Piccadilly Galleria ground-floor retail podium space for sale by Expression of Interest (EOI)

Singapore, 8 October 2024 – International property consultancies Knight Frank Singapore and CBRE are pleased to announce that Piccadilly Galleria, the ground floor retail podium of the fully-sold Piccadilly Grand, is available for sale via Expression of Interest (EOI).

Located at the doorstep of the 23-storey city fringe integrated development, the net lettable area for the retail space spans 20,140 square feet (sf) for a proposed trade mix of F&B outlets, retail stores, and a 5,382 sf childcare centre.

F&B units boast street frontage along Gloucester Road, while retail units will front Race  Course Road. Visitors to the mall will benefit from its highly accessible city fringe location, with direct access to Farrer Park MRT station on the North East Line. It is also within a 9-minute drive from Orchard Road shopping belt and only two to four stops from three MRT interchange stations — Dhoby Ghaut, Raffles Place and Bugis. A dedicated commercial drop-off point will serve visitors of Piccadilly Galleria from the new Northumberland Road.

Piccadilly Galleria is located at 1 Northumberland Road, within the mature Farrer Park residential estate bounded by Dorset Road, Keng Lee Road, Hampshire Road and Race Course Road. The retail podium is poised to benefit from its natural catchment of the 407-unit Piccadilly Grand and an estimated 1,900 upcoming HDB units, which will be ready by 2028, adding to the residential catchment in the area. This is part of URA’s redevelopment plans for the brownfield site at Farrer Park Field, which will house new sports and recreational facilities such as the Farrer Park Sports Centre to retain the site’s rich sporting history and heritage.

The guide price for Piccadilly Galleria will be $75 million, or approximately $3,724 psf on the net lettable area.

Mr Daniel Ding (陈彦旭), Head of Capital Markets (Land & Building, International Real Estate), Knight Frank Singapore (主管, 资本市场部, 国际房地产, 莱坊), says, “This strategically located, city fringe development offers unparalleled connectivity and accessibility, and presents a rare opportunity to own prime retail podium space on a relatively fresh 99-year lease. The last time a new development of this scale was completed was in 2020 when Centrium Square was completed. The incoming owner will get to enjoy the flexibility to occupy or curate the tenancy mix with a captive residential population in mind.”

Mr Clemence Lee (利伟强), Executive Director, Capital Markets at CBRE Singapore (资本市场高级董事, 世邦魏理仕) adds, “Investors are drawn to suburban retail assets in Singapore due the sector’s stellar performance, resilient and defensive nature as well as attractive yields exceeding 4%. In 2024 alone, notable transactions included Seletar Mall, Changi City Point, The Rail Mall and Sceneca Square, as well as a portfolio of 18 supermarkets. CBRE anticipates this trend to continue into 2025 as declining interest rates enable investors to enjoy higher net returns.”

“At a palatable quantum of under $80 million for the entire ground floor retail podium, we expect keen interest from a wide range of buyers such as boutique real estate funds, family offices, HNWIs, and F&B owner occupiers who would want to gain a foothold in a tightly held and up-and-coming area.”

The EOI exercise will close on 12 November 2024, at 3pm.

Photo for use

Artist Impression

Artist Impression

Source: City Developments Limited & MCL Land Limited

For further information, please contact: 
Daniel Ding
Head of Capital Markets (Land & Building, International Real Estate)
Knight Frank Singapore
daniel.ding@sg.knightfrank.com | +65 9336 3962 | +65 6228 6833

Lilian Hoe
Director, Marketing, Communications, Legal and Compliance
Knight Frank Singapore
lilian.hoe@sg.knightfrank.com | +65 6228 6807

Clemence Lee

Executive Director, Capital Markets

CBRE Pte Ltd

Clemence.lee@cbre.com | +65 9724 2939

Melvin Lin

Head of Marketing and Communication

CBRE Pte Ltd

melvin.lin@cbre.com.sg | +65 8878 7329

Notes to Editors

About Knight Frank

Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 27,000 people operating from more than 740 offices across over 50 territories. The Group advises clients ranging from individual owners and buyers to major developers, investors, and corporate tenants.

For further information about the firm, please visit knightfrank.com. Knight Frank has a strong presence in Singapore with a head office and two subsidiaries: Knight Frank Property & Facilities Management and KF Property Network. For further information about the Company, please visit www.knightfrank.com.sg.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.