Piermont Grand EC Review — Was All the Hype Worth It?



  • Victor Kang
  • 28 July 2020

Project Name: Piermont Grand EC

Developer: Pavo Properties Pte Ltd (JV between CDL Constellation Pte. Ltd. and TID Residential Pte Ltd)

Address: 22 Sumang Walk

Type: Executive condominium apartment

Tenure: 99 years leasehold

District: 19

Configuration: 820 units across 13 x 8-17 storey buildings

Nearest MRT station: Punggol MRT

Car park lots: 820 + 6 handicapped lots

Unit Types:

247 x 3-bedroom units (840 to 990 sq ft)
109 x 3-bedroom (Superior) units (904 to 1,044 sq ft)
77 x 3-bedroom (Deluxe) units (947 to 990 sq ft)
108 x 3-bedroom (Premium) units (1,012 to 1,130 sq ft)
192 x 4-bedroom units (1,302 to 1,367 sq ft)
87 x 5-bedroom units (1,432 to 1,507 sq ft)

TOP: est Feb 2023

Site Area: 291,126 sq ft

Project Details

Designed and built by one of the biggest private developers in Singapore, City Developments Limited (CDL), Piermont Grand executive condo (EC) is CDL’s latest EC project. 

As the only EC project launched in 2019, the Sumang Walk EC site in Punggol first turned heads when HDB launched the site for sale back in 2017. In general, ECs tend to be popular as launches are far and few (and they also serve the ‘sandwich class’ — middle-class Singaporeans who don’t quite qualify for HDB flats but also deem private condominiums too expensive) — and this was the first EC site launched for sale after the Anchorvale Lane EC site in 2016 (now known as Rivercove Residences EC).

Naturally, the Sumang Walk EC site drew a flurry of interest from developers, attracting a record of 17 bids. The 99-year leasehold site was eventually awarded to CDL-TID — a joint venture between City Developments Limited and TID residential — for a record of $509,370,000 (or $583 psf per plot ratio).

Piermont Grand EC was also one of the most anticipated EC developments in 2019. This was exemplified by the fact that 375 units out of 820 units, or about 46% of the available units, were sold on the first day of the launch weekend. 

Besides being the only EC development in 2019, there were other reasons why there was a strong take-up for Piermont Grand EC. 

Piermont Grand EC sits at the heart of the Punggol area, which is slated to become Singapore’s first Digital District in 2023. Known as The Punggol Digital District, it will create the first truly smart district in Singapore and house key future growth industries of the digital economy like cybersecurity and digital technology. 

But that’s not all. The future of Punggol will also be transformed into a vibrant economic and learning hub with the relocation of Singapore Institute of Technology (SIT)’s campus and JTC’s Business Park spaces within Punggol North. This will transform Punggol into a district that will be bustling with life, jobs and innovation. Naturally, this also means that there will be plenty of opportunities to rent or sell a unit in Piermont Grand EC once the area matures.

Moreover, Piermont Grand EC offers homebuyers an exclusive opportunity to buy a ‘luxury condominium’ in the landmark waterfront district. Residents can look forward to pleasant and unblocked views of the beautiful waterfront right out of your window. With most EC developments sold out in the Punggol area, Piermont Grand EC provides a window of opportunity for late comers to get into the game. 

Nature lovers should also look forward to the upcoming Punggol Town Hub (PTH) at Punggol District. The whole idea behind PTH is to integrate the Promenade with existing parks and green spaces so that residents can enjoy the seafront and greenery with zero limitations. There will also be other amenities to supplement the PTH such as Regional Sports Centre and major cycling paths around the Punggol estate.

Price is also a major factor in adding to the attractiveness of Piermont Grand EC. Buyers of Piermont Grand EC will be able to enjoy the privilege of owning a condominium with full-fledged facilities, fittings and finishes at discounted prices. As your EC matures, the price gap between Piermont Grand EC and neighbouring private condominiums will close and allow you to enjoy capital gains on your investment. Plus, the good thing about buying an EC project is that its sold by HDB, meaning first-time buyers will be eligible for up to  $30,000  in CPF Housing Grants (from September 2019 onwards.

However, since the developer bid a record price for this EC site, Piermont Grand is considered expensive for an EC project with prices north of $1,100 psf. But Piermont Grand EC is one of the few developments that offers the Deferred Payment Scheme (DPS). Via the deferred payment scheme, you start your monthly mortgage instalment only when the development of Piermont Grand EC is completed. However, one caveat to note is that different payment schemes will lead to different psf pricing for your EC unit.

Under the DPS scheme, your monthly mortgage repayment will be deferred all the way till your unit at Piermont Grand EC is ready for occupation. This means that you will only need to put in a 20% down payment until Piermont Grand EC receives the TOP notice. For HDB owners who are looking to upgrade, this will be music to your ears because you won’t have to take on an additional home loan to service your mortgage. 

Recommended article: What Is the Deferred Payment Scheme (DPS) and Which Condominiums in Singapore Offer It?

