Piermont Grand achieves 46% sales on first weekend
By Cecilia Chow
/ EdgeProp Singapore |
On the first weekend of its public launch, Piermont Grand, the sole executive condo (EC) project launched this year, achieved sales of 375 units as at 6pm on Sunday, July 28. The 820-unit project is therefore 46% sold.
Crowd on the first day of Piermont Grand's public launch where 375 of 820 units in the EC project were sold on the first weekend of July 27-28 (Credit: CDL)
“Piermont Grand is easily the best-selling project of 2019 in terms of number of units sold on the first weekend of launch,” says Ismail Gafoor, CEO of PropNex Realty, one of the joint marketing agencies for the project along with ERA Realty Network, Huttons Asia and OrangeTee & Tie.
Prices started from $888,000 for a three-bedroom with sizes from 840 sq ft; $1.34 million for a four-bedroom premium from 1,302 sq ft; and $1.508 million for a five-bedroom premium from 1,432 sq ft. The development also has 54 penthouses, which range from three-bedroom units of 990 sq ft to five-bedroom of 1,701 sq ft. “Take-up was good for all unit types,” CDL commented in a press statement.
Average price achieved for units sold was $1,080 psf. “Based on the fact that this is the priciest EC to be launched, selling more than 40% is a credible performance under current market conditions,” notes PropNex’s Gafoor.
Since 2013, buyers of HDB resale flats and EC units from developers who are borrowing from banks have a mortgage-service-ratio (MSR) capped at 30% of household income. "Despite MSR of 30% and average price of units sold at about $1 million or higher, take-up was still strong due to pent-up demand as Piermont Grand is the only EC launch this year," adds Gafoor.
For price trends, recent transactions, other project info, check out the Piermont Grand project details page
Artist's impression of the 820-unit Piermont Grand which fronts My Waterway@Punggol (Credit: CDL)
Under EC regulations, only 30% of a project can be allocated to second-time buyers during launch. The rest are reserved for first-time buyers. At Piermont Grand, second-time buyers accounted for about 65% or 245 of the 375 units sold, which is close to 30% of the project. However, second-time buyers who are still interested in a project can still make bookings for remaining units a month after the public launch, according to CDL.
Jointly developed by City Developments Ltd (CDL) and TID Pte Ltd, Piermont Grand is located at Sumang Walk. It is a three-minute walk from Sumang and Nibong LRT stations, which are in turn, connected to Punggol MRT station and bus interchange. The project fronts the man-made My Waterway @ Punggol.
“We have elevated the EC offering with well curated facilities and premium fittings and finishes that are comparable to private condominiums,” says Chia Ngiang Hong, group general manager of CDL. “Moreover, there is potential for significant upside given the development’s proximity to the upcoming Punggol Digital District.”
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