New Condo (Piccadilly Grand) @ Northumberland Road
Upcoming New Condo Development, Piccadilly Grand [Farrer Park]. This 99-year leasehold parcel in Northumberland Road, near Little India – offered 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.
City Developments (CDL) and joint venture partner MCL Land, through their wholly-owned units Maximus Residential SG and Maximus Commercial SG, emerged the top bidder at $445.9 million. This is only 5.7 per cent higher than the second highest bid of $421.9 million.
The top bid of $1,129 per sq ft per plot ratio (ppr) is at the upper end of analysts’ estimates. It is also higher than that of another GLS site in Perumal Road, where Uptown @ Farrer is being developed, which was awarded at $1,001 psf ppr in 2017.
CDL group chief executive Sherman Kwek said: “We are elated to be the top bidder and honoured to have our first collaboration with MCL Land.”
He added that the acquisition ensures that CDL maintains a healthy inventory level in Singapore.
MCL Land chief executive Tan Wee Hsien said: “We have full confidence in the long-term fundamentals of the Singapore residential market.”
The site can be developed into a mixed-use project comprising approximately 408 residential apartments of up to 23 storeys and commercial retail space – including an infant care and childcare centre – on the ground floor.
Bounded by Gloucester and Race Course roads, the site is near the Farrer Park MRT station, City Square Mall, Mustafa Centre and Connexion, an integrated medical centre and hotel development.
Things you might want to know more about Piccadilly Grand at Northumberland Road District 08
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- Floor Plan
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