At a glance: Unlike other developments that claim their close proximity to the MRT, Piccadilly Grand actually has Farrer Park MRT station right at its doorstep. The bustling neighbourhood it is situated in is evidence of its convenience and array of amenities, while its potentially affordable pricing belies its central city location.
Update: Piccadilly Grand is currently 81% sold.
| Property Name | Piccadilly Grand |
| Developer | CDL / MCL |
| District | D08 – Farrer Park / Serangoon Road |
| Address | Northumberland Rd |
| Total Units | 407 |
| Tenure | 99-year leasehold |
| Expected TOP | 01/08/2026 |
Click here for the latest updates on prices and units available.
This site for Piccadilly Grand was offered up under the government land sales (GLS) programme back in 2020. The tender closed in April last year with a total of 10 bids. It was awarded at $445.9 million, which translates to $1,129 psf per plot ratio, to a joint venture between City Developments Limited (CDL) and MCL Land.
While it wasn’t the first time these two developers were collaborating for a bid, Piccadilly Grand was their first successful win. They will then go on to win another tender in June 2021 for new town Tengah’s first executive condominium.
Both CDL and MCL Land are big names in the property scene in Singapore, a detail which is really going to matter seeing as there may be some architectural restrictions on the site that will require some thoughtful planning.
The south-west facing sides of the development (especially ones on the higher floors) may overlook the Istana, so it’s reasonable to expect that they will be partially restricted because of security issues.
If you need more assurance, CDL is really familiar with the area. They have done a number of projects here including City Square Mall, City Square Residences and The Venue Residences and Shoppes, so we believe this project’s going to be in good hands.
Piccadilly Grand will be developed into a mixed-use project, with about 407 residential units, comprising 1- to 5-bedroom apartments alongside penthouses. Details are still being sorted out, but we reckon the residential blocks will be about 16 storeys high—the limit imposed on the site. This will give decent city views to folks on the higher floors if you are facing towards Race Course Road since the other developments in the surrounding area aren’t very tall. There will also be commercial entities on the first storey, which will include an infant care and a childcare.
What we really like about this development is that it’s doorstep to Farrer Park MRT station, which is getting quite rare nowadays. And it’s direct access to the station as well, complete with air-conditioned and sheltered walkway (just 2 mins to reach the MRT gantry by the way), so convenience is pretty incredible.
The Neighbourhood
There are no short of amenities in this area, which is great but it does mean you’ll have to trade in for some peace and quiet. Still, we didn’t find the immediate surrounds to be teeming with people or activity during our site visit. Race Course Road, the road bordering Piccadilly Grand, isn’t overly bustling either, unlike some of the bigger roads in this area, but it does lead into the Bukit Timah Road, so it can definitely get busy.
You get a few big and medium malls within a short walking distance, with the most notable ones being City Square Mall (access is via an air-conditioned passageway through Farrer Park MRT station) and Mustafa. The former features a ton of food and beverage and retail options as well as two supermarkets for your grocery needs.
If you are an avid cook, you’ll be pleased to know that Tekka Market is nearby. It houses a ton of fresh produce and spices and ingredients that are hard to get anywhere else. There’s also an adjacent hawker centre which is a big foodie haven.
Lots of quite popular cafes nearby if that’s more your thing. These are along Owen Road and Rangoon Road in particular, lending a sort of hipster vibe and giving you plenty of options when it comes to weekend brunch. Then there are the late night supper spots along Jalan Besar, which is also within a short walking distance, so you are essentially never short of food options living here.
It seems like mixed-use developments are a thing here, seeing as Piccadilly Grand is also located next to an integrated medical and hospitality complex called Connexion. It houses the Farrer Park Hospital, the Farrer Park Medical Centre, One Farrer Hotel and Spa together with Owen Link, which is a passageway that also comprises a retail and dining zone.
While there aren’t any parks within comfortable walking distance, it will take a relatively short drive to areas like Fort Canning Park (11-min), East Coast Park (12-min), Gardens by the Bay (13-min), and Botanic Gardens (12-min) for your regular dosage of greenery.
Connectivity
Being this close to Farrer Park MRT means a great convenience to a lot of places. You get to switch to the Downtown Line in one stop, the Circle and North-South Line in two stops and the East-West and Thomson-East Coast Line in five.
