top of page

Piccadilly Grand Review: City Fringe Mixed Residential Condo by CDL Above Farrer Park MRT

Updated: Apr 7



2023 is an exciting year with numerous notable new launch condo supply coming onto the market. Therefore, it can be quite easy to miss out on the existing good buys in the current market when there are so many new and shiny ones upcoming.


Today, we would like to bring your attention back to this new launch condo development located on the RCR city fringe in District 8 – Piccadilly Grand by City Developments Limited (CDL) and MCL Land, our Piccadilly Grand review, and why we find that the remaining units are still worth purchasing despite it already being launched sometime back in May 2022.


These are the topics that we will be covering today:



1. Piccadilly Grand Project Summary


Developer: City Developments Limited (CDL) and MCL Land

Development Type: Mixed Development

Building Design: 3 Blocks of 23 Storey High With Commercial (Retail, F&B, Childcare Centre) and Direct Access To Farrer Park MRT on the 1st Storey

Total Units: 407

Site Area: 8732.9 sqm

Address: Northumberland Road

Region: Rest of Central Region (RCR/City Fringe)

District: 8 (Farrer Park/Serangoon Road)

Tenure: 99 Years

Unit Types: 1 to 5 Bedrooms (Dual key layouts are available)



2. Piccadilly Grand Developers




Piccadilly Grand is jointly developed by CDL and MCL Land, both of which are powerhouse developers. They have also jointly worked on a few other new launch condo developments together such as Copen Grand and Tembusu Grand.


Some of the notable new launch condo developments that CDL has launched before are Canninghill Piers in District 6 at Clarke Quay, Haus on Handy in District 9 at Dhoby Ghaut, Irwell Hill Residences in District 9 at Leonie and Amber Park in District 15 at East Coast just to name a few.


For MCL Land, it would be Leedon Green in District 10 at Holland, Parc Esta and Margaret Ville for newly TOP-ed developments. In terms of the use of quality fittings and finishes, we have no doubts about the standards of these two developers as seen in their proven track record.


3. Piccadilly Grand Location


Let us first have a better understanding of the locale of Piccadilly Grand in terms of the transportation nodes, connectivity in terms of travelling to Central Business District (CBD) or Orchard, the surrounding amenities and the available schooling options for own stay buyers.




Piccadilly Grand MRT & Connectivity



Piccadilly Grand is located directly above Farrer Park MRT Exit E, reducing the commuting time for both residents and tenants alike.


Farrer Park MRT is also just 1 stop away from Little India MRT which connects you to the Downtown Line, 2 stops away from Dhoby Ghaut MRT which connects you to the North South and Circle Line, 3 stops away from Bugis MRT which also connects you to the East West Line and finally 4 stops to Orchard which can connect you to the latest line - Thomson East Coast line.


It has a unparalleled convenience factor, being able to connect residents and tenants to all the lines in Singapore from just 1 to maximum 4 stops away.


Piccadilly Grand being in the RCR also means that it will only take 8 mins to reach Bugis by car, 10 mins to reach Orchard, and 11 mins to reach City Hall. One will not have to pay the price premium that a Core Central Region (CCR) property would command, but at the same time enjoy the convenience as it is one of the new launch condo developments that is the closest to the city centre.



Piccadilly Grand Surrounding Amenities


Food, Shopping and Groceries


As Piccadilly Grand is a mixed residential development, there is a retail component downstairs on level 1 named the Piccadilly Galleria which will be a mixture of retail and F&B stores, supermarket and childcare. Residents can easily get their groceries and meals downstairs.


The plus point to the Piccadilly Galleria is also the fact that all the stores will be fully managed by the developer City Developments Limited (CDL). This ensures that the store tenant profiles are curated with a high-quality level of mall management by CDL.


The nearest full-fledged shopping malls to Piccadilly Grand also include City Square Mall, 24 hours Mustafa Centre and just down the road Bugis Junction and Bugis+ a 8 mins car ride away.


Food options are also aplenty in the vicinity with Swee Choon Dim Sum and Jalan Besar Scissors Curry Rice that are particularly famous, and a full stretch of cafes for brunches – Chye Seng Huat Hardware & Tiramisu Hero to name a few in the Jalan Besar area.


Healthcare Facilities


Even though Piccadilly Grand is located at the Farrer Park area, it is within close proximity to the Newton and Novena area with numerous renowned healthcare institutions and facilities. Piccadilly Grand is also directly opposite the Farrer Park Hospital (a private hospital) and a 10 mins walk away to KK Women’s and Children’s Hospital.



Singapore’s largest healthcare complex planned for Novena area which is the Health City Novena is also targeted to complete by 2030, a 17 hectare modern integrated healthcare complex. This will also greatly increase the number of job opportunities and as a result, a higher volume of tenant demand as well.


