Piccadilly Grand is the next new condominium development at Farrer Park, as part of the Kallang planning area. In this article, we dive deeper into its location and explore the historical price trends in the area.
Heavy competition from developers for Piccadilly Grand land site
A total of 10 bidders were vying for the Northumberland Road site, which was eventually awarded to Maximus Residential SG and Maximus Commercial SG (a joint venture between CDL and MCL Land) for a tender price of $445.9 million. This translates to $1,129 per square foot per plot ratio (psf ppr).
The site was awarded before the property cooling measures were announced, hence the robust number of bids. More developers were keen to stock up on their land bank in 2021 as the strong take-up rates in new launches last year restored confidence for developers to acquire more land. This made the year 2021, a record-setting year for private home sales.
Reputable developers with a wealth of experience
City Developments Limited (CDL) is a SGX Mainboard-listed company that is an established and reputable developer in Singapore – a trusted name behind many residential projects here, including The Tapestry, Forest Woods, Coco Palms and The Criterion. Its recent new launch, CanningHill Piers, sold over 77% of its units on launch weekend.
MCL Land – a member of the Jardine Matheson Group under Hongkong Land Holdings – has a wealth of experience in building residential developments in Singapore. Some of its recent projects are Leedon Green, Parc Esta, Margaret Ville, Lake Grande, and Sol Acres.
Lack of new launches in Kallang
In the past few years, the number of new sales in the Kallang area has seen a decline due to a lack of new project launches in the estate. It is timely that CDL and MCL Land have acquired the land site at Northumberland Road to eventually launch Piccadilly Grand. This will fill the void of new project launches in the area and stimulate interest as a result of pent-up demand.
Zooming in further into District 8, we also noticed there are more older projects in the area:the average completed year of developments in the area is 1996. So the launch of Piccadilly Grand in 2022 will breathe new life into the area.
Recent project launches
Some of the recent new project launches in the area include 1953, Jui Residences and Uptown @ Farrer. Both 1953 and Uptown @ Farrer are located in the same vicinity as The Piccadilly Grand,while Jui Residences is located at Serangoon Road.
Demand for these projects has been consistent in the past few years, with buyers and investors snapping up a good number of units.
The performance of these projects provides an indication and sets a precedence of what we can expect for Piccadilly Grand. Jui Residences was launched in 2018 and since then the project has completely sold out all of its units.
Meanwhile, the development known as 1953 has sold over 70% of its units, and Uptown @ Farrer is nearing a sold-out status.
Comparatively, Uptown @ Farrer has an added advantage due to its locational attributes. Both Piccadilly Grand and Uptown @ Farrer are closely situated next to each other,with an estimated distance of 380m to 400m.
Hence, the demand for Uptown @ Farrer is a gauge on what we could see for Piccadilly Grand. However Piccadilly Grand has a bigger site area, with over 94,001 square feet (sq ft) as compared to Uptown @ Farrer, which has 41,418 sq ft.
This also means that Piccadilly Grand will offer more units in its development. An estimated total of 407 units is expected for the project.
Outlook for Piccadilly Grand
Developers paid a higher land bid price for Piccadilly Grand as compared to Uptown @ Farrer. It translated to a 12.9% difference between the two land bid prices.
When Uptown @ Farrer was launched in 2019, the average land bid prices for the project was in the range of $1,700 to $2,000 psf.
In view of Piccadilly Grand’s larger site area, offerings of more units in the development, exceptional locational attributes and the development being a mixed-use project, we expect average prices to potentially be in the range $2,100 to $2,300 psf.
With the limited number of new launches in the area, we expect a fair amount of interest for the development as well.
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