Amazingly, Sumang walk EC condo received 17 tenders. The offer activity terminated on 27th February according to the Housing and Development Board (HDB). Nonetheless, the top-notch tender was offered by two developers, namely City Developments Limited (CDL) and TID residence. This bid amounted to $509.37 million. The integrated amount falls for about $583 million of the gross floor area (GFA) price.
Piermont Grand EC Bid Price
The percentage margin of the CDL joint venture tender to that of the competitive second highest tender resulted to 4.8% of the total amount. The second highest bid, which was presented by Qingjian realty (residential) summed to $486 million. Subsequent to this bid, was an offer submitted by Yanlord Singapore Residential and Soilbuild Group Holdings. This bid amounted to $450 million. The indicative pricing for Piermont Grand will be around $1,100 – $1,200 psf. Considering that new launches in the area are already selling at $1,400 to $1,500 psf, Piermont Grand will be highly sought after as a true new launch pricing with much capital upside.
Piermont Grand EC site was initiated on the year 12 December 2017 with a total of 291,235 sq ft and 873,698 sq ft GFA in total. Still, the entire plot has a ratio of 3.0. The developers will be given the mandate of inspecting the EC scheme which constitutes of 13 blocks as well as 10-17 floors summing to 820 units. This will only happen if the joint ventures, the CDL and TID will be granted the leasehold site which is currently 99 years.
Piermont Grand EC Located near to My Waterway@Punggol
Interestingly, Piermont Grand homeowners will relish in free waterfront located adjacent to my waterway@ Punggol. Yet, all family amenities as well as facilities are easily accessible to all residents. The Sereta mall, a massive shop having all types of commodities as well as Punggol plaza and waterway point will offer great services to the residents. In addition, dinning and entertainment services are convenient.
Piermont Grand EC Pricing Located at Punggol
CDL group chief executive officer, Sherman Kwek, quoted and said that emerging as winners in the competitive group of Piermont Grand Sumang walk EC site made them glad than ever. This project was to be their 9th EC plan. They boasted of its favorable outcome as a result of its superb position as well as the useful features.
The officer quoted that they pride themselves in owning Punggol site which is scheduled to become the initial digital district of Singapore. They postulate that this site will bring a bright future to all homeowners. All the sections of digital economy, to list a few; network security, knowledge engineering, and internet of things will be sited in this district which apparently will propel the smart nation vigor of Singapore.
Head of research, Dr lee Nai Jia added and said that while the Punggol site will be completed and running, meaningful rental catchment will be introduced to residents.