Reply to Thread
Results 1 to 18 of 18

Thread: Piermont Grand EC at Sumang Walk By CDL

  1. #1

    Default Price Sumang Walk EC can be pretty tricky

    CDL won the bid at Sumang Walk. The project's name has not been announced. Let's call it Sumang Walk EC or Sumang EC. Sumang Walk EC sits an area of 291,235 square feet (sq ft) and has a plot ratio of 3.0.
    With the top bid of S$509.37 million, it works out to a record to S$583 per square foot per plot ratio (psf ppr).  The estimated breakeven cost is about S$1,000 psf. Sumang Walk EC launch price may range from about $1,100 to about $1,200. If this is the launching price, that is way too expensive as an EC. 1st or 2nd timer applicant may get cold feet. Let's see how the developer will price this project.

  2. #2
    Senior

    User Info Menu

    Default Re: Price Sumang Walk EC can be pretty tricky

    Quote Originally Posted by rsbeginner View Post
    CDL won the bid at Sumang Walk. The project's name has not been announced. Let's call it Sumang Walk EC or Sumang EC. Sumang Walk EC sits an area of 291,235 square feet (sq ft) and has a plot ratio of 3.0.
    With the top bid of S$509.37 million, it works out to a record to S$583 per square foot per plot ratio (psf ppr).  The estimated breakeven cost is about S$1,000 psf. Sumang Walk EC launch price may range from about $1,100 to about $1,200. If this is the launching price, that is way too expensive as an EC. 1st or 2nd timer applicant may get cold feet. Let's see how the developer will price this project.
    Let's say the average selling price is 1083psf (being 500psf more than the land cost)
    the developer can exclusively sell 3 and 4 bedders BUT cut the size to maintain the affordability. 807sq ft*1083psf=$874k. the quantum for rivercove's cheapest unit was $826,600, that would be 1024psf if the size is chopped from 904sq ft down to 807sq ft.

    All 4 EC plots sold are pretty close to this 583psf currently so we can expect similar pricing at other ECs. The trick is developers can still shrink the size by 10% to sell at 10% higher psf and the quantum still remains the same.

  3. #3
    Junior

    User Info Menu

    Default Re: Price Sumang Walk EC can be pretty tricky

    That’s the psf I paid for WT 6 years ago. Lol

  4. #4

    Default Piermont Grand EC at Sumang Walk By CDL

    CDL revealed the name of EC at Sumang Walk, Piermont Grand.

    Piermont Grand EC is located at the heart of upcoming Punggol Digital District, a vision of Singapore’s Smart Nation effort, from 2023.

    It's within walking distance to Punggol Waterway Point Mall & Punggol MRT.

    Residents get to enjoy a vibrant living environment with 4.2km long waterway offering greenery, promenades and various outdoor activities.

  5. #5
    Newbie

    User Info Menu

    Default Sumang Walk EC to be called Piermont Grand EC

    This Sumang Walk EC finally got a name. To be called the Piermont Grand. Very atas sounding name, maybe to fit the expected atas pricing. Lol. With that kind of expected PSF pricing, CDL will have to design really small units, to make the quantum small enough for buyers, especially first-timers to meet TDSR. Guess they are also relying on the pent-up demand to push sales. As this is going to be the only EC launch for almost a year since Rivercove cos the Piermont Grand showflat won't be opening till late June or early July anyway. Even the returned units at the other ECs are already selling at over $1,000 PSF, but those have bigger floor areas than likely at Piermont Grand, which makes their quantums harder to swallow.

  6. #6
    Senior

    User Info Menu

    Default Re: Sumang Walk EC to be called Piermont Grand EC

    Quote Originally Posted by Wimsey View Post
    This Sumang Walk EC finally got a name. To be called the Piermont Grand. Very atas sounding name, maybe to fit the expected atas pricing. Lol. With that kind of expected PSF pricing, CDL will have to design really small units, to make the quantum small enough for buyers, especially first-timers to meet TDSR. Guess they are also relying on the pent-up demand to push sales. As this is going to be the only EC launch for almost a year since Rivercove cos the Piermont Grand showflat won't be opening till late June or early July anyway. Even the returned units at the other ECs are already selling at over $1,000 PSF, but those have bigger floor areas than likely at Piermont Grand, which makes their quantums harder to swallow.
    so small so expensive might as will don't upgrade to ec better ha ha.

