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Piermont Grand EC markets 375 of its 820 systems over launch weekend

Elijah Birchell, October 7, 2019

SINGAPORE – Piermont Grand exec condominium (EC) – the very first and also most likely only EC launch this year – offered 375 units of a complete 820 flats at a typical cost of $1,080 per sq ft (psf) over the launch weekend break.

Put forward: Piermont Grand floor plan

The 46 per-cent sales obtained since 6pm on Sunday (July 28) “creates Piermont Grand easily the very successful residential or commercial property launch in 2019”, said developer Metropolitan area Developments Limited (CDL) in a news releases.

Entitled second-time shoppers made up regarding 65 percent of the units sold, said CDL. Under EC guidelines, only 30 per-cent of the task could be designated to second-time buyers throughout launch. Those in this team not able to purchase during the course of the first launch time period may do so for staying systems one month after everyone launch.

CDL pointed out deferred payment was given for this EC. Eligible customers can easily also get CPF real estate grants of around $30,000.

The 99-year leasehold progression ignores My Waterway @ Punggol, Singapore’s longest fabricated river crossing with Punggol New Town, and is actually a three-minute walk to Sumang as well as Nibong LRT stations, which are actually linked to Punggol MRT terminal as well as bus variation.

Piermont Grand delivers 3-, 4- and also five-bedroom units. Apartment dimensions are from 840 straight feet (sq ft) for a three-bedder to 1,701 sq ft for a five-bedroom superior lean-to.

The systems were cost around $1,080 psf, with rates beginning with $888,000 for a three-bedroom, $1.34 million for a four-bedroom superior and also $1.508 thousand for a five-bedroom fee. CDL stated take-up was good for all system kinds.

Savills Singapore research study scalp Alan Cheong mentioned this was the first time typical rates for an EC changeover $1,000 psf: “Great purchases offered the record prices and also moribund economic climate.”

Said CDL overall manager Chia Ngiang Hong: “Our experts are actually extremely thrilled with the solid take-up for Piermont Grand, which reflects its own exceptional qualities. Found correct next to pair of LRT stations and also near Punggol MRT terminal, Piermont Grand is actually a brand new EC that is actually certainly hard to follow through. Shoppers are actually likewise enticed to the task as it is a landmark waterside house offering scenic views and also elegant comforts.

” Our company have elevated the EC offering along with effectively curated locations as well as fee installations and appearances that approach exclusive apartments. Moreover, there is actually possibility for significant advantage given the advancement’s distance to the upcoming Punggol Digital District.”

CDL is building the Punggol EC along with TID Pte Ltd, which a a shared venture in between Hong Leong Holdings and also Mitsui Fudosan Co

. They created the leading proposal of $509.37 million or a document to S$ 583 psf every area ratio for the federal government land purchases website at Sumang Walk in February in 2013, the only EC plot offered in 2018. The breakeven price for devices at the advancement was approximated at around $1,000 psf.

The development is actually marketed through ERA, Huttons, OrangeTee & Tie and PropNex.

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