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46% of Punggol EC sold at launch despite big price tag

46% of Punggol EC sold at launch despite big price tag.

Piermont Grand executive condominium (EC) - the first and likely only EC launch this year - sold 375 units of a total of 820 apartments at an average price of $1,080 per sq ft (psf) over the launch weekend.

The 46 % sales achieved as of 6pm yesterday "makes Piermont Grand by far the best-selling property launch in 2019", said developer City Developments (CDL) in a media release yesterday. Eligible second-time buyers accounted for about 65 % of the units sold, said CDL.

Under EC rules, only 30 % of the project can be allocated to second-time buyers during its launch. Those in this group not able to buy during the initial launch period can purchase remaining units one month after the public launch. CDL said deferred payment was offered for this EC. Eligible buyers can also apply for Central Provident Fund housing grants of up to $30,000.

The 99-year leasehold project overlooks My Waterway@Punggol and is a three-minute walk to Sumang and Nibong LRT stations, which are connected to the Punggol MRT station and bus interchange. Piermont Grand offers three-, four-and five-bedroom units. Apartment sizes range from 840 sq ft for a three-bedder to 1,701 sq ft for a five-bedroom premium penthouse.

The units were sold at an average of $1,080 psf, with prices starting from $888,000 for a three-bedroom unit, $1.34 million for a four-bedroom premium and $1.508 million for a five-bedroom premium. CDL said take-up was good for all unit types.

Savills Singapore research head Alan Cheong said this was the first time average prices for an EC crossed $1,000 psf. He added: "Fantastic sales given the record prices and moribund economy."

Said CDL general manager Chia Ngiang Hong: "We are very pleased with the strong take-up for Piermont Grand, which reflects its exceptional attributes. Located right next to two LRT stations and near Punggol MRT station, Piermont Grand is a new EC that is indeed hard to come by. Buyers are also attracted to the project as it is a landmark waterfront residence providing scenic views and luxurious comforts.

"We have elevated the EC offering with well-curated facilities and premium fittings and finishes that are comparable with private condominiums'. Moreover, there is potential for significant upside, given the development's proximity to the upcoming Punggol Digital District."

CDL is developing the Punggol EC with TID, which is a joint venture between Hong Leong Holdings and Mitsui Fudosan. The group made the top bid of $509.37 million, or a record $583 psf per plot ratio, for the Government Land Sales site in Sumang Walk in February last year, the only EC plot offered in 2018.

The break-even price for units at the development was estimated at around $1,000 psf. The development is being marketed by ERA, Huttons, OrangeTee & Tie and PropNex.

Adapted From The Straits Times, July 29 2019