City Developments Ltd (CDL) and MCL Land will start marketing a 407-unit condominium Piccadilly Grand this weekend, in the first of a batch of upcoming launches that will be closely watched to gauge sentiment and demand from homebuyers.
The 99-year-leasehold project in the Farrer Park area would be the first major private residential development to come to market since cooling measures were introduced four months ago. Prices at Piccadilly Grand start at S$1.058 million for a one-bedroom apartment, which translates to about S$2,186 per square foot (psf), and go up to over S$3 million for 5-bedroom units ranging from 1,582 sq ft to 1,679 sq ft.
Piccadilly Grand starts previews on Saturday (Apr 23), and will start booking sales two weeks later on May 7.
Next up will be Bukit Sembawang Estates’ Marine Parade project Liv @ MB, which will open its showflats on May 7. Another 99-year-leasehold project, Liv @ MB on Arthur Road comprises 298 units spread across 4 blocks - a 19-storey block and three 20-storey blocks.
Marketing agents say guide prices will range from S$2,200 to S$2,500 psf for the 1-bedroom units (495 sq ft to 667 sq ft) and 2-bedroom units (624 sq ft to 1,044 sq ft). The 3-room units (1,119 sq ft to 1,453 sq ft) are expected to start at S$2,100 psf. The 4-bedders (1,518 sq ft to 1,668 sq ft), available from the 12th storey up, are expected to fetch slightly higher prices for their high placement.
Another smaller project in the pipeline for May is boutique development Atlassia, located in the East Coast. Developed by K16 Development, the freehold project spans 9 units of conservation shophouses along Joo Chiat Place and is expected to draw an average price of S$2,000 psf.
Atlassia comprises 31 apartments with 1- to 5-bedroom units ranging from 509 sq ft to 2,692 sq ft, as well as boutique shops and restaurants.
Wong Siew Ying, head of research and content at PropNex Realty, said: “These new launches will likely be supportive of overall pricing in the sub-market. However, we are not expecting private home prices to see the sort of bounce that we witnessed in Q4 2021, when Canninghill Piers contributed to a 6.7 per cent quarterly increase in the Rest of Central Region (RCR) property price index.”
However, ERA Realty's head of research and consultancy Nicholas Mak noted that the upcoming launches could set new high benchmark prices for the RCR if a large number of units are sold in Q2 2022.
Huttons Asia senior research director Lee Sze Teck estimated that the projects would garner a take-up rate of 40 per cent to 50 per cent in the wake of cooling measures and the uncertainties from the Russia-Ukraine war.
“New project launches tend to spark interest in an area and prices may be given a lift after their launch,” he said.
Activity is starting to return to the homebuying market after a quiet start to the year in the wake of cooling measures introduced in December 2021. The launch of the 616-unit North Gaia executive condo project in Yishun saw over 3,500 visitors during its preview weekend on Apr 9 and 10, widely read as an indicator of pent-up demand for homes in the area. North Gaia, which is a public-private housing hybrid, will start booking sales this weekend.
Latest data from the Urban Redevelopment Authority shows new private home sales creeping up steadily over the last two months. Excluding ECs, sale of new units reached 702 units in March, a 22.3 per cent rise month on month, though volume is still down 48.9 per cent from the 1,373 units transacted in March 2021.
Only 309 units were launched for sale last month in March, compared to the 959 new homes launched in the same month last year.
Piccadilly Grand, located on Northumberland Road near City Square Mall and Mustafa Centre, is an integrated development directly linked to Farrer Park MRT. The residential project is connected to Piccadilly Galleria, which houses about 1,500 square metres (sq m) of food and retail space and a 500 sq m childcare centre on the ground floor.
Comprising three 23-storey towers, the development offers a range of unit sizes, from a 484 sq ft 1-bedder to a 1,679 sq ft premium five-bedroom apartment with a private lift. Some of its 1- and 2-bedroom units also come with studies. Facilities include clubhouses, swimming pools, a gymnasium, and a co-working lounge. It also has 326 residential car park lots, including 3 electric vehicle (EV) lots.
Its entry price is S$1.058 million for a one-bedroom, which translates to about S$2,186 per square foot (psf). Prices start at S$1.348 million for a 2-bedder (with sizes from 646 sq ft to 678 sq ft), S$1.788 million for a 3-bedder (883 sq ft to 1,076 sq ft), S$2.738 million for a 4-bedder (1,378 sq ft to 1,410 sq ft) and over S$3 million for a five-bedroom unit (1,582 sq ft to 1,679 sq ft).
Piccadilly Grand and Atlassia are expected to complete by 2026 and 2028 respectively; development of Liv @ MB is estimated to finish by the end of 2024.
Credit: Business Times