Brought to You by MCL Land
Standing opposite to Eunos MRT Station
Walking distance of 200 metres only
1,399 Residential Apartments
Catering to Your Choices!
Showflat is Now Open
Please call +65 90070868 or
Please Register HERE with
DEVELOPER'S SALES TEAM to
View PARC ESTA Showflat!
Parc Esta, is a new and upcoming condo standing at the former HUDC (Housing and Urban Development Company) Estate, Eunosville, along Sims Avenue and Changi Road, is located in the Eastern Region of Singapore. It is about 200 metres to Eunos MRT Station, on the East-West Line and residents can find Eunos bus-interchange within here. The site of Parc Esta is in a matured estate which is centrally located, with good connections to Paya Lebar. It is one MRT stop to Paya Lebar commercial hub where the retail and commercials are taking shape, with new amenities and infrastructure being planned around it. Parc Esta is only two stations to Bedok MRT Station where residents are able to have more shopping choices at the Bedok Mall.
Parc Esta has a site area of 376,713 square feet of land and will house 1,399 residential apartments and 5 shops. The development has a total of 9 blocks of 18 storeys and these only cover 24.5% of the whole landscape of Parc Esta, which leaves the rest of the landscape to the facilities and greenery for the residents' enjoyment. The architecture was designed and crafted to utlilise the location and views it offers while outdoor spaces connect the building to the elements of nature.
Walkways and greenery are incorporated in the design of the surrounding landscape, bringing to life the traditional values of neighbourhood and community. The towers are designed with full-height glass exteriors to maximise stunning views of the surroundings and crowned with a lantern-inspired feature that stands out against the skyline.
**17th November 2019- MCL sold 331 units on launch day
**19th June 2018- REGISTER HERE for 1st hand Information pertaining to Parc Esta
**02nd June 2017- Eunosville, a privatised HUDC was sold for S$765 million, with addition of S$194 million in extra Government charges for intensifying the piece of land, this translates to a land rate of S$909 per square foot per plot ratio
Contact Us Now to View Parc Esta showflat! Or Talk to Us at +65 90070868
Attractive Price at Parc Esta Condo
1 Bedroom from S$698k
1 Bedroom+Study from S$758K
2 Bedroom from S$888k
2 Bedroom Premium from S$988k
2 Bedroom+Study from S$1.478k
3 Bedroom from S$1.378 million
3 Bedroom+Flexi from S$1.478 million
3 Bedroom Premium from S$1.548 million
4 Bedroom from S$1.758 million
4 Bedroom Premium from S$1.888 million
5 Bedroom from S$2.218 million
An Overview on Why Buy Parc Esta New Condo 2018
- Well developed by a Multi-awards winning and top developer MCL Land
- Great convenience with only 3 minutes walking to Eunos MRT Station and Eunos Bus Interchange
- Large landscape with complete condo facilities and branded fittings
- Spacious and efficient room types
- Near to CHIJ Katong, Eunos Primary, Haig Girls School, Chatsworth and Canadian International School
- Good connectivity to Paya Lebar Region Centre, Changi Business Park and Expo
- Ample amenities which include shopping malls, grocery shops, eateries and restaurants
View Unit Prices and Available Units HERE
The collective sales of Parc Esta marked the 4th successful en-bloc sales in 2017, which adds on to the positive market sentiment, where developers were starting to position themselves for a recovery in the market, The transacted price of S$765 million is a 17% premium of what the owners' asking price of S$653 million. This means each owners stand to receive between S$2.25 million to S$2.41 million in conclusion to the deal.
Comparing with the site Eunos Mansion, along Jalan Eunos, Eunos Mansions has a much smaller area of only 111,735sqft and was en-bloc for S$220 million, with a plot ratio of 1.6, this translates to a higher S$1,118 psf ppr compared with Parc Esta with a lower of S$909 psfppr. Eunos Mansions' owners will receive between S$1.48 million and S$2.19 million, while the penthouses owners will receive S$3.55 million and S$4.7 million respectively.
Parc Esta New Condo will be constructed with full facilities, modern fittings, elegant furnishings, and dashing interior and exterior decors. Unit distribution ranges from one bedroom to large five bedrooms, with exceptional features. The units will have very roomy layouts which will create a perfect ambience many years for the residents. Single professionals and families will like this development as has classy interiors which wil be blend well with good features and present a smart-vibre living.
