CDL-TID joint venture's awarded Sumang site in Punggol for a top bid of S$509.37m

Source: Straitstimes

The CDL-TID joint venture won the top bid for Sumang site in Punggol. The jointly venture CDL-TID comprises of CDL Constellation and TID Residential will be developing the upcoming Excutive Condominium, the Piermont Grand at the Sumang site in Punggol. Out of a total of 17 bids at the state tender conducted by HDB, who acts as the land sales agent, the joint venture was the top bid, offering an S$509.37 million purchase price for the 2.7-hectare site. This translates to S$583 per square foot per plot ratio (psf ppr). The top bid was higher than that of the previous EC tender, the Anchorvale Lane site.

The development could potentially house a maximum of 820 apartment units in total. The bid amounts are strong indications that executive condo developments are in highly sought after. For the entire 2017, the Sumang Walk site was the only plot offered for sale under the Government Land Sales (GLS) programme. There were no EC land tenders for a whole one and a half years. This shortage of EC sites causes the demand to increase, thus driving bids higher than the previous tender by a whopping 64%.

The site is near many amenities, such as LRT stations and MRT stations, as well as a bus interchange. Located right beside My Waterway@Punggol, the new EC will undoubtedly be very high in demand, especially since the waterway provides a seemingly rare and pleasant view of a landmark waterfront residence.

Furthermore, located in the middle of two LRT stations, namely Sumang LRT and Nibong MRT, with Punggol MRT and Punggol Waterway Point just two streets down, a preschool and a primary school located on the other end of the EC plot, as well as a Sheng Siong Supermarket just across the road, the residents have everything they need right at their fingertips. These factors further increase the convenience of living in the EC. Not to mention, Marina Country Club is nearby as well, which will be a pleasant place for residents to unwind and relax in their leisure time. There is also an outdoor concept gym located in Marina Country Club, which provides a rather different work out experience.