Overview
Piccadilly Grand launched at $2,150 psf in 2022 and has grown to $2,420 psf today. It obtained its TOP in September 2025, and recent transactions suggest a potential gain of about $270 psf for investors who bought at launch. But as more of them exit at the same time, what happens to prices next?
A first mover in District 8
Developed jointly by City Developments Limited and MCL Land, Piccadilly Grand is an integrated mixed-use development in District 8. It connects directly to Farrer Park MRT, two stops from Dhoby Ghaut interchange and four stops from Orchard Road, placing it at the edge of the Core Central Region (Source: One Map).
It was the first major integrated development launched in District 8 in over five years. On launch weekend, 77% of its 407 units were sold at an average price of $2,150 psf, resetting the benchmark for the entire Farrer Park area. Today, transactions are averaging around $2,420 psf (Source: Straits Times, URA REALIS). The development also includes Piccadilly Galleria, a 1,871 sqm retail podium with 15 units comprising 10 restaurants, four shops and a childcare centre (Source: CBRE).
GLS land cost and psf ppr analysis
The next major launch in District 8 is likely to be priced above where Piccadilly Grand is today. A key reason is land cost: when Piccadilly Grand’s site was awarded in 2021, the developer paid $1,129 psf ppr for the land. The nearby Dorset Road GLS site, awarded in October 2025 to a consortium led by UOL Group, Singapore Land Group and Kheng Leong, came in at $1,338 psf ppr, about 19% above Piccadilly Grand’s land cost (Source: URA, Straits Times). The site spans approximately 10,399 sqm with a maximum GFA of around 35,397 sqm, allowing for an estimated 425 residential units.
Before Piccadilly Grand’s site was awarded, the nearby Uptown @ Farrer site was sold at a land rate of $1,001 psf ppr. Today, Uptown @ Farrer trades at around $2,000 psf, showing how rising land costs have tracked property prices in the area over time (Source: URA REALIS). With the Dorset Road site now setting a higher land cost benchmark, future launches in the area are likely to be priced higher — suggesting that Piccadilly Grand’s current $2,420 psf may look less like a price ceiling, and more like an entry point into the next phase of growth in District 8.
What this means for investors
Investors who bought at Piccadilly Grand’s launch average of $2,150 psf are now looking at a potential gain of around $270 psf, based on recent transactions averaging $2,420 psf. Since obtaining TOP in September 2025, more owners have begun receiving their units, and resale listings are likely to increase over the near term.
A higher volume of units available for sale at once can place short-term pressure on prices. However, this kind of supply increase is driven by investor exits rather than any change in the development’s fundamentals. For owner-occupiers and longer-term investors, a period of higher resale supply can also mean more units available in a completed integrated development (Source: URA REALIS).