The units in Parc Esta are North-South oriented to maximise the brightness of the apartments and also, bring better breeze to the units, this enhance the energy efficiency for the residents. The living room shall receive strong walls and high ceilings. As for the bedrooms, extra attention shall become placed on natural illumination, bathrooms, closets, drawers, and their entire ambiance. Each room exhibit a relaxing atmosphere and privacy to ensure that its occupants have the most-deserved dwelling place for themselves.
The towers are spaced generously apart at distances from 40 metres to 70 metres, giving great sense of privacy, compared with the typical 25 metres to 30 metres of other developments.
With a huge land size, there will be a gymnasium for residents daily run cardio, a big standard size swimming pool for those who like swimming, BBQ area, dining area, clubhouses and elevated decks for families to hold functions and gatherings with family and friends, a tennis court due to its huge land size and definitely, a beautiful landscape for Parc Esta New Condo residents to feel welcome when returning home.
Redefining Luxury Living in the East
Almost three quarters of the sprawling site is dedicated to landscaping and facilites. The site is divided into three distinct realms: Grand Parc in the centre, flanked by East Parc and West Parc.
Grand Parc- Where Home is a Resort
Residents of Parc Esta will feel like they are coming home to a luxury tropical resort every day as they are welcomed at the entrance by the calm waters and bespoke lights of the Lantern Isle. From there, they will enter the grand foyer and the expansive Arrival Court.
This in turn brings them to the Majestic Tree Atrium, the heart of Grand Parc: It features a reflective pond and sunken lounge. Covered walkways lead to the Atrium Lounge, Garden Lounge and Koi Pond Lounge.
East Parc- An Exclusive Oasis
East Parc is designed as an exclusive tropical oasis. The central feature is the 50m lap pool with poolside cabanas, chill-out lounges and a dining verandah. There is an exclusive function room at the Parc Clubhouse, which forms the social hub of Parc Esta.
Fitness areas include an indoor Fitness Suite, Bars & Steps Fitness Station, tennis court and multi-purpose court. Pets have their own play area at the Paws Playground.
There are hidden gardens, nature trails and quiet corners to relax or meditate in: For instance, there are the Hammock Park and Yoga Pavilion. Those who want to do some work while relaxing outdoors will be able to do so at the Wi-Fi Pavilion
West Parc- Family Lagoon
The central feature here is the lagoon pool with BBQ and party pavilions at the island party paviion and the Grill and Dine Pavilion. There is a children’s water play area with bubble jets, water jets and water sprays. Nearby is a beanbag lounge, a children’s playground and a Junior Glamping Lawn with tepees and campfire-inspired lighting.
Parc Esta Condo- Comprehensive and Functional layouts
Parc Esta floor plans are expected to be comprehensive and space efficient. Unit mixes is wide ranging from the more compact and popular 1 Bedroom and 2 Bedrooms for single professionals and young families start-ups and investors. There are also larger units for the home stayers from 3 Bedrooms, 4 bedrooms and 5 Bedrooms. The units come with either a balcony or private enclosed space for enjoying views and the surrounding greenery. Their spaces are planned functionally where balconies are rightly sized, wardrobes and kitchen cabinets are nicely built onto the wall, to maximise usable area and lessen wastage on space.
At the kitchen, developers plan on equipping and mounting beautiful, durable cabinets on the wall as well as spice shelves. Attractive countertops will be fitted along and around the sink while the developers provide more segments below the surface. Additionally, branded and up-to-date appliances will blend well to ensure the convenience of the family members. On top of that, you will have an island to make and share meals with family. The homes are the ideal home for the 21st century lifestyle.
Parc Esta Condo- Smart Home Living
With an app that could turn on air-conditioner, and start the washing machine or draw down the curtains before you reach home, residents of Parc Esta can enjoy these experiences, by simply using a smartphone, bringing them a new way of life. In addition, this Smart home solution is a life-style platform that integrates seamlessly with smart condominium management and other lifestyle offerings, hence meeting the needs of residents in Parc Esta.
P/T Cameras are installed for round the clock monitoring. Access to home is via a biometric digital lock set. QR code access for smooth entry for visitors and video calls for easy identification.
The management has established a 24-hour security protocol accompanied by emergency response systems connected to nearest medical facilities, law enforcement, firefighters. However, the developers have taken countless precaution to ensure residents have maximum protection on top of comfort.
