Sumang EC in Punggol
Sumang EC has attracted a lot of attention recently from home buyers. The top bid for the project was won by TID Residential and City Development (CDL). Sumang Walk is the only EC launching this year. The site is on a 99-year leasehold and measures 27,054 square metres. Sumang Walk has a total of 820 units with a unit mix of 3 to 5 bedrooms. The EC’s facilities include a full-fledged gymnasium, swimming pool, gourmet pavilion and BBQ pits. The name of the latest Sumang EC in Punggol is called Piermont Grand.
Sumang EC in Punggol
The EC site in Punggol attracted 17 bids in total. The top bid by TID Residential and CDL was $509.37 million. Per square foot, this is roughly $583 million, which makes Sumang Walk EC the highest land price to date. The estimated price for launching is between $11oo and $ 1150/ square foot. If this is true, it will make Sumang Walk the most expensive Executive Condominium in Punggol. Supposing a unit size of 1,000 square feet, we might be looking at million-dollar units in Punggol area. In contrast, the area is known for affordable housing.
There are 3 factors that make Sumang Walk EC so desirable:
1. It’s the only Executive Condominium for developers right now
There were 3 other ECs but Sumang Walk is the only EC that would be launched this year. The other ECs will be launched in the year 2020.
Growing Confidence in Executive Condominium Market
2. There is growing confidence in Executive Condominiums besides recovery in the residential market. There is a demand for the new Sumang Walk EC by CDL which is located next to My Waterway@Punggol and is home to many of the residents living around in Punggol Piermont Grand EC.
The residential market seemed to be turning around in 2018. In 2017, home prices increased by after decreasing the previous year. Moreover, the sales volume for private homes increased in 2017, with 23,113 transactions from January to November, beating the total sales of 2016 (16.378 transactions). Executive Condominiums have also become popular because buyers have the option of CPF grants when purchasing them- it’s a form of government subsidy for private housing.
Sumang Walk Executive Condominium in Punggol
Punggol District is undergoing a transformation similar to the one witnessed in Jurong West. The government plans to expand the area toward waterfront-not many can resist waterfront living. Moreover, the government also plans to develop Punggol as a mixed-used area (business park, residential and commercial).
For instance, the Singapore Institute of Technology (SIT) will be located in Punggol District for tech innovation, consequently making Punggol a “Digital District.”
Punggol District will also have a revamped community club, children care and hawking centre.
There’s a likelihood Sumang Walk will sell out like Rivercove Residence which was sold in 5 months after launching in March last year.