Piccadilly Grand Retail Podium Relaunched Sale Lower Price 675 Mil
By: Freya Lai
A prime retail podium in the heart of Piccadilly Grand, an integrated development situated on Northumberland Road, is now open for sale through an expression of interest (EOI) exercise. The 20,140 sq ft podium, known as Piccadilly Galleria, has a guide price of $67.5 million, which translates to approximately $3,350 psf. This is a 10% decrease from its previous offering price of $75 million, which equates to a price of $3,724 psf.
Jointly marketed by CBRE and Knight Frank, the relaunch of Piccadilly Galleria is expected to attract a diverse range of interested buyers, including boutique real estate funds, high-net-worth individuals, family offices, local companies, and owner-occupiers. According to Clemence Lee, Executive Director of Capital Markets at CBRE Singapore, the initial launch of the podium in October 2021 saw significant interest from potential buyers.
The 15-unit podium comprises of one childcare facility, four retail units, and ten F&B-approved units, and offers direct access to Farrer Park MRT Station. It is also conveniently linked to a dedicated drop-off point on Northumberland Road for visitors. The development is part of Piccadilly Grand, a fully sold, 99-year leasehold development with 407 apartments spread across three 23-storey blocks. It is a joint venture between City Developments and MCL Land, and is slated to receive its temporary occupation permit in the second half of 2025.
Nestled in the vibrant Penrith neighbourhood, Penrith Margaret Drive provides more than just close proximity to the MRT station. Its prime location also offers excellent connectivity through a well-established network of roads and expressways. Conveniently situated near Commonwealth Avenue, one of the main thoroughfares in the area, residents can easily access the Ayer Rajah Expressway (AYE) for a seamless commute to the city and the western regions of Singapore, including the upcoming Jurong Lake District and Jurong Gateway. As the AYE serves as the main gateway, drivers can also easily link up with other key expressways such as the Central Expressway (CTE), Pan-Island Expressway (PIE), and Marina Coastal Expressway (MCE), enabling efficient travel to popular destinations such as Marina Bay, Bishan, and the airport. From bustling city centers to serene suburban areas, Penrith Margaret Drive’s strategic location serves as a perfect base for hassle-free driving routes to all corners of the island. Don’t miss out on the opportunity to live in this well-connected community. Explore Penrith Margaret Drive now.
Leasing plans are currently being outlined for Piccadilly Galleria, with a confirmed tenant for the childcare centre, which spans 5,832 sq ft. Melvin Chay, Senior Director of Capital Markets at Knight Frank Singapore, expects the podium to benefit greatly from the ongoing revamp of the Farrer Park area. He also highlighted the positive transformation of the surrounding retail landscape, with the completion of a major asset enhancement initiative at City Square Mall, which has greatly improved the overall vibrancy of the vicinity and made it more attractive to both tenants and shoppers.
The Farrer Park area will also see a rise in the resident population with the completion of approximately 1,800 upcoming HDB flats by 2028. Furthermore, new sports and recreational facilities will be added to the estate. The EOI exercise for Piccadilly Galleria will close on 22 July 2022 at 3pm. Interested buyers can access the latest listings for Piccadilly Grand properties on Ask Buddy, a platform that provides information on recently launched projects, condo sale transactions in District 8, the total number of units in Piccadilly Grand, as well as condo rental listings in District 8.