SINGAPORE (THE BUSINESS TIMES) - Piccadilly Grand, a joint residential project by City Developments Limited (CDL) and MCL Land, has sold 315 out of 407 units - or 77 per cent of units - at an average selling price (ASP) of $2,150 per square foot (psf).

The development is one of the first major private residential projects to launch since the Government announced new property cooling measures in Dec 2021. 

All 315 buyers were first-time buyers, CDL said. 

Some 90 per cent of the buyers are Singaporeans, while the remaining are permanent residents and foreigners from countries including China, India and Malaysia, CDL and MCL Land said in a joint statement on Sunday (May 8) evening.

Located on Northumberland Road, the 99-year leasehold development has 3 23-storey towers. It also has a 1,500 sq m retail and space for food and beverage (F&B), Piccadilly Galleria, and a 500 sq m childcare centre on the ground floor. The development is linked to Farrer Park MRT station.

The project’s ASP of $2,150 psf represents a new price benchmark for the Farrer Park (District 8) area. 

Apartments are priced from $1.06 million for a 1-bedroom unit to $1.35 million for 2-bedroom, $1.79 million for 3-bedroom, $2.74 million for 4-bedroom dual key units, and over $3 million for a 1,582 sq ft 5-bedroom unit. Unit sizes range from 484 sq ft for a 1-bedroom to 1,679 sq ft for a 5-bedroom premium with a private lift. The 1, 2 and 3-bedroom units were the most popular over the launch weekend.

The development marks the first collaboration between CDL and MCL Land. 

The strong take-up points to buyers' confidence on Singapore's economic and residential property market outlook, said MCL Land chief executive Tan Wee Hsien.

CDL group chief executive Sherman Kwek said the "immensely positive" response to the project is a "strong testament" to the combined expertise of both CDL and MCL Land.

Shares of CDL had closed at $8.06 last Friday, down 1.6 per cent, before the launch weekend.