The site’s landscapes are dazzling due to the presence of footpaths created alongside greenery gardens. They complement the condo’s exterior decor and amplify the environment within. On completion, Parc Esta will have well-maintained plantations and each of the nine residential towers which is crowned with a lantern-inpsired feature will stand out and set the building apart from other developments in Paya Lebar Central.
Residents will enjoy the location of Parc Esta and this includes the convenience for transportation with only 200 metres walk to Eunos MRT Station serving the East-West Line (EWL), is also joined by a bus interchange serving the needs of immediate localities at even shorter time intervals.
Parc Esta Condo- Excellent Connectivity
Residents of Parc Esta can be served by the Eunos MRT Station, serving the East-West Line which is just at the door step of the new condo. It is great convenience as the condo is located next to the bus interchange as well.
From Eunos MRT station, it is
4 stops to Changi Business Park, Expo and Changi City, and
5 MRT stops to Changi Airport.
Travelling to the West, it is
3 MRT stops to Kallang Sport Hub,
5 MRT stops to Bugis and
6 MRT stops to City Hall.
For those who drives, within mins to the North, Parc Esta will reach Paya Lebar Central where residents can find bustling activities, and PIE (Pan Island Expressway) is just nearby to connect residents to the Expressway Network. Heading South to Still road, Marine Parade is only 5 minutes away. From here residents will have easy access to East- Coast Parkway (ECP) which brings them to Central Business District (CBD), City Centre and Marina South, Marina Bay.
Parc Esta Condo- Amenities and Conveniences
Future residents of Parc Esta can take short drive down to East Coast Road where shops, F&B outlets and supermarket are located. Alternatively, they could take a short drive down to Marine Parade Town Centre where heartland retails, market and food centre are located. Marine Parade Town Centre also host the Parkway Parade Shopping Centre, 112 Katong where many dining, shopping and entertainment options are available to choose from. There are several nice eateries along East Coast Road as well which are a short drive away from Parc Esta.
For those who enjoy outdoor activities, Kallang Riverside Park and East Coast Park are the choice for them. Future residents of Parc Esta New Condo can have water sports, jogging or cycle at the Park. There are also many clubs nearby which the residents can enjoy, this include Singapore Badminton Hall, Geylang Stadium, Kallang Netball Centre, Kallang Squash & Tennis Centre, Singapore Cricket Association, Singapore Swimming Club and PWD Sport Club. As standing just next to Eunos MRT Station, residents of Parc Esta can have the great convenience of travelling to Singapore Sports Hub.
Parc Esta Condo- Education
Parc Esta is near to Eunos Primary School, Haig Girls' School, Tanjong Katong Primary School, Telok Kurau Primary School, CHIK Primary School (Katong), Kong Hua School, Maha Bodhi School, Saint Stephen School, Tao Nan School. Parents who are looking for International school nearby Cassia Edge. Canadian International School (Tanjong Katong Campus) and Chatsworth International School (East Campus) are two International schools.
Parc Esta Condo- Developer
Hongkong Land was founded on 2nd March, 1889 by two of the illustrious and celebrated businessmen Sir Paul Chater and James Johnstone Keswick.
The MCL Land is a well-known property group in Singapore and has built various premium residential buildings under its name over the last 50 years. Over the years, Hong Kong Land and MCL Land have built a strong foundation and and excellent reputation of serving to their clients and hold key interests in premium commercial and residential property holdings across Asia and has almost 800,000 square metres of property across Asian cities including Hong Kong, Singapore, Beijing, Jakarta, Hanoi, Phnom Penh, Macau, and Bangkok
MCL Land, which was formerly known as Malayan Credit Limited. Hongkong Land is 50% owned by Jardine Matheson Holdings. In Singapore, MCL Land has several projects including the Alexandra House and Chater House in Hong Kong; One Raffles Link, Marina Bay Link Mall, Marina Bay Financial Centre in Singapore. Overseas project include World Trade Centre in Jakarta; Central Building in Hanoi; Gaysorn in Bangkok; WF Central in Beijing ; and One Central Residences in Macau, Central Mansions in Cambodia; The Nassim in Vietnam to name a few.
MCL Land operates as a subsidiary of Hong Kong Land Holdings, a member of Jardine Matheson Group and it engages in the development of residential and retails in both Singapore and Malaysia. They have made their significant presence in Jurong Regional Centre with successful new launches for residential condo for the past 4 years with J Gateway, Lake Grande, LakeVille as well as Sol Acres and Terrasse.
