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EC Piermont Grand sells 375 of 820 units in launch weekend

Crowds at the launch weekend of Piermont Grand.

An artist's impression of executive condominium Piermont Grand in Punggol.

THE first executive condominium (EC) launched this year, Piermont Grand, sold 375 of its 820 units in its launch weekend at an average of S$1,080 per sq ft (psf).

The 46 per cent sales rate, as at 6pm on July 28, made it the best-selling property launch this year, said developer City Developments (CDL) in a release on Sunday evening.

Developed by CDL and TID, Piermont Grand offers three-, four- and five-bedroom units, ranging from 840 sq ft for a three-bedroom to 1,701 sq ft for a five-bedroom premium penthouse.

Prices started from S$888,000 for a three-bedroom unit, S$1.34 million for a four-bedroom premium and S$1.508 for a five-bedroom premium. Take-up was good for all unit types, said CDL.

CDL group general manager Chia Ngiang Hong said: "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."

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Eligible second-time buyers accounted for about 65 per cent of the units sold during the launch weekend. Regulations state that only 30 per cent of EC projects can be allocated to second-time buyers in the launch period, which would translate to 246 units for Piermont Grand. Second-time buyers who are unable to buy during the launch period can make bookings for remaining units a month after the launch.

Comprising 13 blocks of 10- to 18-storey residential towers, Piermont Grand is set to be completed in 2023.

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