this is the first major private residential development in the mature Ang Mo Kio housing estate in over eight years,” said Anson Lim, general manager of residential marketing at UOL. , in a press release. The project, which is expected to be completed in 2026, is also close to MRT MayFlower station as well as popular schools, he added.
The project’s robust sales come on top of signs that pent-up demand for private housing in Singapore remains robust as buyers are undeterred by rising interest rates and mounting inflationary pressures that could tip the global economy into another recession. Home prices climbed 3.5% in the second quarter from the previous quarter, as sales rose 31% to nearly 2,400 units during the period, the government said. Data released on Friday showed.
Prices for AMO Residences start at S$1.26 million ($908,000) for a two-bedroom unit, with three-bedroom apartments selling for S$1.81, while four-bedroom units cost S$2.48. million Singapore dollars and five-bedroom units at S.$2.85 million. The average sale price for the project, consisting of two 25-storey residential towers with sweeping views of Bishan-Ang Mo Kio Park, is around S$1,890 per square foot.
UOL is actively marketing its residential projects despite the widespread disruption caused by the Covid-19 pandemic. In June this year, the company fully sold the 640-unit Clavon, which was launched in December 2020, in the city of Clementi, west of Singapore. The group’s Avenue South Residence, near the central business district of Raffles Place, and The Watergardens in Canberra, northern Singapore, are also enjoying strong sales, he added.
One of Singapore’s biggest property developers, UOL is controlled by veteran banker Wee Cho Yaw, 93, chairman emeritus of United Overseas Bank, the country’s third-largest bank by assets. The lender was founded by his father Wee Khiang Cheng in 1935 as United Chinese Bank. With a net worth of $6.8 billion, Wee ranked No. 9 on Singapore’s 50 richest list released in August last year.