MCL Land is proud to present you another of their quality condo development along Sims Avenue, Parc Esta. With its good accessibility to MRT Station, excellent connectivity to Paya Lebar Commercial Hub and vast amenities, MCL Land is confident that this new residential site will make it an excellent choice for home owners, with its conveniences.
For Pleasure of Ownership,
Please Register HERE and
we will contact you soonest!
| Project | Parc Esta Condo, at the former site of Eunosville |
| Developer | MCL Land (Everbright) Pte Ltd |
| Location | Sims Avenue, Jalan Eunos |
| District | 14 |
| Tenure | 99 years leasehold from 12th July 2018 |
| Site Area | 34,997 square metres/ 376,716 square feet |
| GFA: | |
| Plot Ratio | 2.8 |
| Expected TOP Date: | 31th December 2022 |
| Total Units | 1399 residential apartments + 5 shops |
| Total Carpark | 1,122 carpark lots and 9 handicap lots |
| Development | Condo comprising of 9 blocks of 18 storey residential flat development with Basement and Mezzanine Basement carparks, Swimming pools and communal facilities |
| Unit Type: | 1 Bedroom, 2 Bedroom, 3 Bedroom, 4 Bedroom and 5 Bedroom |
| Architect | P & T Consultants Pte Ltd Main Contractor: China Construction Landscape Consultant: Ecoplan Asia Pte Ltd |
| Eligibility | SC, SPR and Foreigner can buy |
| Parc Esta Condo Unit Mix Distribution | |||
|---|---|---|---|
| Unit Type | Type | Area (Square Feet) | Total No. of Units |
| 1 Bedroom | TBA | TBA | TBA |
| 2 Bedroom | TBA | TBA | TBA |
| 3 Bedroom | TBA | TBA | TBA |
| 4 Bedroom | TBA | TBA | TBA |
| 5 Bedroom | TBA | TBA | TBA |
| Penthouse | TBA | TBA | TBA |
| Parc Esta Condo Facilities | |||
West Parc
East Parc
Grand Parc
|
|||
| Parc Esta Condo Price List | |||
|---|---|---|---|
| Unit Type | Area (Square Feet) | Pricing | PSF |
| 1 Bedroom | TBA | TBA | TBA |
| 2 Bedroom | TBA | TBA | TBA |
| 3 Bedroom | TBA | TBA | TBA |
| 4 Bedroom | TBA | TBA | TBA |
| 5 Bedroom | TBA | TBA | TBA |
| Penthouse | TBA | TBA | TBA |
After enduring four years of decline, the property developers finally have some good news. The URA reported an increase of 5.4 percent in the private residential property. This is now attracting property dealers from all over the world. As you all may know, Singapore is an island and land will always remain a scarce commodity that’s why the prices of these properties are bound to increase in the long term.
In Singapore residential market, the price gap between HDB versus the private residential market is widening. Base on DBS, it states that Bull Case would see Annual Private Home demand of 17,250 units.
Base on our analysis, our projection for new home demand will come from
1) Household formation
2) Upgrader demand and
3) Foreigner purchases for investment.
The current en-bloc craze has seen developers investing close to S$34 Billion into Singapore property market (S$26 Billion in en-bloc transactions and S$8 Billion into Government Land Sales (GLS) programmes. With a total of 6,500 households displaced, the near term demand over the next two years could rise above the historical norm.
Projected base Population Growth of 6.5 million by 2030 is expected to have a positive impact on Private Home Property Market as demand is projected to remain above historical average of 12,000 units per year.
Register HERE for a presentation to understand why the property market is heading towards an unstoppable uptrend.
Since Parc Esta new launch condo is currently under construction, it offers a great option for buyers who are still saving the money for the initial down payment. By facilitating buyers with a progressive payment schedule, installments can be made every few months. These small installments represent a much more accommodating and manageable mortgage. If you buy an investment property, you can easily find a tenant that will help you pay down the loan and mortgage. You will be buying the property at the best price if you get it directly from the developer.
After the purchase, you can resell the property at a higher price. This is great for young people who are looking to settle down in a good place. The great thing about Parc Esta new launch condominium is that there is no asset depreciation. So, if you sell the condo just before its completion, you have a chance of acquiring a higher profit.
Buying a Parc Esta condo will prevent you from paying buyer’s commission because that will be paid by the developer. After each successful sale, the developer pays the agency which further pays the agents involved. The location of your condo will play a huge role in determining its value in the long run. You can also choose the unit you desire since Parc Esta is newly launch, but you will have to act fast because condominiums sell out pretty fast.
