Record Bid for Piermont Grand EC
At the close of the bidding competition for the Sumang Walk site, on Feb 27, renowned pioneer developer, City Developments Limited and joint venture partner TID Pte Ltd beat 16 others with a staggering top bid of $509.37 million ($583 psf per plot ratio).
“This is an all-time record price in the EC land sales market,”. The land rate is 39.3% more than the last record ($418.53 psf ppr) set by the popular Lake Life EC at the Jurong Lakeside district.
The top bid was 4.8% higher than the second-highest bid of $486 million ($556 psf ppr), which came from Chinese developer Qingjian Realty. The third-highest bid of about $450 million ($515 psf ppr) was submitted by Singapore-listed, China-based developer Yanlord Land Group and Singapore-based privately held Soilbuild Group Holdings.
The 291,235 sq ft, 99-year leasehold Piermont Grand EC site is bordered by Sumang Walk, Sumang Link and Punggol Way. It has a maximum gross floor area of 873,705 sq ft and plot ratio of 3.0. The site is also located opposite Punggol Cove Primary School.
According to CDL, the new development is going to have 13 blocks of 10- to 17-storeys with a total of 820 units. The site being situated next to the mega mall Waterway at Punggol, “offers the opportunity to create a landmark waterfront residence with pleasant views”.
It is widely speculated that the breakeven price for this project is estimated to be in the range of $960 psf to $1,000 psf. “This is 14% to 19% more than the average median price of $842 psf for the most recent executive condo project, Hundred Palms Residences”, Developed by Hoi Hup, the 531-unit Hundred Palms Residences EC was sold out quickly in just within hours of its launch in July 2017.