CITY Developments Ltd (CDL) and MCL Land launched the preview sale for the 407-unit integrated city fringe condominium Piccadilly Grand on 7 May 2022 (Saturday) to a roaring success with 315 units out of the whole 407 unit project sold - making up approximately 77% of its total number of units. Piccadilly Grand is the first condo launch (developments with condo facilities) for 2022 and is expected to be closely watched by the market to gauge sentiment and demand from homebuyers.
Units sold ranged from $1.06 million ($2,190 psf) for a one-bedroom unit to $3.676 million ($1,798 psf) for a 2,045 sq ft, five-bedroom premium unit. The project achieved average prices of about $2,150 psf, which has set a new benchmark for District 8 with locals making up 90% of the buyers while the remaining 10% of buyers are Permanent Residents and foreigners from China, India, Malaysia, the USA, Hong Kong, and Indonesia.
Piccadilly Grand - a 99-year-leasehold project in the Farrer Park area would be the first major private residential development to come to market since cooling measures were introduced four months ago. Prices at Piccadilly Grand start at S$1.058 million for a one-bedroom apartment, which translates to about S$2,186 per square foot (psf), and go up to over S$3 million for 5-bedroom units ranging from 1,582 sq ft to 1,679 sq ft.
Piccadilly Grand’s attributes as a rare integrated development with direct access to Farrer Park MRT station and its excellent location so close to the city centre are keys to its success.
Units sold ranged from $1.06 million ($2,190 psf) for a one-bedroom unit to $3.676 million ($1,798 psf) for a 2,045 sq ft, five-bedroom premium unit. The project achieved average prices of about $2,150 psf, which has set a new benchmark for District 8 with locals making up 90% of the buyers while the remaining 10% of buyers are Permanent Residents and foreigners from China, India, Malaysia, the USA, Hong Kong, and Indonesia.
Piccadilly Grand - a 99-year-leasehold project in the Farrer Park area would be the first major private residential development to come to market since cooling measures were introduced four months ago. Prices at Piccadilly Grand start at S$1.058 million for a one-bedroom apartment, which translates to about S$2,186 per square foot (psf), and go up to over S$3 million for 5-bedroom units ranging from 1,582 sq ft to 1,679 sq ft.
Piccadilly Grand’s attributes as a rare integrated development with direct access to Farrer Park MRT station and its excellent location so close to the city centre are keys to its success.
The 10-ha redevelopment site, indicated in red, currently has a field, former boxing gym, Farrer Park Swimming Complex and Farrer Park Tennis Centre. (Image: Housing & Development Board)
On 25 April, the government announced a 10ha site in Farrer Park that will be redeveloped into a public housing estate with about 1,600 HDB flats, with about 20 per cent of the site set aside as open spaces for sports and recreational uses. This will include a 1.2ha central green space comprising a field and a park integrated with sports and recreational facilities including a new sports centre at the location of the Farrer Park Swimming Complex.
Real estate professional Kiwi Lim from Huttons Asia believe this timely news is beneficial for Piccadilly Grand as it enhances the Farrer Park estate with more facilities allowing future residents to enjoy access to a wider range of amenities within and beyond Piccadilly Grand including commercial shops and social communal facilities in the upcoming HDB estate with a jogging track weaving through the entire housing estate connecting various sports and recreational facilities. Other facilities around the estate such as three-generation playgrounds and fitness corners will create a seamless experience for the community to keep fit and stay active. These upcoming developments in Farrer Park with its proximity to the city centre will enhance its attractiveness for younger families looking for public housing with plenty of amenities and facilities that are near to their parents living in District 08 and District 07 with a shorter commute to workplaces in the city.
The BTO flats are slated to be launched for sale in the next three years and HDB did not reveal if these upcoming BTO flats will be under the PLH BTO model when they are launched within these three years.
The site - bounded by Dorset Road, Keng Lee Road, Hampshire Road and Race Course Road located near Little India and Farrer Park MRT stations has been earmarked for residential use since 1998 under URA's Master Plan, in line with the Government’s commitment to redevelop brownfield sites.
Real estate professional Kiwi Lim from Huttons Asia believe this timely news is beneficial for Piccadilly Grand as it enhances the Farrer Park estate with more facilities allowing future residents to enjoy access to a wider range of amenities within and beyond Piccadilly Grand including commercial shops and social communal facilities in the upcoming HDB estate with a jogging track weaving through the entire housing estate connecting various sports and recreational facilities. Other facilities around the estate such as three-generation playgrounds and fitness corners will create a seamless experience for the community to keep fit and stay active. These upcoming developments in Farrer Park with its proximity to the city centre will enhance its attractiveness for younger families looking for public housing with plenty of amenities and facilities that are near to their parents living in District 08 and District 07 with a shorter commute to workplaces in the city.
The BTO flats are slated to be launched for sale in the next three years and HDB did not reveal if these upcoming BTO flats will be under the PLH BTO model when they are launched within these three years.
The site - bounded by Dorset Road, Keng Lee Road, Hampshire Road and Race Course Road located near Little India and Farrer Park MRT stations has been earmarked for residential use since 1998 under URA's Master Plan, in line with the Government’s commitment to redevelop brownfield sites.
A conceptual plan for the Farrer park site. (Image: Housing & Development Board)
Edgeprop online 8 May 2022
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