‘Piccadilly Grand Effect’ on Upcoming Launches
‘Piccadilly Grand Effect’? Piccadilly Grand’s joint venture developers City Developments Ltd (CDL) and MCL Land sold 315 of the 407 units (77 percent) on the weekend of May 7 and 8. This city fringe project in Farrer Park set a new pricing standard for the area with an average price of $2,150 psf. According to Mark Yip, CEO of Huttons Asia, the rousing sales at the Piccadilly Grand launch last weekend will set the tone for the rest of the year. “With building costs on the rise, project launches near $2,000 per square foot will certainly become the standard,” he forecasts.
However, it’s not just city-fringe or RCR projects that have broken the $2,000 psf barrier. It appears that subsequent residential constructions in the Outside Central Region (OCR) will follow suit.
UOL Group’s forthcoming 372-unit, 99-year leasehold condominium at Ang Mo Kio Avenue 1 is one of them, with a preview scheduled for early June. The other is GuocoLand’s Lentor Modern at Lentor Central, a 99-year leasehold mixed-use development that is connected to the Thomson-East Coast Line’s Lentor MRT Station.
“Compared to pure residential complexes, integrated developments attract a premium,” adds Gafoor of PropNex. He cites comparable integrated developments that, at the time of their inception, had commanded a premium over other residential projects in the vicinity. Prices for two-bedroom units at Allgreen Properties’ Pasir Ris 8 in the OCR exceeded $2,000 psf when the property was unveiled last July, while the average price is $1,600 psf. According to caveats filed, the 487-unit complex is currently 89 percent sold.
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