By Parc Esta / Brought to you by MCL Land | November 2, 2018
With Eunos MRT station at its doorstep, and Paya Lebar Central just one MRT stop away, the new residential project is ideal for those who want to buy into an area that is being reinvigorated
A new landmark project will be coming up on the site of the former Eunosville privatised HUDC estate. Named Parc Esta, the 1,399-unit private condominium along Sims Avenue sits on a 377,000 sq ft site.
Parc Esta is a development by MCL Land, an established Singapore property developer and a member of the Jardine Matheson Group under Hongkong Land Holdings. The developer is also behind top-selling projects such as J Gateway, Lake Grande, LakeVille and Sol Acres.
ONE STOP FROM BUSTLING COMMERCIAL HUB
One of Parc Esta’s main draws for homebuyers is its location, says Eugene Lim, key executive officer of ERA Realty. It is a three-minute walk from the Eunos MRT station and one MRT stop from Paya Lebar MRT station, an interchange for the East-West and Circle Lines. From Paya Lebar, it is six MRT stops to Raffles Place; six stops to Changi Airport and the upcoming, iconic Jewel mall; as well as six stops to Bayfront, the station leading to attractions such as Marina Bay Sands and Gardens by the Bay.
The Paya Lebar interchange is the nexus of Paya Lebar Central, an up-and-coming cluster earmarked to be a commercial hub in URA’s 2008 Master Plan. It will include a mix of Grade-A offices, retail and F&B offerings as well as private residences.
Future residents of Parc Esta will be able to enjoy the benefits of the project’s proximity to Paya Lebar Central, which is undergoing rapid rejuvenation. At the Paya Lebar Quarter integrated development, close to a million sq ft of Grade-A office space in three office towers has already been completed.
Paya Lebar Quarter will become the corporate address for companies such as NYSE-listed international property consultancy CBRE, listed office outsourcing company IWG, insurance giant Great Eastern, NTUC Income insurance cooperative and SMRT, Singapore’s public transport operator. According to the developer Lendlease, tenants have begun fitting out their offices and will progressively occupy them.
“Given that Paya Lebar Quarter will be a significant employment and activity generating node, it is a major draw for Parc Esta which is just one MRT station away,” says ERA’s Lim.
MYRIAD OF AMENITIES AND LEISURE OPTIONS
In addition to the new Grade-A office towers, there will be a new 340,000 sq ft mall at Paya Lebar Quarter, which is linked directly to the Paya Lebar MRT interchange station. The new mall at Paya Lebar Quarter will enhance the myriad of retail offerings in the neighbourhood.
Existing commercial developments in the area include Paya Lebar Square. Completed in 2015, the mixed-use development contains 159 shops and F&B outlets.
Adjacent to Paya Lebar Square is SingPost Centre. After a major revamp lasting two years, it reopened in October last year with double the amount of retail space it had before. Covering an area of 269,000 sq ft and spanning five floors, it brings new F&B and retail offerings, including a new 756-seat cineplex, GV Paya Lebar. It also contains a 22,000 sq ft, technology-driven supermarket by NTUC FairPrice with a new Scan2Go personal shopper system, convertible shelf-checkout and a dedicated experiential corner to showcase new retail technologies that provide an interactive and immersive shopper experience.
Just across the road from the Paya Lebar MRT interchange station is One KM Mall, which was rebranded Kinex in August. It will be repositioned as Singapore’s first lifestyle mall featuring green concept stores and social spaces. The upgraded mall will have an indoor retail theme park, a 300m running track and a permanent pop-up retail concept.
“Parc Esta is well-located in the central part of the Eastern region,” says Alvin Tan, executive director and head of project marketing at PropNex International. “Other malls within a five- to 10-minute drive include 112 Katong, Parkway Parade and Kallang Wave Mall.”
Leisure attractions within a few minutes’ drive are Marine Cove at East Coast Park, the Eastern Coastal Loop bicycle trail, the Singapore Parc Esta Sports Hub, and the Old Airport Road Food Centre, adds Tan.
Popular schools within a 1km to 2km radius include CHIJ Katong Convent, Haig Girls’ School, Kong Hwa School, Tanjong Katong Primary School and Tao Nan School.
Being a large-scale development, Parc Esta will be able to offer residents a wide range of luxury resort-style facilities, a privilege those living in smaller developments do not have, says ERA’s Lim. “There aren’t many new projects of a similar scale to Parc Esta in District 14.” The only other launch in the district is Arena Residences, a boutique development located at Guillemard Lane, he points out.
The previous large-scale residential project launched in the neighbourhood was the 1,024-unit Sims Urban Oasis. That was in 2015 and the project is close to 100% sold, notes PropNex’s Tan.
Tan sees “strong pent-up demand from the HDB upgrader market” as most of the HDB blocks in the area are more than 15 years old. “There will also be a pool of potential buyers among those living in private property in the surrounding area who are either looking for an investment property or a forward purchase for their children,” he adds.
The strength of homebuyer demand in the area is evident at the launch of the 429-unit Park Place Residences at Paya Lebar Quarter. The first phase was launched in March last year, and all 210 units were snapped up in a single day at an average price of $1,800 psf. In April this year, the second phase was launched. Units sold achieved prices well above $2,000 psf. Many of the one- and two-bedroom units fetched prices above $2,200 psf, with the highest achieved being $2,281 psf, says Julynn Ngiam, Huttons Asia head of residential project marketing. Fewer than 20 units are available for sale today.
LIMITED NEW SUPPLY IN DISTRICT 14
The number of new homes that is being planned and under construction has remained relatively stable since 4Q2017, according to OrangeTee & Tie Research & Consultancy (Refer to Chart).
Parc Esta is therefore expected to see “healthy buying interest” due to the lack of new supply of private homes in District 14, says Christine Sun, head of research & consultancy at OrangeTee & Tie.
The first nine months of 2018 has seen about 20 new projects launched. However, only a handful are within a three-minute walk of an MRT station. “New projects near MRT stations are currently transacting at an average price range of around S$1,666 psf to $1,940 psf,” observes OrangeTee & Tie’s Sun.
Based on URA Realis data downloaded on October 10 this year, the average price of units sold at JadeScape was S$1,666 psf across 337 transactions lodged. In District 3 and located near Queenstown MRT station, units at Margaret Ville transacted at an average of $1,874 psf, while Stirling Residences recorded $1,764 psf in 3Q2018. Meanwhile, Park Colonial near the Woodleigh MRT station in District 13, saw units sold at an average of S$1,746 psf. (Refer to Table).
“If Parc Esta is priced around $1,700 - $1,730 psf, it will be very attractive,” says PropNex’s Tan.
Prices achieved at recent new launches located near MRT stations
Many of the launches near MRT stations have been of projects in the Rest of Central region, for instance, JadeScape in the Marymount-Upper Thomson area; Mayfair Gardens in the Bukit Timah neighbourhood; Stirling Residences and Margaret Ville, both in the Queenstown area, and Park Colonial in the Woodleigh neighbourhood. There was only one launch in the East, and it was the second phase of Park Place Residences
Parc Esta is expected to appeal to owner-occupiers, predominantly families and even multi-generational families as well as young couples looking for their first home, says Tan. “It’s attractive for those who prefer to live in the East.”
Parc Esta thus stands out from other recently launched developments because of its location, says Huttons Asia’s Ngiam. “It is a three-minute walk from Eunos MRT station, one stop from Paya Lebar Central and within easy access to many culturally rich enclaves such as Joo Chiat and Katong.”
Ngiam adds that the development will also appeal to investors who are looking for a “value buy” property in RCR that is close to an MRT station with a ready catchment of potential tenants.