  7. #7
    Senior

    User Info Menu

    Default Re: Sumang Walk EC to be called Piermont Grand EC

    Quote Originally Posted by azeoprop View Post
    so small so expensive might as will don't upgrade to ec better ha ha.
    apparently sales is picking up at Parc Botannia >75% sold already

  8. #8
    Newbie

    User Info Menu

    Default Piermont Grand EC @ Punggol, Sumang Walk

    Piermont Grand CDL destinations on a prime bit of EC land which speaks to a convenient speculation for CDL who is hoping to recharge its territory banks. The vast majority of the EC dispatches as of late have just been sold and Piermont Grand EC will exhibit an open door for purchasers who are searching for another EC directly in the core of Punggol. Piermont Grand Executive Condo is the most recent venture with TID Residential that is a cooperation with Hong Leong Holdings and Mitsui Fudosan.

    Piermont Grand Showflat will highlight numerous formats for your thought. A portion of the formats incorporate a section level 3 Bedroom floor plan that is incredible for youthful families who have quite recently begun and beginning their fantasy of owning a private property. There will likewise be greater 4 Bedroom designs for greater family sizes just as more distant family and the 4 Bedroom will highlight a major living space.

    Official Condominiums are of good incentive to various purchaser profiles particularly first clocks as there is an extra $30K for first clocks who are putting resources into their first financed lodging. Official Condominiums are in deficiency and along these lines there is a certified interest for sponsored lodging particularly the ones closer to Waterfront living. Piermont Grand price fits the criteria of most buyers. It is straightforwardly confronting Punggol Waterway making it an ideal first clock home for your family. Piermont Grand floor plan is outfitted with current offices notwithstanding different luxuries for socialization, stimulation, wellness, and additional curricular exercises. They incorporate an indoor exercise center, an open capacity room, a play area for youngsters, and a clubhouse among others.

  9. #9
    reporter

    User Info Menu

    Default Re: Piermont Grand EC at Sumang Walk By CDL

    E-applications to start for Piermont Grand, 2019's first EC launch

    Fri, Jul 12, 2019

    VIVIENNE TAY


    E-APPLICATIONS for Piermont Grand, this year's first executive condominium (EC) launch, will start this coming weekend from July 12 to July 22, with bookings to be conducted on July 27.

    The 820-unit EC is a project developed by City Developments Limited (CDL) and TID which overlooks My [email protected] CDL did not comment on the pricing of the project.

    The EC offers three-, four- and five-bedroom units, with apartment sizes ranging from 840 square feet (sq ft) for a three-bedroom to 1,701 sq ft for a five-bedroom premium penthouse.

    Penthouses and selected units will come with high ceilings in the living, dining and bedroom areas. Meanwhile, a kitchen island will also be provided for four- and five-bedroom units.

    All apartments also come with a Haiku ceiling fan, Teka kitchen appliances, Grohe bathroom fittings, a wireless smart home system and more.

    The EC project has over 30 facilities spread across four zones - The Cascades, The Waterfalls, The Lakes and The Hills. These include a gymnasium alongside a 50-metre lap pool, a children's party room, tennis court and barbecue pavilions.

    Piermont Grand is located near the Sumang and Nibong LRT stations connected to Punggol MRT station and bus interchange.

    It is also near the upcoming Punggol Digital District which will house digitally-focused companies like JTC's business parks and the Singapore Institute of Technology's new campus.

    The marketing agents for the project are ERA, Huttons, OrangeTee & Tie and PropNex.

    Separately on Thursday, Roxy-Pacific Holdings and its joint venture partner Tong Eng Group announced the upcoming launch of its 186-unit View at Kismis.

    The 99-year leasehold development consists of two- to five-bedroom residential units, with prices starting from S$880,000 for a two-bedder.

    The condo is located near Beauty World MRT station and the upcoming Beauty World integrated transport hub outlined in the URA Draft Master Plan 2019. The public preview for View at Kismis will be held on July 13, and the sales launch will take place on July 20.

  10. #10
    Senior

    User Info Menu

    Default Re: Piermont Grand EC at Sumang Walk By CDL

    https://www.straitstimes.com/business/property/piermont-grand-ec-sells-375-of-its-820-units-over-launch-weekend

    Piermont Grand EC sells 375 of its 820 units over launch weekend

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

    The 46 per cent sales achieved as of 6pm on Sunday (July 28) "makes Piermont Grand by far the best-selling property launch in 2019", said developer City Developments Limited (CDL) in a media release.

    Eligible second-time buyers accounted for about 65 per cent of the units sold, said CDL. Under EC rules, only 30 per cent of the project can be allocated to second-time buyers during launch. Those in this group not able to buy during the initial launch period can do so for remaining units one month after the public launch.

    CDL said deferred payment was offered for this EC. Eligible buyers can also apply for CPF housing grants of up to $30,000.

    The 99-year leasehold development overlooks My [email protected], Singapore’s longest artificial waterway crossing through Punggol New Town, and is a three-minute walk to Sumang and Nibong LRT stations, which are connected to Punggol MRT station and bus interchange.

