The crowd at the tent outside the sales gallery of Piccadilly Grand (Photo: Agent)
SINGAPORE (EDGEPROP) - The preview of Piccadilly Grand at Northumberland Road over the weekend of April 23 and 24, saw “healthy crowds” with 5,400 visitors in total, says a City Developments Ltd (CDL) spokesperson in an email response on Sunday evening, on behalf of CDL and MCL Land, joint developers for the project.
“As the first significant private condominium project to launch this year, Piccadilly Grand had a strong turnout,” says Ismail Gafoor, CEO of PropNex.
A mixed-use development in the city fringe location of District 8, Piccadilly Grand has 407 units across three 23-storey towers. On the first level is Piccadilly Galleria, a 1,500 sq m (16,146 sq ft) F&B and retail podium, and a 500 sqm (5,382 sq ft) childcare centre. The project is connected directly to the Farrer Park MRT station on the Northeast Line and to City Square Mall, a five-storey mall with 200 stores.
There is a wide range of units in the development, from one-bedroom apartments of 484 sq ft to five-bedroom premium units of 1,679 sq ft that come with private lift. One-bedders are priced from $1.058 million ($2,186 psf). Two- and three-bedroom units start from $1.348 million ($2,087 psf) and $1.788 million ($2,025 psf) respectively. Larger apartments such as the four-bedroom dual-key units are priced from $2.738 million ($1,987 psf), while five-bedroom units are upwards of $3.028 million ($1,914 psf).
“Investors are generally interested in the one- and two-bedroom units, while owner occupiers are looking at the larger units, especially upgraders,” notes Gafoor.
With the Farrer Park MRT station at its doorstep, Piccadilly Grand is just two stops from Dhoby Ghaut MRT station, an interchange for three lines, namely Northeast, North-South and Circle Lines. “It's a short train ride to Orchard Road and the CBD, as well as a short drive via the Central Expressway or Pan Island Expressway,,” notes Lee Sze Teck, Huttons Asia senior director (research).
Besides the MRT station and City Square Mall, Piccadilly Grand is close to a wide range of amenities, such as Mustafa Centre, Centrium Square, Bugis Junction, Jalan Besar Sports Centre and Singapore Sports Hub. There are also numerous F&B establishments in the neighbourhood, Lee points out. Farrer Park Primary School and St. Joseph’s Institution (Junior) are located within 1km of Piccadilly Grand.
“The project appeals to buyers considering purchasing a unit for investment, but with the possibility of moving in themselves,” says Doris Ong, deputy CEO of ERA Singapore. “An integrated development in a city fringe location, at the doorstep of an MRT station and surrounded by amenities, ticks all the boxes of these buyers.”
The last new project launched in the Farrer Park neighbourhood was Uptown @ Farrer in September 2019. Developed by Low Keng Huat, the mixed-use development was completed last year. It has 116 residential units in a 21-storey tower, seven retail units in a retail podium and a second tower with 240 suites operated by The Ascott's Lyf brand.
The mixed-use development was completed last year, and has 116 residential units in a 21-storey tower, seven retail units in a retail podium and a second tower with 240 co-living units operated by The Ascott under the Lyf brand (Source: EdgeProp Land Lens)
In the first month of launch, residential units at Uptown @ Farrer were sold at prices ranging from $1,737 psf to $1,957 psf, according to caveats lodged with URA Realis. Over the past seven months from October 2021 to April to date, units have transacted at prices ranging from $1,529 psf to $1,978 psf.
Both Uptown @ Farrer and Piccadilly Grand are developed on 99-year leasehold sites purchased through government land sales (GLS). Low Keng Huat paid $174.08 million ($1,000 psf per plot ratio) for the Perumal Road GLS site in January 2017 - the highest of 11 bids received.
CDL and MCL Land won their site on Northumberland Road in April last year with a bid of $445.9 million ($1,129 psf per plot ratio) - highest of 10 bids submitted at the close of the tender.
No stranger to the Farrer Park location, CDL developed the 910-unit City Square Residences and City Square Mall, which is integrated with the Farrer Park MRT station. The freehold project is in turn, a redevelopment of the former New World Amusement Park.
When City Square Residences was first launched in April 2005, the freehold units were snapped up at prices ranging from $515 psf to $706 psf, or an average of $564 psf in the first month of sales, according to URA Realis. Over the past seven months (October 2021 to April 2022 to date), units have changed hands at prices ranging from $1,621 psf to $2,103 psf.
City Square Residences has been a landmark in the neighbourhood since its completion in 2009. Piccadily Grand is poised to be “a future icon” of the Farrer Park enclave, commented Sherman Kwek, CDL group CEO, in a press release last Thursday (April 21). He expects Piccadilly Grand to “inject vibrancy and enhance the lifestyle and community offerings of the neighbourhood”. Piccadilly Grand will be officially launched for sale on May 7.
Check out the latest listings near Piccadilly Grand, City Square Residences, Uptown @ Farrer, Farrer Park MRT station, Dhoby Ghaut MRT station, Farrer Park Primary School, St. Joseph’s Institution (Junior)