Piermont Grand EC at Punggol


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Piermont Grand Executive Condo is located at Sumang Walk in Punggol Singapore was one of the most competitive tenders that attracted 17 bids from various developers upon launching of the site late last year. Its developers plan to construct the Piermont Grand Executive Condo to comprise 13 blocks each having between 10-17 storey. The 99-year leasehold site is expected to yield up to 820 condo units and has a plot ratio of 3.0 with a maximum GFA of 873,698 sq ft. and 27,056.4 square meters.

CDL Constellation (owned by City Developments) and TID Residential (a subsidiary of TID Pte. Ltd.) emerged the winners of the site where Piermont Grand is set to be developed in a joint venture. This follows a top bid of S$509,370,000 million for the 820 unit Piermont Grand EC Condo. The CDL’s joint bid came top of the highly contested and latest government tender by a 4.8% margin as compared to the top contestant’s offer of $486 million by Qingjian Realty (Residential).
The price of Piermont Grand EC translates to approximately $583 psf. A price never recorded for an EC unit in Punggol. With such a high bid, Piermont Grand Executive Condo is expected to launch at an amount ranging from $1,100 to $1,150 psf. If the figures are correct, this still becomes a record as the most expensive EC so far in the Punggol area. If we assume each unit will have an average size of 1,000 sf, Piermont Grand Executive Condo presents a million-dollar residential development in Punggol, an area famous for affordable housing.

Although the winning bid was the highest compared to the past bids, the positive outlook of the Punggol area makes Piermont Grand EC a highly sought after the residential property by buyers. Furthermore, Piermont Grand EC is still an attractive condo for investors since the price of new private houses is on the rise in the area.

According to Sherman Kwek, the head of CDL Group, Piermont Grand Sumang Walk is a sure success considering that it’s the ninth EC project for CDL. The strategic location and other desirable attributes the development has makes it a highly valuable property.

To view how the Piermont Grand Executive Condo units will look like once completed, visit Piermont Grand showflat but you need to book an appointment first to avoid wasting time since the Showflat could be closed on certain days/time.