Piermont Grand might be able to own 3 “only”s for itself – the only executive condominium (EC) site to be sold in 2018, possibly the only EC to be launched in 2019 and thus far, the only EC to be sold at an average price of above $1,000 psf.
$1,080 psf average selling price a first for ECs
Over the weekend, the 375 out of the 820 units at the Piermont Grand EC sold for an average price of $1, 080 psf. About 46% of the units launched were sold by 6 pm on Sunday. Analysts had analysed from the sale of the land site last year for the breakeven price to be around $1,000 psf.
The site was acquired by CDL and TID (a joint venture between Hong Leong Holdings and Mitsui Fudosan) for $509.37 million under the Government Land Sales programme last year. At $583 psf ppr, it was a record-breaking price at the time of the sale.
Units at the Piermont Grand EC vary between 3-, 4- and 5-bedders with sizes ranging between 840 sq ft for a 3-bedroom units to 1,701 sq ft for a 5-bedroom penthouse. Prices started from $888,000 for a 3-bedder to $1.34 million for a 4-bedder and $1,508 million for a premium 5-bedroom unit.
Piermont Grand in an area populated by young families
The 99-year leasehold project is located just a 3-minute walk away from the Sumang and Nibong LRT stations which connect to the Punggol MRT station and bus interchange. It is also well-located near the upcoming Punggol Digital District and could be good rental units for the growing workforce in the area.
Executive Condominiums are considered public housing but become private properties after a 10-year period. Only 30% of the project is allocated to second-time buyers and many of them were vying for the limited number of units over the weekend’s launch. About 65% of the buyers were second-times.
As a landmark waterfront residence in the suburbs, buyers are flocking to it for not only its location but also the scenic views. The property is being marketed by ERA, Huttons, OrangeTee & Tie and PropNex.
The developers are offering some luxury comforts similar to those in private condominiums such as premium fittings and finishes.
See more: August 2019 BTO – What We Know So Far