The latest mixed-use property launch that is located in the Rest of Central Region (RCR), Piccadilly Grand offers the benefits of living close to the city but at the Outside Central Region's (OCR) entry price.
By Khalil Realtor
Piccadilly Grand is the latest launch for 2022 that is located in the Rest of Central Region (RCR) in District 8 with direct access to Farrer Park MRT station via the North East Line (NEL).
Located at the doorstep of the vibrant Little India district, this 99-year leasehold mixed-use development will comprise 407 residential units ranging from one- to five-bedrooms with commercial units on the first storey.
According to URA Space, Piccadilly Grand sits on site area of 8,732.9 sq m with a maximum gross floor area (GFA) of 36,679 sq m with a gross plot ratio of 4.2.
How Piccadilly Grand compares with similar properties in the vicinity
As a fair comparison, we will compare Piccadilly Grand with SOHO 188 as it is the closest private residential property located within the vicinity.
Data from the Urban Redevelopment Authority (URA), showed that the average transacted price per sq ft for SOHO 188 was $1,626 in August 2021.
With an estimated indicative price starting from around $1,950 per sq ft, Piccadilly Grand is priced at around 20 per cent higher when compared to SOHO 188.
When compared to the average price entry price for a two-bedroom unit at Pasir Ris 8 at $2.050 per sq ft, Piccadilly Grand appears to offer an attractive OCR price for an RCR project.
Data from URA also showed the indicative average rental range for SOHO 188 is around $4.49 per sq ft per month.
For a one-bedroom (484 sq ft) unit priced at $1,950 per sq ft, the unit quantum price translates to $943,800.
Based on a rental of $4.49 per sq ft per month, the expected rental is around $2,173.16.
Based on our calculation, the estimated rental yield will work out to the following:
$2,173.16 x 12 / $943,800 x 100 = 2.76 per cent
Here are eight compelling reasons to invest in Piccadilly Grand:
#1: Established developer with a good track record
When it comes to buying a property, the track record of the developer can make or break a project.
However, that is not the case for Piccadilly Grand as it will be developed jointly by City Developments Limited (CDL) and MCL Land.
CDL is one of Singapore’s leading global real estate companies with projects spanning from residential to commercial.
Listed on the Singapore Exchange, CDL is considered one of the largest companies by market capitalisation.
CDL prides itself as an income-stable with a geographically-diverse portfolio that comprises residences, offices, hotels, serviced apartments, shopping malls and integrated developments.
Their latest residential project that was launched last year is Canninghill Piers.
Meanwhile, MCL Land is a leading residential developer whose notable developments include The Estuary, UBER 388, Este Villa, Terrasse, Palms @ Sixth Avenue, Hallmark Residences, Ripple Bay, J Gateway, LakeVille, Sol Acres, Lake Grande, Margaret Ville, Parc Esta and Leedon Green.
MCL Land prides itself on establishing a legacy of building quality homes in both Singapore and Malaysia over the past 50 years.
#2: Integrated development
Data from URA Space showed that Piccadilly Grand is zoned for residential use with commercial units on the first storey.
With a gross plot ratio of 4.2, Piccadilly Grand will span three blocks of 23-storey where investors and residents can look forward to a plethora of lifestyle options such as retail, food & beverage and childcare centre all under one roof.
Connected directly to Farrer Park MRT station, residents can enjoy seamless connectivity to the rest of the island.
We will discuss this in detail in the next paragraph.
#3: Connected to Farrer Park MRT station
URA’s master plan shows that Piccadilly Grand will be directly connected to Farrer Park MRT station via Exit E.
Whether you are working in the Central Business District, Changi Region, Greater Southern Waterfront, Jurong Lake District, Punggol Digital District or Woodlands Regional Centre, Piccadilly Grand connects you to these major economic hubs.
From here, residents can hop onto the NEL and then transfer to the Downtown Line (DTL) one stop away at Little India MRT station, the North-South Line (NSL) two stops away at Dhoby Ghaut MRT station, the Circle Line (CRL) four stops away at Serangoon MRT station, the East West Line (EWL) and the Thomson-East Coast Line (TEL) five stops away at Outram Park MRT station.
Such ease of commute will make the property highly desirable and convenient for owner-occupiers and prospective tenants.
#4: Near several good schools
Distance requirements are dictated by the Ministry of Education (MOE) and these will affect your children’s priority admission to nearby schools.
