Piermont Grand EC could yield 820 units
Based on the site of Piermont Grand EC, was sold for $509.37m, it is estimate have a breakeven price of $1,000 psf.
Local prominent developers CDL Constellation Pte. Ltd. and TID Residential Pte. Ltd. surpassed against other fiercely contested 17 bidders for Sumang Walk with a price of $509.37m, HDB said. They plan to develop the site for an executive condominium type of residential housing.
According to a press release, the site has an area of 27,056.4 sqm and a maximum building height of 64 to 70 metres. The site can hold up to almost 820 dwelling units, actual numbers to be confirm.
Piermont Grand EC has a maximum gross floor area of 81,169.2 sqm with a gross plot ratio of 3.0. The site has will be a 99-year leasehold.
HDB launched the land parcel at Sumang Walk for tender on 12 December 2017.
While the land parcel at Sumang Walk was awarded at a record price, the site has several attractive characteristics. “It is within relatively walking distance to Waterway Point and is also considerably to the upcoming Punggol Digital District. There will also be a substantial rental catchment when the Digital District is up and running.
Piermont Grand EC is the only EC that will be launch in 2019!
Additionally, there are not many available EC developments in the market currently.
Experts commented that the breakeven price is likely to be sandwiched in between $1,000 to $1,100 psf ppr. “Whilst the winning bid is considered quite high relative to past launch prices, the demand for the site is expected to be supported by buyers’ high demand and positive outlook of the area. Furthermore, with prices of new private homes trending upwards, the final sale price of the future EC projects should be an attractive option for homestay and investment,” he added.