Schooling Options for Parents


Piccadilly Grand is within 1km to Farrer Park Primary School and St Joseph’s Institution Junior, and within 1-2km, you will be able to find Anglo Chinese School (Junior), Anglo Chinese School (Primary), Bendemeer Primary School, St Margaret’s Primary School, Hong Wen School and Northlight School.


For parents looking to get their child in St Joseph’s Institution, you may find Piccadilly Grand to be a more reasonable option vs purchasing a property in the Core Central Region of District 10 or 11.


This is because for a new launch condo developments in District 10 or 11 that is near to the MRT, a 1200 sqft 3 bedroom there would easily cost $3 million to $3.6 million due to the higher price tag and with the premium of the freehold status.


With the same price, you will be able to get a bigger size and 4 to 5 bedrooms at Piccadilly Grand. Do speak to us directly if you would like to visualize the actual unit layouts at the Piccadilly Grand showflat.


4. Piccadilly Grand Site Plan and Facilities




As mentioned, Piccadilly Grand has a total of 407 units, spanning 3 blocks (Block 1, 3 and 5) with up to 23 storeys high. As there is a retail component and the residential carpark downstairs, residential units will therefore start from Level 3 and Level 4 for block 5, and block 1 & 3 respectively.


This will therefore allow residents more privacy away from walking pedestrians and the bustling road activities on Level 1 which is a plus point. The entire development is also in a North South orientation facing.


And despite only having 407 units, the developers have incorporated 4 facility zones – namely the Botanical Zone, Tranquillity Zone, Social Zone and the Vitality Zone. Main highlights will be a 35m lap pool in between Blk 1 and 3 and a Kid’s Play pool for pool lovers. We also love the idea of having a co-working lounge in the Tranquility Clubhouse and the availability of a multi-purpose court in the development.







5. Piccadilly Grand Remaining Units and Layout


Back in May 2022 when Piccadilly Grand was first launched, it saw an outstanding response with a total of 1450 cheques collected and eventually sold a total of 315/407 units on the booking day itself.


It was an impressive take up rate as Piccadilly Grand sells 77% of units on launch weekend, sets new benchmark at $2150psf. All the 1 bedrooms, 2 bedrooms and most of the 3 bedrooms were sold out on the booking day itself.


As at 5th of April 2023, Piccadilly Grand is 89% sold out with only the 4 bedroom dual key, 4 bedroom flexi, 5 bedroom and 5 bedroom premium units remaining. The remaining units have larger floor plate sizes from 1378sqft to 1894 sqft, and starts from a price psf of only $1821~


This is an extremely attractive psf for a city fringe new launch condo development located on the Rest of Central Region (RCR), given that new launch condo developments in the Outside Central Region (OCR) are already selling for above $2000 psf.


Piccadilly Grand 4 Bedroom Dual Key (1389sqft)




Piccadilly Grand 4 Bedroom Dual Key (1378sqft)



Piccadilly Grand 4 Bedroom Dual Key (1647sqft)



Piccadilly Grand 4 Bedroom Dual Key Layout Highlight


It is hard to find dual key layouts in the new launch condo developments these days. And we find Piccadilly Grand’s 4 Bedroom Dual Key particularly attractive.


The beauty of dual key units is in the fact that you get to own both units (3 Bedroom + Studio) for own stay and investment purposes, and you do not have to pay Additional Buyer Stamp Duty (ABSD) as both units are still under the same strata title and owner.


There are also separate entrances for the 3 bedroom and the studio unit, allowing those buying for their own stay to have the privacy they need and at the same time, collect monthly rental income to lessen their monthly outlay. As a landlord, you will also be able to manage your tenant easily during the term of the lease.


For home owners, the 3 bedroom in the 4 bedroom Dual Key layout has a generous living & dining area and sizeable bedrooms. The developers have also incorporated a dry and wet kitchen, and a bomb shelter which is also rare to find these days.


For renting out, the studio has its own kitchen, and even has enough space for a study and a balcony. This will most certainly be attractive for singles or young couples working in the Core Central Region, but are looking for more affordable options to rent in the city fringe and want to be near to a MRT. Piccadilly Grand’s proximity to the Health City Novena will also be an attractive option for the medical professionals or healthcare assistants working there.



Piccadilly Grand 4 Bedroom Flexi (1410sqft)




Piccadilly Grand 4 Bedroom Flexi (1744sqft)



Piccadilly Grand 5 Bedroom (1582sqft)




Piccadilly Grand 5 Bedroom (1894sqft)



Piccadilly Grand 5 Bedroom Premium (1679sqft)





6. Piccadilly Grand Price & Investment Analysis


Piccadilly Grand Breakeven PSF

Let us take a look at the developer's breakeven pricing after accounting for their land, construction, land financing, legal & marketing costs.



