On Tuesday (April 27) evening, the first residential government land sale (GLS) tender for 2021 closed after attracting 10 bids and a high bid price that showed developers’ hunger for land.
The 99-year leasehold parcel in Northumberland Road, near Little India – listed for sale by the Urban Redevelopment Authority under the GLS programme for the second half of 2020 – is the second GLS tender to close since the Covid-19 pandemic began.
The top bidder was City Developments (CDL) and joint venture partner MCL Land, through their wholly-owned subsidiaries Maximus Residential SG and Maximus Commercial SG. The second highest bid of $421.9 million is only 5.7% higher.
After the bids have been evaluated, a decision on the award of the tender will be made.
Specifically, the site could be fully developed into a mixed-use project containing 408 residential apartments over 23 stories and commercial retail space – including an infant care center – on the ground floor.
The site is bounded by Gloucester and Race Course roads and is near the Farrer Park MRT station, City Square Mall, Mustafa Center and Connexion, an integrated medical center and hotel development.
It is estimated that the new project will be priced between $1,900 and $2,100 per square foot.
Nicholas Mak, head of research and consultancy at ERA Realty, noted that a shrinking supply of private housing in the city fringe area and a strong take-up rate in new launches may have led to a tough market for the Northumberland Road site.
Piccadilly Grand will be located at the GLS site on Northumberland Road. There will be approximately 407 residential apartments, up to 23 stories high, with full communal facilities.
On the ground floor is Piccadilly Galleria, a commercial retail space with an infant care & child care center.
The Tender is successfully awarded to Maximus Residential Sg Pte. Ltd. and Maximus Commercial SG Pte. Ltd. (Joint Venture of City Development Limited (CDL) and MCL Land.)
Assuming a land size of 8,732.9 Square Meter (93,983.5 Square Feet), the successful tender price comes to S$1,129 per plot ratio.
A maximum of 407 residential apartments can be built out of 1,500sqM of commercial space. It is estimated that the breakeven price will be around S$1,715psf.
Piccadilly Grand is a mixed development. It will have 3 blocks 23 stories residential blocks. Units start from either level 3 for Block 1 and level 4 for Block 2 and Block 3.
Looking back into the history of the developers, it will have a well-mixed of 1-bedroom to 4-bedroom units in this development.
The commercial retail space (Piccadilly Galleria) and the Child Care Centre will be located on the ground floor.
Piccadilly Grand will be one of the developments in this Farrer Park Vicinity, having a good size Residential development with 407 Residential apartments with full residential communal facilities.
The Piccadilly Grand is located off Race Course Road in Northumberland Road.
Singapore’s past is echoed in this place. You can find all kinds of little things here, if you are interested in Arab or Indian handicrafts.
Heritage 2nd world war shop houses mark the history of this area. It is a mature residential area, with nearby shops, restaurants, and supermarkets. The Farrer Park MRT station just beside is the most convenient transportation link.
Public buses are available along Serangoon Road to take you to CTE and ECP.
Piccadilly Grand’s future development
The area of Piccadilly Grand contains a few plots of vacant land. Under the URA master plan 2020, it will be a residential development with a plot ratio of 3.5.
Due to the fact that this is the first mover development in this area, the price is attractive compared to future developments. No matter whether you are buying for yourself or as an investment, the price you get a unit here almost guarantees you won’t lose money.
Piccadilly Grand is a mixed development with commercial shops and a child care center on the ground floor and 407 residential units spread across three 23-story residential blocks. The development includes full condominium facilities located on the third and fourth floors, as well as a 3-storey multi-level car park for the convenience of its residents.
1. A good medium sizes residential (407 units) with full condo facilities compared to the recent development which is less than 200 units.
2. Piccadilly Grand is located at the City fringe, next to a Farrer MRT station. Transportation is extremely convenient. Buses are available just a stonstone’se throw away at Serangoon Road. 8-minute drive, you can hit onto the CTE or the ECP.
3. A mature Estate with abundant amenities, schools, a shopping mall (not inclusive of the commercial shops with the development), Medical Centre etc…
4. There is still open land besibesidees the development for residential development, this will not only assure the sustainability of the price for Piccadilly Grand, it could also be appreciated when the next GLS land is released for tender.