Piccadilly Grand builds on Farrer Park rejuvenation
By Cecilia Chow
/ EdgeProp Singapore |
The three 23-storey towers at Piccadilly Grand, and Piccadilly Galleria fronting the Farrer Park MRT station (Photo: Samuel Isaac Chua/EdgeProp Singapore)
SINGAPORE (EDGEPROP) - Last weekend, the sales gallery of Piccadilly Grand, a 407-unit private condominium at Farrer Park, drew 5,400 visitors. Even on a weekday, there are people waiting in line to enter the sales gallery.
The project, located at a city-fringe enclave in District 8, is the first in a series of three collaborations between two property behemoths, namely Singapore-listed City Developments Ltd (CDL) and MCL Land, a subsidiary of Hongkong Land. The other two upcoming projects are a 639-unit executive condominium development at Tengah Garden Walk in the west; and a 640-unit private condominium project at Jalan Tembusu, off Tanjong Katong Road in the east.
Following Piccadilly Grand’s preview was the government announcement on April 25 of its plans to redevelop the neighbouring 10ha Farrer Park Field into a new public housing estate with 1,600 HDB flats integrated with sports and recreational facilities. The flats will be launched within the next three years.
Piccadilly Grand has 407 units across three 23-storey towers (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Existing sports facilities at Farrer Park Field include a field, former boxing gym, Farrer Park Swimming Complex and Farrer Park Tennis Centre. The government intends to turn the site into “a sporting commons”, with new and redeveloped recreational facilities, including a park and a Central Green Space. The facilities will be open to everyone.
“The redevelopment of Farrer Park Field will certainly rejuvenate the neighbourhood and benefit the future residents of Piccadilly Grand,” says Tang Kok Thye, associate partner of ADDP Architects, the architect for Piccadilly Grand. “They will be able to enjoy the neighbouring recreational facilities at the sporting commons in the future,” he notes. In fact, Piccadilly Grand is well-situated between the new sporting hub and Farrer Park MRT Station, adds Tang.
Piccadilly Grand has three 23-storey towers with a north-south orientation, and they have a footprint of just 29% of the 94,000 sq ft, 99-year leasehold site. The three towers sit on top of a four-storey podium. On the first level are 14 retail and F&B outlets taking up a total area of about 1,500 sq m (16,146 sq ft). There is also a 500 sq m (5,382 sq ft) childcare centre. The second and third levels are dedicated to the residents’ parking space, while the fourth level is the facilities deck, exclusive to the residents of the condominium. Facilities include a clubhouse with co-working lounge, dining and entertainment areas, a swimming pool and multi-purpose court.
Showflat of the two-bedroom-plus-study unit. There are 120 two-bedroom units with sizes from 646 to 678 sq ft (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Pricing from $1,914 psf
Just below half (49%) of the apartments are one- and two-bedroom units. One-bedders of 484 sq ft make up 85 units in the development, and they are priced from $1.058 million ($2,186 psf). Two-bedroom units of 646 to 678 sq ft account for 120 units, and they are priced from $1.348 million ($2,087 psf). The two-bedders are said to have a “dumbbell” layout with the two bedrooms and bathrooms on either side of the living and dining area.
Three-bedders with sizes from 883 to 1,076 sq ft make up 101 units, including those with flexi space. Prices for these units start from $1.788 million ($2,025 psf). Four-bedroom types make up 61 units, with four-bedroom dual-key units of 1,378 sq ft priced from $2.738 million ($1,987 psf). Five-bedroom and premium units make up the remaining 40 units. They have sizes from 1,582 to 1,679 sq ft and come with private lifts. Prices for five-bedroom units are upwards of $3.028 million ($1,914 psf).
Ismail Gafoor, CEO of PropNex, expects a good mix of investors and owner-occupiers at Piccadilly Grand. “Investors are drawn to the one- and two-bedroom units, while owner-occupiers are mostly interested in the larger units,” he says. “I wouldn’t be surprised if at least 40% of the units are sold on the first day of launch.”