Based on the remaining existing inventory available for sale:

4 Bedroom Dual Key units starts from $1872 psf

4 Bedroom Flexi starts from $1861 psf

5 Bedroom from starts $1821psf

5 Bedroom Premium starts from $1932 psf


And looking at the developer's breakeven psf of $1837, we can safely say that the remaining units at Piccadilly Grand are priced very reasonably as the developer does not make much of profit margins frankly speaking. In fact, their 5 bedroom at $1821 psf is selling below their breakeven psf.


However, do take note that the developers still have 3 years to sell their remaining units until Piccadilly Grand reaches TOP in Aug 2026. And based on a typical developers' pricing strategy, it is almost certain that they will increase the prices of the remaining units along the way in the next few years till it reaches TOP. Therefore, in summary - the early bird catches the worm. It is always better to buy earlier than later, and at a more attractive price as compared to your neighboring units.



Piccadilly Grand Expected Rental Income


If you are looking at the 4 Bedroom Dual Key unit, and have plans to rent out the studio unit, we will be using City Square Residences and Sturdee Residences in the vicinity as a point of reference for Piccadilly Grand's expected rental income.


This is because City Square Residences and Sturdee Residences are also developments with full condo facilities and have a sizeable number of units. We will not recommend comparing a mid sized development with boutique developments due to lesser facilities offerings, and may have lesser appeal to most tenants.


In the most recent months, the 1 bedrooms at City Square Residences have been rented out between $3500 to $3900. The 1 bedrooms at Sturdee Residences have been rented out between $3000 to $4278. Do also take note that Piccadilly Grand will be the newest kid on the block and the nearest to MRT, therefore we can safely say that the rental demand would be there and may potentially even command a higher rental amount.



Piccadilly Grand URA Masterplan Development Plans


On the launch weekend of Piccadilly Grand, the government announced plans to rejuvenate the Farrer Park area which we believe also contributed to the high number of cheques being collected.



The Housing & Development Board (HDB), Sport Singapore (SportSG) and Urban Redevelopment Authority (URA) jointly announced that an approximately 10-hectare Farrer Park site to be redeveloped with 1,600 new HDB flats and integrated sports facilities.


With these sites being launched, it signifies the government's commitment to rejuvenate the Farrer Park area, bringing in new residents by providing public housing options to young families looking for homes nearer to the city centre. These housing will also be seamlessly integrated with new sports and recreational facilities: a multi-purpose community sporting space, sports facilities within the Multi-Storey Carpark in the estate, 3-Generation playgrounds and fitness corners, new jogging track. More details can be read here: URA


How this will help the residents and investors of Piccadilly Grand is the support from HDB upgraders who will be balloting for the upcoming 1600 BTO units. Purchase prices for city fringe public housing are considerably on the higher side and would fetch even higher prices after a Minimum Occupation Period (MOP) of 5 years.


HDB upgraders also tend to look to private housing within the same estate after hitting their MOP and this will allow buyers of Piccadilly Grand to resell to them in future.



7. Summary on Piccadilly Grand Review

Pros

Cons

Reputable Developer

Busy and Crowded Area That May Not Be Suitable For Everyone

City Fringe RCR Property

Surrounding Environment Have Not Been Revamped Yet and May Feel Slightly Old

Mixed Residential With MRT and Retail at Doorstep

High Quantum Due To The Huge Layouts Despite The Low PSF For The Remaining Units

Dual Key Units Still Available

Developer's Low Profit Margins

Attractive PSF & Huge Layout Floorplans

Upcoming BTO Launches May Turn Into HDB Upgraders, Providing Demand When Reselling Piccadilly Grand

In conclusion, considering all factors in terms of location, connectivity, surrounding amenities and most importantly the price point; we find Piccadilly Grand to be a very safe and reasonable entry price for a city fringe property. And therefore, making it a worthy investment in time to come be it for capital upside potential or rental income.


But at the end of the day, it all boils down to your needs and preferences as Piccadilly Grand will only reach its TOP in Aug 2026 (or maybe up to 6 months - 1 year earlier depending on the rate of construction), and your budget considerations as the overall quantum would be higher due to the bigger layout sizes left. We hope that you have found our Piccadilly Grand review useful.


[Update: Piccadilly Grand has been 100% sold out]

Do speak to us if you require any assistance with analyzing other new launch condo developments be it for your own stay or investment needs as we market all the new launch condo developments in Singapore. We will be able to provide you with a comprehensive analysis and overview of all your potential options.


**Note - No commission is payable should you decide to engage us to help you with purchasing a new launch executive condo (EC), resale executive condo (EC), a new launch condo or a resale condo in Singapore.


 

More About Us:

Here at The Open House SG, we help home buyers & investors find their dream home or make better-informed investment decisions.


We also help property owners market and sell their properties at the most optimal price & in the shortest time possible through digital marketing, home styling and creating buyer experiences.

Contact us directly if you need any assistance with your property buying & selling needs.















Comments


Post: Blog2_Post
bottom of page