SINGAPORE (EDGEPROP) - City Developments (CDL) and MCL Land announced that their maiden joint venture project, Piccadilly Grand at Farrer Park, sold 315 units at the close of May 8. That reflects a take-up rate of 77% for the 407-unit project.

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.

According to a joint press release by CDL and MCL Land on May 8, locals make 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 previewed a fortnight ago, and an estimated 1,450 cheques were collected as expressions of interest ahead of the launch on May 7. Based on the sales achieved, that works out to a conversion rate of about 22%. “There was a lot of anticipation ahead of the project launch, and the final sales result shows buyers’ confidence in the project and the property market as a whole,” says Mark Yip, CEO of Huttons Asia.

Priority was given to multiple-unit purchasers, namely immediate family members who want to buy units together, for instance siblings, parents or grandparents buying together with their children or grandchildren. A total of 48 units were taken up by these multiple-unit purchasers on the morning of May 7, before balloting began for the remaining units in the afternoon.

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Besides a direct link to the Farrer Park MRT station, proximity to good schools and other amenities, the government announced on April 25 that the 10ha Farrer Park Field will be redeveloped into a new public housing estate with 1,600 HDB flats. The new estate will be integrated with sports and recreational facilities, On the site currently is the Farrer Park Swimming Complex, Tennis Centre, a field and a former boxing gym. (Find HDB flats for rent or sale with our Singapore HDB directory)

"Homebuyers value the conveniences of this integrated development, being seamlessly connected to the retail podium Piccadilly Galleria and directly linked to Farrer Park MRT station. With Piccadilly Grand, we have created a future icon in this rapidly transforming neighbourhood," says Sherman Kwek, CDL Group CEO.

"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. We are heartened by the delightful results achieved," says Tan Wee Hsien, MCL Land CEO.

The announcement of the redevelopment plans for Farrer Park Field came just a day after Piccadilly Grand opened for preview, which was a shot in the arm for the project as it is located nearby. (See EdgeProp Landlens). “The sales figure demonstrates the strength of the growth story in the Farrer Park micro location,” says Ismail Gafoor, CEO of PropNex. “Being an integrated development with the MRT station and amenities nearby, further drove demand.”

Another major contributing factor for the strong sales was the fact that the project was “rightly priced”, notes PropNex’s Gafoor.

See also: Piccadilly Grand builds on Farrer Park rejuvenation
And: Banking on BTO flats with integrated sports and recreational facilities at Farrer Park

The one-, two-, and three-bedroom units were the most popular unit types that were snapped up, but the developers say that all unit types were generally well-received. "Some buyers opted for the four-bedroom dual-key units due to the flexible layout, which makes it conducive for multi-generational living and the convenience of renting out part of the unit," they say.

“It is encouraging to see an active property market despite rising interest rates,“ observes Lee Liat Yeang, senior partner, real estate group, Dentons Rodyk. “It’s a manifestation of liquidity in the market and the strong desire to hold real estate.”

Prices at Piccadilly Grand hit a high of $2,449 psf, for the sale of a 517 sq ft, one-bedroom-plus-study on the 22nd floor (just below the penthouse floor) for $1.266 million, according to data compiled by agents on May 7.

“Piccadilly Grand is probably the first major launch of a non-landed, private residential project since December 2021, and the only new project launched in District 8 this year,” reckons Yip of Huttons Asia. “With inflation rearing its head in 2022, buyers are looking towards property as a hedge against inflation,” he adds.

The increase in interest rates may have prompted real estate investors to lock in their mortgage rates ahead of further rises, notes Lee Sze Teck, Huttons Asia senior director (research).

Piccadilly Grand has three 23-storey residential towers sitting on top of a retail podium with 14 commercial units, including F&B and retail offerings as well as a childcare centre. Besides direct connectivity to the Farrer Park MRT station, the project is also linked underground to the City Square Mall, which has over 200 stores and is the biggest mall in the area. (Find Singapore commercial properties with our commercial directory)

Farrer Park MRT station is just two stops from the Dhoby Ghaut Interchange Station for three lines, namely the Northeast, North-South and Circle Lines. Little India MRT station on the Northeast Line is also within walking distance. Besides City Square Mall, other mixed-use commercial developments in the vicinity include Centrium Square, Connexion and Mustafa Centre.

“Piccadilly Grand is an integrated development at the doorstep of an MRT station, with direct underground link to the largest shopping mall in the area, location near the city, and more importantly, it is a project backed by two reputable developers with strong track records,” says Doris Ong, deputy CEO of ERA Singapore. “That explains the project’s appeal to investors and the strong sales on the launch weekend.”

Check out the latest listings near Piccadilly Grand, Farrer Park MRT station, Little India MRT station

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