Locals were in a rush to buy Piccadilly Grand units over the weekend
A joint residential project of City Developments Ltd and Hongkong Land subsidiary MCL Land drew strong interest at its launch weekend, with buyers snapping up 315 of 407 total units at the Piccadilly Grand near Singapore’s Little India neighbourhood.
Located on Northumberland Road between Gloucester Road and Race Course Road, Piccadilly Grand comprises three 23-storey towers and the Piccadilly Galleria shopping centre. The complex will directly link to Farrer Park MRT station on the North East Line, two stops from the Dhoby Ghaut MRT Interchange along Orchard Road.
As of 6pm on Sunday, 77 percent of the project’s units had been sold at an average selling price of S$2,150 ($1,548) per square foot in one of the first major private residential launches for the Lion City in 2022, CDL and MCL Land said in a release.
“We are delighted and encouraged by the strong take-up at Piccadilly Grand, which reflects the genuine demand for well-located and thoughtfully designed properties,” said CDL group CEO Sherman Kwek.
Locals Driving Demand
Units at Piccadilly Grand range from 484 square feet (45 square metres) for a one-bedroom (starting at S$1.06 million in price) to 1,679 square feet for a five-bedroom with a private lift (over S$3 million).
CDL chief executive Sherman Kwek has a hit project near Farrer Park
One-, two- and three-bedroom units proved the most popular during this first wave of sales, said CDL and MCL Land, which own the project in a 50:50 joint venture. Of the buyers so far, 90 percent are Singaporeans and the remaining 10 percent are permanent residents and foreigners from China, India, Malaysia, the US, Hong Kong, Indonesia and elsewhere.
The apartments feature smart home technologies, luxury kitchen appliances from Bosch and fittings from Villeroy & Boch and Hansgrohe. Imported marble flooring is provided for the living and dining areas of the four- and five-bedroom units.
Piccadilly Grand is also highlighting several “lifestyle zones” at the property with amenities including a smart parcel facility, a botanical spa pool, a co-working lounge and a gym.
Downtown Proximity a Plus
MCL Land CEO Tan Wee Hsien hailed the project’s status as a rare integrated development with direct MRT access and a location close to the city centre.
“We are heartened by the delightful results achieved, and the overwhelming support from our valued buyers and sales partners,” Tan said. “The good result is also a testimony to the confidence that our buyers have placed on the strong reputation of both CDL and MCL Land, as well as Singapore’s economic and residential property market outlook.”
Just over a year ago, CDL and MCL Land entered the winning bid of S$445.9 million ($336.2 million) for the 99-year leasehold site at Northumberland Road, besting nine other offers in Singapore’s first government land sale of 2021.
The joint venture’s bid outstripped the next-highest amount of S$421.9 million, offered by Winrich Investment, by a 5.7 percent margin.
The two firms have also teamed up on another project in Singapore’s lower east coast area, with plans to build a 590,000 square foot, four-tower luxury residential complex on a Tanjong Katong site awarded at a government land sale in January.
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