Getting to the heart of Orchard Road from Piccadilly Grand will take you about four stops, the Downtown Core in five stops and Paya Lebar is in six stops, which is plenty amazing if you work in these areas seeing as you don’t even need to walk much to the MRT station in the first place.
The only bus stop is along Gloucester Road, which only has bus 141. But it’s not going to matter much with the convenience of the MRT.
If you drive, it’s also really convenient to get to both Orchard Road and the CBD—about 10 mins and 15 mins respectively, barring any traffic jams. Reaching the commercial node in Paya Lebar will take you about 13 mins. There is quick and straightforward access to CTE and Bukit Timah Road as well, both of which connect to a ton of places, making things really accessible for you.
Pricing and Rentability Analysis
We are expecting prices for Piccadilly Grand to match Uptown @ Farrer, a recently TOP 99-year leasehold mixed-use development that was launched back in 2019 with its TOP date set for last year. It’s currently averaging around $1,831 psf (although units were sold at $1,860 psf during its first weekend).
The site for Uptown @ Farrer was sold to the developer at $1,001 psf though, which is lower than the site for Piccadilly Grand at $1,129 psf per plot ratio. As such, we are likely going to see prices for Piccadilly Grand to be launched between $1,9xx to $2,1xx psf.
Pricing update: Average prices for Piccadilly Grand are going for $2,182 psf.
Uptown @ Farrer is located relatively close by to Piccadilly Grand, but it is slightly closer to City Square Mall. It falls short on developer’s prominence though and its land size is a lot smaller (more than half) with half of that dedicated to serviced apartments. There’s also limited facilities in the residential area and some of the compact bedrooms can be really small (a 3-bedder is sized at around 700 sqft). But it’s a sacrifice of space over the stellar vicinity. A better comparison with Piccadilly Grand will be possible once more details are out.
In terms of rentability, District 08 has always seen relatively good rental yield. Uptown @ Farrer is looking at around 3.9% rental yield, while nearby Sturdee Residences (TOP: 2019) is seeing around 3.3%. Like Piccadilly Grand, both these developments are 99-year leasehold.
You do get quite a bit of competition in this area though, but its central area will always mean there is a demand. Here’s a look at how much you may be able to get in terms of rental income:
As we can see from the above data, a larger property doesn’t necessarily fetch a better deal in terms of rental income. So we would recommend going smaller, especially if you look at renter demographics in this area which tend towards young professionals working in the city who live alone rather than large families.
We have seen a more than 10% appreciation of prices for District 08 properties from 2020 to 2021.
Image courtesy of Square Foot
It may appreciate further, thanks to this district’s prime land and very close proximity to the city, although the recent cooling measures may dampen things a bit. The great thing about this RCR district though is that it doesn’t have the hefty price tag but all the necessary convenience associated with city living. If you are thinking long term, now is a good time as any to invest in a property here seeing as prices aren’t going to stay as moderate like this now.
Click here for the latest updates on prices and units available.
Available Units
| Type | Name | Area (sqft) | Available Units | Price From |
|---|---|---|---|---|
| 3 BEDROOM FLEXI | C2 | 1,076 | 2 | $2,358,000 |
| C2(d) | 1,346 | 1 | $2,524,000 | |
| C3 | 1,087 | 1 | $2,376,000 | |
| C3(d) | 1,356 | 1 | $2,516,000 | |
| C4(d) | 1,356 | 1 | $2,536,000 | |
| 4 BEDROOM DUAL KEY | D2DK | 1,378 | 14 | $2,747,000 |
| D2DK(d) | 1,647 | 1 | $3,059,000 | |
| D3DK | 1,389 | 17 | $2,815,000 | |
| 4 BEDROOM FLEXI | D1 | 1,410 | 11 | $2,877,000 |
| D1(d) | 1,744 | 1 | $3,221,000 | |
| D1(p) | 1,410 | 1 | $2,868,000 | |
| 5 BEDROOM | E1 | 1,582 | 9 | $3,038,000 |
| E1(d) | 1,894 | 1 | $3,406,000 | |
| 5 BEDROOM PREMIUM | E2P | 1,679 | 17 | $3,228,000 |
| E2P(d) | 2,045 | 1 | $3,676,000 | |
| E2P(p) | 1,679 | 1 | $3,218,000 |