This is ideal for buyers who are very choosy and particular about what kind of home they want. You will have the opportunity of securing units with better views which will eventually become very valuable on the open market. All you have to do is sign up and pre-register for the preview by contacting the developer’s marketing team members. To attract a lot of customers, property developers often offers many discounts and stamp duty reimbursements during the VIP and VVIP preview. All you have to do is choose your desired units, submit them with your cheque and leave the rest to the developer’s agent.
The developer’s marketing team will enlighten you regarding the all the particular details of Parc Esta such as the pricing, floor plan, etc. during this preview. The value of these condominiums automatically increases the moment the developer removes the early bird discounts. These discounts will be saving you a lot of trouble of negotiating with the seller as well.
Anyone who has invested so much in property would want to be relieved from any further tensions and look forward to enjoying their latest purchase. You will receive Parc Esta in brand new condition and can renovate it according to your taste and needs. Not that you’ll need any renovation because everything will be brand new and you will not have to deal with additional maintenance work.
But in case you face any issues in the condo, you won’t have to spend extra money to get it fixed because the developer offers you a one-year warranty on fixtures and fittings. The plus point about Parc Esta is that you add your personal touch to it as everything will be according to your choice, and you will not have to deal with the previous owner’s choices. Parc Esta also offer much better facilities than any other resale property.
Investing in a Parc Esta newly launched condo does mean that you will have to wait to enjoy the luxury, but one thing that will help you get through it is that the wait and money are going to be worth every second and penny.
Parc Esta next to Eunos MRT Station
Train Stations
Eunos (EW7) – 0.2km
Bus Stop
Af GE Life Ct(Bus:93,94,155,150,26,28,30,30e,21,24,63,67,51,2,7,13,60,61) – 0.1km
Eunos Stn(Bus:60,61,63,13,21,24,26,28,30,30e,2,7,67,51,150,93,94,155) – 0.2km
Supermarkets
Fairprice (Eunos Crescent) – 0.4km
Giant (Tanjong Katong Complex) – 1.1km
Cold Storage (One KM) – 1.1km
Sheng Siong (18B Circuit Road) – 2.0km
Shopping Malls
Joo Chiat Complex – 0.7km
Singapore Post Centre – 1.0km
Kembangan Plaza – 1.0km
One KM – 1.1km
City Plaza – 1.2km
Paya Lebar Quarter (U/C) – 1.2km
Paya Lebar Square – 1.3km
I12 Katong – 1.5km
The Odeon Katong – 1.5km
Roxy Square – 1.6km
The Flow – 1.6km
Preschool
Pu Hui Kindergarten – 0.4km
PCF SPARKLETOTS PRESCHOOL @ GEYLANG SERAI Blk 11 – 0.5km
Great Beginnings Montessori Pre-school – 0.6km
Children’s Vineyard Kindergarten – 0.6km
PCF SPARKLETOTS PRESCHOOL @ JOO CHIAT Blk 15 – 0.8km
Bethesda Chapel Kindergarten – 0.8km
PCF SPARKLETOTS PRESCHOOL @ GEYLANG SERAI Blk 9 – 0.9km
Raffles Montessori Kindergarten – 1.0km
PCF SPARKLETOTS PRESCHOOL @ KEMBANGAN CHAI CHEE Blk 326 – 1.1km
Two By Two Schoolhouse – 1.1km
Primary School
Haig Girls’ School – 0.7km
Eunos Primary School – 0.8km
Maha Bodhi School – 1.2km
Tanjong Katong Primary School – 1.4km
CHIJ Katong Primary School – 1.5km
St Stephen’s Primary School – 1.6km
Tao Nan Primary School – 1.7km
Telok Kurau Primary School – 1.7km
Kong Hwa School – 1.8km
Secondary School
Manjusri Secondary School – 1.1km
Tanjong Katong Secondary School – 1.2km
Tanjong Katong Girls’ School – 1.4km
St Patrick’s Secondary School – 1.9km
Chung Cheng High School (Main) – 2.0km
Junior College
Temasek Junior College – 3.6km
Tertiary
James Cook University – 3.0km
International School
Chatsworth International School East Campus – 1.7km
Canadian International School (Tanjong Katong Campus) – 1.8km
Global Indian International School (East Coast Campus) – 2.0km
Food Centre
4A Eunos Crescent Market and Food Centre – 0.3km
Geylang Serai Market – 0.6km
13 Haig Road Market Centre – 0.9km
Dunman Food Centre – 0.9km
84 Marine Parade Central Market and Food Centre – 1.8km
117 Aljunied Avenue 2 Market and Food Centre – 1.8km
50A Marine Terrace Market and Food Centre – 1.9km
Lifestyle
The Eurasian Association of Singapore – 1.0km
Marine Parade Boy Club – 1.9km
New Parc Esta Condo has a site area of 376,716 square feet, rectangular parcel of land, located in a slightly tilted north-south direction. Its long frontage faces Changi Road on the south, and faces Sims Avenue on the North, whichis directly opposite of Eunos MRT Station.