Piermont Grand facilities:

  • Yoga Deck
  • Water Cascades
  • Boardwalk
  • Gymnasium
  • Dip Pool
  • Children’s Play Pool
  • Family Pool
  • 50m Lap Pool
  • Hydrotherapy Pool
  • Lap Pool Deck
  • Relaxation Pool Deck
  • Clubhouse Function Room
  • Play Lawn
  • Playground and Outdoor Fitness Area
  • Children’s Party Room
  • Lookout BBQ Pavilion
  • Party BBQ Pavilion
  • Spa BBQ Pavilion
  • BBQ Pavilion with Community Garden
  • Bio Pond
  • Recreational Tennis Court
  • Reading Corners

Piermont Grand EC design:

3-bedroom (Premium) – 1,130 sq ft

All units in Piermont Grand EC will be smart home ready that lets you take your everyday conveniences to the next level. Be it smart voice assistant, smart camera, smart air-con, smart lock or smart lighting, everything will be accessible at your touch.

With the apartment thoughtfully detailed with quality fittings, you will find your quality of life elevated by a great deal.

Apart from the master bedroom, the other rooms are also very well designed to maximise the use of space to give you the luxurious living that you deserve.

4-bedroom – 1,367 sq ft

The high ceiling gives you plenty of room to enhance your home with an elegant touch. Alternatively, you can choose to make full use of the high ceiling to re-create a loft design for great usage of the space.

 

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Location

Piermont Grand EC is situated right next to My Waterway@Punggol and overlooks the water body. You can walk to Waterway Point in less than 12 minutes to grab your daily grocery needs, have a meal with family and/or friends.

Nearby recreational places around Piermont Grand EC:

  • My Waterway@Punggol (0.1 km)
  • Punggol Waterway Point (0.6km)
  • Marina Country Club (0.6 km)
  • SAFRA Punggol (0.9 km)
  • Sengkang Riverside Park (1.7 km)
  • Punggol Jetty (1.9 km)
  • Punggol Settlement (2.0 km)
  • CompassOne Mall (2.0 km)
  • Coney Island West Entrance (2.1 km)
  • Coney Island (2.8 km)

With the Punggol MRT station just 1.2km away by foot (about 15 mins walk), Piermont Grand EC comes with the convenience of travelling by MRT.

Walking distance from Piermont Grand EC to Punggol MRT station

For those who work in the Central Business District (CBD), it takes about 24 mins from Punggol MRT to Dhoby Ghaut MRT via the North East Line (NEL). 

Travelling time it takes from Punggol MRT to Dhoby Ghaut MRT station

You can also get to other parts of Punggol via the Light Rail Transport (LRT) system at Nibong and Sumang LRT stations, both of which are also connected to the Punggol MRT station as well as the Punggol Bus Interchange. From the bus interchange, you can travel in-and-out of town to areas such as Tampines, Ang Mo Kio and Serangoon Central.

If you’re driving, Piermont Grand EC is about 22 minutes away from Raffles Place in the CBD via Central Expressway (CTE) or Kallang Paya-Lebar Expressway (KPE).

Traveling by car from Piermont Grand EC to Raffles Place in the CBD via CTE

Piermont Grand EC isn’t just strategically located near public transport and shopping malls; it’s also conveniently located in the proximity of elite schools, from kindergarten to secondary school. Once the SIT campus is ready, a world-class university can also be added to that list of educational institutes that are near Piermont Grand EC. As parents, you don’t have to worry about fetching your kids to and from school because travelling to school will be a piece of cake with the public transport connectivity at Piermont Grand EC.

Schools within 2km radius of Piermont Grand EC:

  • Punggol Cove Primary School (0.2 km)
  • Yusof Ishak Secondary School (0.3 km)
  • Valour Primary School (0.4 km)
  • Punggol Green Primary School (0.8 km)
  • Edgefield Secondary School (1.1 km)
  • Edgefield Primary School (1.5 km)
  • Punggol Secondary School (1.5 km)
  • Oasis Primary School (1.6 km)
  • Compassvale Secondary School (1.6 km)
  • Compassvale Primary School (1.7 km)
  • Mee Toh School (1.8 km)
  • Springdale Primary School (1.8 km)
  • Rivervale Primary School (1.9 km)
  • Nan Chiau Primary School (2.0 km)
  • Greendale Primary School (2.0 km)
  • Horizon Primary School (2.0 km)

Nearby supermarkets around Piermont Grand EC:

There are also several supermarkets around; if you don’t like facing the crowds at NTUC Fairprice Finest at Waterway Point, consider other supermarkets such as Sheng Siong or U Stars.

Supermarkets around Piermont Grand EC, including NTUC FairPrice at Waterway Point, Sheng Siong and U Stars

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Summary

While the project is developed by a renowned developer and is located at a strategic location that’s close to several amenities such as schools, malls and the Punggol MRT station, as well as natural recreational spots, the hefty price of the development may make you think twice, even if with CPF Housing Grants and DPS in the picture. 

But given the potential of Punggol, Piermont Grand EC represents a timely opportunity for buyers to buy into a new EC development launch just before the Punggol Digital District is fully developed. Upon fulfilment of the five-year Minimum Occupation Period (MOP), you could be sitting on nice paper gain given the interest and demand for housing around the Punggol Digital District. While you wait for the much anticipated Punggol Digital District, you will find yourself enjoying the facilities and interior of any Piermont Grand EC unit. It will be the perfect place for you and your family to live for the next few years in the mature estate of Punggol. 

Looking to buy a unit at Piermont Grand EC?

See all available units for sale on PropertyGuru here.

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Eric Wong

Victor Kang