Parc Esta :: Former Eunosville

[CSH]

The former Eunosville HUDC precinct that was sold collectively en-bloc to MCL Land for redevelopment is finally launching the new project for sale. It is being called Parc Esta, and promises to excite quite a lot of interest.

For a start, it is directly opposite Eunos MRT station, less than 3 minutes walk across. And this is going to be a huge project, numbering 1399 units. It is not often you can get a land parcel of this size, over 375,000 sq ft, in a mature estate so close to the CBD. With this land size, there will be a huge range of facilities. Also, Parc Esta is being developed by MCL Land, a local home-grown developer with a solid reputation and many successful projects under its belt.

In addition, the location of this development is just 1km down the road from Paya Lebar Square and Paya Lebar Quarter. It is part of the rejuvenation and gentrification of the Paya Lebar area under the URA master plan to develop this district into one of Singapore’s regional business hubs. One proof of the reach of that vision, is the rousing success of Park Place Residences that was launched last year. It defied the normal price ranges of the Paya Lebar market to sell at over 30% premium, between $1,700 PSF to a mind-boggling $2,100 PSF.

And even at those prices, it found plenty of takers. The 1st phase in 2017 sold out more than half the units. After the 2nd phase launch at higher prices, the one and 2 bedders, and premium 3 bedders are completely sold out. Only a handful of standard 3 bedders remain. So we can some pent-up demand from buyers who failed to get a unit there.

But will Parc Esta sell at the same pricing as Park Place Residences? Nobody knows at this point, but it is unlikely. Especially not since the recent 6th July cooling measures. We are possibly looking more towards projects like ParkColonial or JadeScape as a more likely price guide. Those have announced averages of around $1,7xx PSF.

If that is the price range you are looking at, you might want to arrange a viewing. The Parc Esta condo is tentatively scheduling to launch in late October / November 2018. Just drop us a note and we will keep you posted on that, and send you any details that become available.