According to the MOE, priority is given to Singapore Citizens and Permanent Residents who live closer to the preferred school when balloting.
You may check the full requirements here.
Parents with school-going children will be pleased to know that several notable good schools are located within 2 km from Piccadilly Grand.
Here are the full lists of primary and secondary schools:
#5: At the doorstep of the Little India Arts Belt
Steeped in local culture and tradition, Singapore’s Little India is an ethnic enclave that exudes a hip, bohemian vibe while preserving its authentic Indian identity.
Home to many trendy cafes and traditional Indian restaurants, Little India boasts street-style shops selling flowers, garlands, spices and fresh produce.
Lined with rows and rows of colourful shophouses and murals, the area comes alive on weekends and during Deepavali when crowds will throng the area for festive shopping.
Little India also boasts an arts belt on Kerbau Road where several local performing arts companies call these vibrant shophouses home.
For a truly authentic Indian cultural and dining experience, Little India offers a plethora of Indian restaurants serving curry on banana leaves topped with crispy naan bread or rice with a glass of refreshing lime juice or lassi.
#6: Various amenities nearby
Speaking of Little India, the Tekka Market, located within Tekka Centre, is conveniently sited next to Little India MRT station where you can find the freshest produce and ingredients for your wet market shopping.
For delicious local cuisines, head to the Tekka Food Centre located at the back of the building where you can find a variety of affordable hawker fares to suit your taste buds.
Meanwhile, at the other end of Little India is Mustafa Centre, located on Syed Alwi Road, which is popular among the bargain-hunting crowd.
A favourite haunt among locals and tourists alike, Mustafa Centre is where you can find anything and everything under one roof.
Known for its chaotic atmosphere, Mustafa Centre boasts a selection of luxury goods, jewellery, perfumes, clothing and even a supermarket spanning two buildings at extremely competitive pricing.
Best of all, it is open 24 hours a day.
Recently, one of the buildings for Mustafa Centre (facing Farrer Park MRT station) has been newly refurbished and renamed Centrium Square offering consumers even more shopping options.
For a family-friendly experience, pop over to City Square Mall located just across Mustafa Centre.
Owned and managed by CDL, City Square Mall enjoys direct access to Farrer Park MRT station and features over 450,000 sq ft of net lettable area, spread over five retail levels, two basements and four levels of lifestyle services.
Some of its key anchor tenants include NTUC Fairprice, Mc Donald’s and Challenger Mini.
Top-notch healthcare is available right opposite Piccadilly Grand at Farrer Park Hospital.
This private hospital integrates current developments in medical technology and treatments in its hospital design and architecture to better serve patients.
Offering a myriad of services from Anesthesiology to Sports Medicine, the hospital comes with a medical centre attached to it.
This is part of a lifestyle concept that combines healthcare and hospitality.
Like Piccadilly Grand, the hospital enjoys direct access to Farrer Park MRT station via Exit C.
Meanwhile, the KK Women’s and Children’s Hospital is within 5 minutes drive from Piccadilly Grand.
Founded in 1858, the hospital has since then evolved into a leader in Obstetrics, Gynaecology, Paediatrics and Neonatology.
Offering 830 beds, the hospital is also a referral centre providing tertiary services to manage high-risk conditions in women and children.
Equipped with a team of about 500 specialists, they adopt a compassionate, multi-disciplinary and holistic approach to treatment, and harness the latest medical innovations and technology to deliver the best medical care possible.
#8: URA Master Plan
The URA has made a concerted effort to preserve the unique culture and heritage of Little India.
According to its latest master plan, certain pockets and spaces within the historic area have been earmarked to preserve the local arts, culture and heritage.
For instance, URA's Project Oasis Little India (POLI) has transformed the vacant state land into public spaces where the community can come together for activities organised by Little India Shopkeepers and Heritage Association (LISHA).
Meanwhile, the charming heritage buildings at Chitty/ Veerasamy Road and Hindoo Road have been earmarked for refurbishment and repurposement with innovative uses, that activate public spaces and plug gaps in pedestrian experience along Kampong Kapor Road.
As such, investors can anticipate such regenerative project led by the government to have a potentially positive impact for the capital appreciation for Piccadilly Grand.
A regular contributor for PropertyGuru Singapore's AskGuru column, Khalil has his fingers right on the pulse of Singapore's vibrant real estate market.
© 2021 KHALIL REALTOR. ALL RIGHTS RESERVED.