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 Waterway@Punggol, 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 $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.