City Developments has sold 77% of its residential units at Piccadilly Grand, a residential condominium it is jointly developing with Hongkong Land unit MCL Land just outside the Singapore central business district, despite the government’s property cooling measures.
An artist’s impression of the Piccadilly Grand, a residential condominium being jointly developed by City Developments and Hongkong Land unit MCL Land. The duo sold 315 units of the 407-unit Piccadilly Grand on Northumberland Road, about four kilometers east of the CBD, two weeks after the project was launched for sale. On Sunday, the government imposed an additional tax on transfers of residential property to living trusts, closing a loophole used by buyers to avoid paying more duties on real estate transactions. In the second half, the developer (in another partnership with MCL land) also plans to launch a 639-unit condominium at Tengah Garden Walk in the western part of Singapore. City Developments has been stepping up its residential developments to tap rising housing demand in Singapore.