New EC at Sumang Walk

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New EC launching at Sumang Walk

Piermont Grand (Sumang Walk EC) will be the only upcoming Executive Condominium launch in 2019. It will be developed by renowned City Developments Limited (CDL) and TID Residential.

CDL and TID are awarded the site, the JV will explore an EC project comprising 13 blocks of 10 to 17 storeys with about 820 units and a basement carpark. To maximise the scenic views, windows will be oriented towards Punggol Reservoir and My Waterway@Punggol. The sizable land area will also allow for generous landscaping.
 

cet87

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WHEN SHOWROOM READY?
 

Clazav

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Waiting for EC for a year, neck long and stiff liao..
 

andyhtc

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Looking at the bid prices for this and next few ECs to be launched in 2019/2020, I can safely conclude that new ECs will be mostly launched from $1,000-$1,200 psf.
 

birmingham123

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EC will sell out if price at 1100psf unless there is alot of new EC launch in the future or government change policy again.

For people earning between 12k to 14k and want a brand new house, HDB bto is not an option as appeal is v tough for exceed ceiling one. EC price at 1100 psf still cheaper than private condos which cheapest is at 1300psf.. so even if I can afford condo, I will still go for EC if I am eligible to take advantage. Can either stay long term or sell for profit in future once EC become private condo etc. Keep options open.

All cost are rising, labour or material cost, maybe bto price will slowly go up too... Cannot expect EC price always keep at 800psf ba... Unless today government one shot release 20 EC site for sales
 
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PostCountWarrior[+1]

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I rem a few years ago, propertyguru was writing a review about an EC i was interested in. they were really detailed, and wrote like current rent in area, expected rent etc. so long story short, they said rental yield could be around 3.5% plus, which at that time psf was around 750.

now I looked at those reports. they completely taken them out. which i suspect is because its really low and not good for marketing. assuming rental never change, a yield at 3.5% for 750 psf is 2.18% for 1200 psf and 2.4% for 1100 psf. Current mortgage rate assume a conservative HDB loan rate of 2.6% means rental <mortgage. so buyers just beware.
 

annetyu

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3 bedder 950sqft. $1100sqft. $1,045,000. Still very affordable I must say, only thing you are sacrificing is your quality of life in that tiny unit. Too bad that we have given developers so much power.

No doubt rental yields will be low but agents can always change marketing tactic and continue psychoing buyers.
 

annetyu

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There are actually 4 upcoming ECs plus one new site released for tender.. Not as scarce as many are describing. Wonder how much the site will sell for.
 
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annetyu

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“The overall lack of supply of EC units in the market has caused prices to increase by 24.7%, from $793 psf in 4Q2017 to $989 psf ppr last quarter, says Ong.”

$200psf increase in one year and another $100psf in half a year. That is 40% rise in a year and a half. Look at the numbers clearly. Better do your homework and think carefully before jumping into the queues.
 

AlanBB1414

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There are actually 4 upcoming ECs plus one new site released for tender.. Not as scarce as many are describing. Wonder how much the site will sell for.

Actually CDL paid more for the land for Sumang EC than for Tapestry. Tapestry sell at 13XXpsf. construction for EC is it that much cheaper in cost? can sell 30% cheaper although the land cost is slightly higher.
 

pippo20

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Actually CDL paid more for the land for Sumang EC than for Tapestry. Tapestry sell at 13XXpsf. construction for EC is it that much cheaper in cost? can sell 30% cheaper although the land cost is slightly higher.

Developers will ALWAYS maximise their profit. So what they got the land at cheap prices, still will sell at maximum market price that the public is willing to buy. Parc botannia land price is also $400+psf, much lower than all recent ec land price. They still sell at $1300psf, not a cent lesser. And how much they can save on construction of an ec before quality suffer and buyers complain haha.
 

cet87

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The only worth EC is that hundred palm EC. location is much better.
Old EC will be the bishan loft.
 

annetyu

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The only worth EC is that hundred palm EC. location is much better.
Old EC will be the bishan loft.

Yup, location is very important to some. My friend chose to purchase private instead of EC even though EC was so cheap.
 

Hyruga

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Actually CDL paid more for the land for Sumang EC than for Tapestry. Tapestry sell at 13XXpsf. construction for EC is it that much cheaper in cost? can sell 30% cheaper although the land cost is slightly higher.
Don't expect Sumang EC to be low priced. CDL always charge at high price. Why? Because they are a recognised brand.

My take is Sumang will be at least $1.2k psf average.
 

annetyu

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Don't expect Sumang EC to be low priced. CDL always charge at high price. Why? Because they are a recognised brand.

My take is Sumang will be at least $1.2k psf average.

CDl may have market power and good branding but they are not the kind who will rip buyers off. My prediction is $1090psf average which is alr a considerable rise from half a year ago.

$1.2k psf is just crazy. What is the point of EC then. If it does launch at 1.2k psf, you can look forward to saying goodbye to the EC scheme soon.
 

batdow

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CDl may have market power and good branding but they are not the kind who will rip buyers off. My prediction is $1090psf average which is alr a considerable rise from half a year ago.

$1.2k psf is just crazy. What is the point of EC then. If it does launch at 1.2k psf, you can look forward to saying goodbye to the EC scheme soon.
$1.2k psf for waterfront condo with seaview plus 5 yrs later can flip for $2k psf
 

annetyu

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$1.2k psf for waterfront condo with seaview plus 5 yrs later can flip for $2k psf

Haha! I am sure many agents will be saying this.

First time checking out the location.. but sorry there is no seaview (blocked by HDB, only waterway view). Quite a distance to MRT plus a few LRT stops to Punggol MRt.
 
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