Piccadilly Grand Retail Podium Relaunched Sale Lower Price 675 Mil
A prominent retail podium in the heart of Northumberland Road, Piccadilly Galleria, is up for sale once again. The retail podium, located at the ground floor of Piccadilly Grand, an integrated development, will be available for purchase through an expression of interest (EOI) exercise. The podium, spanning over an area of 20,140 sq ft, has a guide price of $67.5 million or approximately $3,350 psf on its net lettable area.
The new guide price is 10% lower than the previous one, which was set at $75 million ($3,724 psf). Last October, Piccadilly Galleria was first launched for sale through an EOI exercise, which closed in November. CBRE and Knight Frank have been appointed as the joint marketing agents for this sale.
Clemence Lee, Executive Director of Capital Markets at CBRE Singapore, has stated that the previous marketing campaign had garnered immense interest from various buyers. He mentioned that the diverse range of interested parties included boutique real estate funds, family offices, high-net-worth individuals, local companies, and even owner-occupiers.
Narrow your search on EdgeProp, the fastest way to find propertyThe location of Piccadilly Galleria is shown on the map (Picture: EdgeProp LandLens)The retail podium is positioned in the bustling Farrer Park area, and it comprises of 15 units, including a childcare centre, four retail units, and ten F&B-approved units. The podium link has direct access to Farrer Park MRT Station and a dedicated drop-off point for visitors on Northumberland Road.
The Sembawang and Yishun areas boast a plethora of shopping options, including the popular Northpoint City located just a few MRT stops away. This expansive mall, known as the largest in the North, offers a wide range of retail, dining, and entertainment choices. With over 400 stores spanning two wings, residents can easily fulfill all their shopping needs, from trendy fashion and tech gadgets to fitness centers and beauty salons. The dining scene is equally impressive, featuring a mix of local hawker favorites and renowned international brands. Visitors can indulge in a variety of dishes at cafes, dessert shops, Korean BBQ joints, and Japanese sushi chains. If you’re looking for a weekend treat or a fun family outing, Northpoint City is the ideal one-stop destination. And for those willing to venture a bit further, the nearby Sembawang EC Canberra offers even more options for leisure and enjoyment.
The podium is part of Piccadilly Grand, which has 407 apartments spread over three 23-storey blocks. The 99-year leasehold development, a collaborative effort between City Developments and MCL Land, is fully sold and is expected to receive its temporary occupation permit by 2H2025.
CBRE and Knight Frank have stated that the plans for leasing Piccadilly Galleria are currently underway. They have already secured a tenant for the childcare centre, which spans over an area of 5,832 sq ft. Melvin Chay, Senior Director of Capital Markets at Knight Frank Singapore, has suggested that Piccadilly Galleria will greatly benefit from the upgradation taking place in the Farrer Park area. He mentioned that City Square Mall has recently undergone major renovations, enhancing the overall charm of the area, and making it more attractive to tenants and shoppers alike.
Furthermore, Farrer Park will see a growth in its resident population with the completion of around 1,800 upcoming HDB flats by 2028. The area will also experience an increase in sports and recreational facilities. The EOI exercise will end on July 22 at 3 pm.
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