    Piermont Grand offers three-, four- and five-bedroom units. Apartment sizes are from 840 square feet (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, $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 over $1,000 psf: “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 to 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 Pte Ltd, which a a joint venture between Hong Leong Holdings and Mitsui Fudosan Co.

    They made the top bid of S$509.37 million or a record to S$583 psf per plot ratio for the government land sales site at Sumang Walk in February last year, the only EC plot offered in 2018. The breakeven price for units at the development was estimated at around $1,000 psf.

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

  11. #11
    Newbie

    User Info Menu

    Default Re: Piermont Grand EC at Sumang Walk By CDL

    Pay so much $1,080 psf to face opposite Pasir Gudang in Johor.... Really crazy

  12. #12
    Insights Advocator

    User Info Menu

    Default Re: Piermont Grand EC at Sumang Walk By CDL

    It all has to do with increased land prices. CDL is also using its name to name a premium to the sticker price....for an EC no less.

    "The break-even price for units at the development was estimated at around $1,000 psf." -STimes, 29th July 2019

    In relation to price movements, RCR has broken $2,000+ psf crica 2017/18 for new developments like PPR, Woodleigh, Amber Park etc to name a few.

    Currently, sitting opposite me is transacting up to $2,700psf for MeyerHouse for RCR in 2019. Hitting $3K psf one day is hard to imagine?
    https://www.ura.gov.sg/realEstateIIWeb/transaction/submitSearch.action;jsessionid=QFI8vxt5kZt3Z-aCfpOlit37hz4L4-tnZF7adoBjjdocfLB9sdfq!-602517481!-1504692120

  13. #13
    Senior

    User Info Menu

    Default Re: Piermont Grand EC at Sumang Walk By CDL

    the land cost of most of the ECs r at similar prices to this CDL plot. brand new ECs look set to stay above 1000psf.

  14. #14
    Senior

    User Info Menu

    Default Re: Piermont Grand EC at Sumang Walk By CDL

    Still remember last time 2009 a 3 bedder 12xx sqft waterfront waves or Caspian or Mi Casa were selling around 600 psf or around 750k
    Inter terrace was around 1.5mil

    10 years later now like this....

  15. #15
    Senior

    User Info Menu

    Default Re: Piermont Grand EC at Sumang Walk By CDL

    Quote Originally Posted by azeoprop View Post
    Still remember last time 2009 a 3 bedder 12xx sqft waterfront waves or Caspian or Mi Casa were selling around 600 psf or around 750k
    Inter terrace was around 1.5mil

    10 years later now like this....
    same formula: shrink size up psf. 10years on,

    CASPIAN LAKESIDE DRIVE Condominium 22 OCR 99 yrs lease commencing from 2008 Resale 1 $1,200,000 - 1,195sq ft Strata 06 to 10 1,004psf Apr-19

  16. #16
    Exalted

    User Info Menu

    Default Re: Piermont Grand EC at Sumang Walk By CDL

    Quote Originally Posted by azeoprop View Post
    Still remember last time 2009 a 3 bedder 12xx sqft waterfront waves or Caspian or Mi Casa were selling around 600 psf or around 750k
    Inter terrace was around 1.5mil

    10 years later now like this....
    4BR 1250sqft now....lol

  17. #17
    Insights Advocator

    User Info Menu

    Default Re: Piermont Grand EC at Sumang Walk By CDL

    Some factors that is going to affect H2 property sales till end of 2019.
    1) Land prices already north, sticker prices too. What is fair value for buyers where demand meet supply?
    2) Watching this line https://www.abs.org.sg/rates-sibor# Banks will have to re-look their loan strategy moving forward.
    3) Foreign buyers returning to market?
    4) Singapore currency adjustment to support export growth
    5) Election sweeteners but not going as far as adjusting CMs since prices are labelled as 'stable'.
    6) Increased government spending

  18. #18
    Exalted

    User Info Menu

    Default Re: Piermont Grand EC at Sumang Walk By CDL

    Major correction could be coming soon since the subprime crisis in 2008.

Reply to Thread

Similar Threads

  1. City Developments reveals stake in joint venture that clinched Sumang Walk site
    By reporter2 in forum HDB, EC, commercial and industrial property discussion
    Replies: 2
    -: 07-06-19, 13:27
  2. Replies: 6
    -: 03-06-19, 21:51
  3. Whistler Grand by CDL
    By sgproplaucnh in forum Marketplace
    Replies: 0
    -: 17-11-18, 15:10
  4. Replies: 2
    -: 14-05-13, 17:00

Posting Permissions

  • You may not post new threads
  • You may post replies
  • You may not post attachments
  • You may not edit your posts
  •