Four-bedroom dual-key units of 1,378 sq ft are priced from $2.738 million ($1,987 psf) [Photo: Samuel Isaac Chua/EdgeProp Singapore]
City fringe, proximity to MRT station
The connectivity of the project is one of its major attributes: one of the exits of Farrer Park MRT Station is at its doorstep, and it is seven minutes on foot, via an underground link, to City Square Mall, the biggest retail mall in the area with over 450,000 sq ft of net lettable area and 200 shops. “That is one of the attractions for the young, who are considering both owner-occupation and investment,” says Doris Ong, deputy CEO of ERA Singapore.
Piccadilly Grand is located on Northumberland Road, flanked by HDB blocks on one side, and shophouses on the other. Many of the shophouses are occupied by eateries and restaurants, notes Nicholas Mak, ERA Realty head of research and consultancy. “The project should do well, given its location in the city fringe, the MRT station in front of it and the neighbourhood’s unique character,” he adds. “On weekends, the area is very vibrant.” (Find HDB flats for rent or sale with our Singapore HDB directory)
Besides the MRT station and City Square Mall, Piccadilly Grand is close to a wide range of amenities, such as Connexion, Mustafa Centre, Centrium Square, Bugis Junction, Jalan Besar Sports Centre and Singapore Sports Hub. Farrer Park Primary School and St Joseph’s Institution (Junior) are located within 1km of Piccadilly Grand, which should appeal to families with young children of school-going age.
One of Piccadilly Grand's attractions was its direct link to the Farrer Park MRT station and underground link to City Sqaure Mall (Photo: Albert Chua/EdgeProp Singapore)
Neighbouring projects
The latest 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.
Units at Uptown@ Farrer transacted at a median price of $1,893 psf between 1Q2021 and 1Q2022, says Christine Sun, OrangeTee & Tie’s senior vice president of research and analytics. The 600-unit residential project Citylights, which is 99-year leasehold and located next to Lavender MRT Station, has a median price of $1,570 psf, while the freehold 910-unit City Square Residences has a median price of $1,724 psf, over the same 12-month period.
“Piccadilly Grand’s indicative launch price is expected to be above $2,000 psf,” notes Sun. Piccadilly Grand is slated for launch on May 7.
However, upcoming launches at Ang Mo Kio Avenue 1 and Lentor Central are expected to be launched at similar prices, and these two projects are located in the suburbs or the Outside Central Region, according to ERA’s Mak.
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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.
The freehold 910-unit City Square Residences has a median price of $1,724 psf over the past 12 months and is located next to City Square Mall (Photo: Samuel Isaac Chua/EdgeProp Singapore)
‘Inject vibrancy’
No stranger to the Farrer Park location, CDL developed City Square Residences and City Square Mall, which is integrated with Farrer Park MRT Station. The freehold project is in turn a redevelopment of the former New World Amusement Park which had been a legacy asset in CDL’s portfolio prior to its redevelopment close to two decades ago.
City Square Residences has been a landmark in the neighbourhood since its completion in 2009. Piccadilly Grand is poised to be “a future icon” of the Farrer Park enclave, said Sherman Kwek, CDL group CEO, in a press release on April 21. He expects Piccadilly Grand to “inject vibrancy and enhance the lifestyle and community offerings of the neighbourhood”.
Tang of ADDP concurs. He sees Piccadilly Grand’s design responding to the urban fabric of the neighbourhood. For instance, the roof of the main entrance has been designed to complement the pitched roof of Farrer Park MRT Station. “The podium design for Piccadilly Galleria, fronting Race Course Road, takes reference from the scale, proportion and colour tone of the existing shophouses,” he adds.
Check out the latest listings near Piccadilly Grand, Uptown @ Farrer, Citylights, City Square Residences, Farrer Park MRT Station, Lavender MRT Station, Farrer Park Primary School, St Joseph’s Institution (Junior)
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