MCL Land sells 329 units at Parc Esta, with average price of $1,680 psf

/ EdgeProp Singapore
November 18, 2018 9:27 PM SGT
MCL Land’s Parc Esta, the much-anticipated launch at Sims Avenue in Eunos, chalked up sales of 329 units on the first day of sales on Nov 17. This works out to 73% of 450 units released. The most popular unit types were the one- and two-bedroom units which range in size from 420 to 624 sq ft and 581 to 1,023 sq ft respectively. Average price of units sold was $1,680 psf.
“We are happy with the encouraging sales from yesterday,” according to an MCL spokeswoman who declined to be named. “Even though we knew we had a great project in terms of location – in the city fringe, near an MRT station, and just one stop from Paya Lebar regional centre, we worked very hard to deliver a good product with high-specifications. People found it a value buy.”
Crowd at the balloting tent at Parc Esta sales gallery (Photo Credit: MCL Land)
The four biggest property marketing agencies were involved in the sale of Parc Esta: PropNex, ERA, Huttons Asia and OrangeTee & Tie.
“We were very confident that the project would sell more than 300 units,” says Ismail Gafoor, CEO of PropNex. “About a month ago, we held a consumer seminar at Suntec City, and more than 200 consumers showed up.”
PropNex agents collected about 250 cheques as expressions of interest in the weeks leading up to the launch. Of those collected, 140 converted into actual sales, which is a 56% conversion rate, says Gafoor.
“There are those who like the east – with its proximity to the beach, leisure activities and yet close to the downtown area,” adds PropNex’s Gaforr. “The buyers were convinced of the development’s luxury resort design concept and high-specifications,” For instance, kitchens come with designer fittings and SMEG appliances; en suite bathrooms are fitted with branded sanitary fittings from Hansgrohe and fixtures from Villeroy & Boch. Units are also equipped with the latest in smart home technology.
Parc Esta’s design architect is the award-winning architectural firm P&T Group, with Ecoplan Asia as the landscape architect. Hongkong-based PTang Studio, a multiple award-winning interior designer, was chosen to design the show suites at the sales gallery.
Almost three quarters of the sprawling site is dedicated to landscaping and facilities (Photo Credit: MCL Land)
The 1,399-unit private condo sits on a 377,000 sq ft, 99-year leasehold land area. It has nine blocks of 18-storeys, and designed with full-height glass exteriors to maximize the views of the surroundings. Almost three quarters of the sprawling site is dedicated to landscaping and facilities.
The project is a redevelopment of the former Eunosville privatized HUDC estate which MCL Land purchased en bloc for $765 million in June 2017. With the addition of an estimated differential premium of $194 million, the land cost worked out to $909 psf per plot ratio.
“While most developers try to cut cost by reducing their specifications in order to bring down the selling price, MCL Land was generous in providing a quality project with high specifications, and yet sensitively priced at an average of $1,680 psf,” says Gafoor. “Buyers at Parc Esta benefitted too.”
About 10 projects have been launched since the property cooling measures on July 6. “Parc Esta is one of the last significant new projects to be launched this year,” says the MCL Land spokesperson. “The sales numbers achieved so far have been very encouraging.”