Parc Esta offers Unit Mixes from 1 Bedroom to 5 Bedrooms type
View Price and Available Units HERE
Parc Esta is a new condo, from the former privatised HUDC Eunosville, which was sold to MCL Land. for $765 million. The sale price works out to a land cost of about $909 psf per plot ratio on the potential gross floor area, inclusive of an estimated differential premium payable to the state to top up the lease to a fresh 99 years, and for redevelopment of the site to a gross plot ratio of 2.8.
View Site and Facilities Plans HERE
Developers are in the business of building houses for people, they want to make a good product that is of value to the consumers, and they need to generate healthy profits levels for their shareholders. If we look at a property parts the most expensive component will be the land, followed by the construction costs. Add on the administrative, sales and marketing expense, finance cost, profit margin we will arrive at the selling price.
Marketing expense for the project is around $200 psf. Construction costs including architecture design, is about $350 psf for a mass market condominum.
Add them all up and we will arrive at the estimate launch price.
Land Cost: S$909psf ppr
Construction Cost: S$350psf
Marketing expense: S$200psf
Profit margin: 20%
Estimated launch price: S$1750psf
Located at the City Fringe, Geylang and Marine Parade are both well developed and highly accessible residential areas with a rich heritage. Residents can expect new and enhanced facilities, better transport connectivity and more opportunities to work near home.
Parc Esta Condo- Housing- Better living through a better environment
With a good range of amenities and proximity to the City and East Coast Park, Geylang and Marine Pararde are highly popular housing locations. Future residents will have more choices as these are two mature towns get rejuvenated in the coming years. More facilities will also be added to serve the needs of the growing community.
Parc Esta Condo- Leisure- New reasons to be outdoors
Those living in Geylang and Marine Parade do not have to travel far for their daily doze of the outdoors. Not only do they have access to a number of East Coast Park within reach, they also have access to a number of smaller parks and an extensive networks of park connectors. By 2030, most residents will be living just 400 metres of a park or park connector as greening efforts continue.
Other developments that will further promote outdoor activities include:
Parc Esta Condo- Transport- Quicker ways to travel
Residents in Geylang and Marine Parade can expect smoother and faster journeys with the following enhacements to the roads and public transport networks.
Parc Esta Condo- Economy- Nuturing a growth centre and creating jobs
New commercial developemnts will continue to come onstream over the next few years , offering exciting opportunities for new businesses and bringing jobs closer to homes.
Many new developments will be sprouting up and around Paya Lebar Central, a new sub regonal centre. A number of projects are already underway including the Workforce Development Agency (WDA) Continuing Education and Training (CET) Campus East. Paya Lebar Square and One KM. A future commecial development has also been made available at Tanjong Katong Road/Sims Avenue.
URA Decentralisation Strategy- Paya Lebar Central- A Vibrant Commercial Hub
Paya Lebar Central and Jurong Lake District are the two new decentralised hubs that are part of the government’s plan to bring jobs closer to home and ease congestion in the CBD. To realise its vision for Paya Lebar Central, the URA had said it intends to put up for sale about 12ha (1.29 million sq ft) of land around the Paya Lebar MRT station for development. This will translate to about 5.38 million sq ft of commercial space, with the largest developments to be concentrated around the junction of Tanjong Katong Road and Sims Avenue, to anchor the area with retail, hotel and office developments, according to URA.
Paya Lebar Central looks set to welcome a new hive of activity with offices, hotels, retail and attractive public spaces planned for it. URA’s larger decentralisation strategy in the Concept Plan to provide alternatives for businesses and jobs closer to homes. The other commercial hubs under URA's larger decentralisation strategy in the Concept Plans to provide alternatives for businesses and jobs closer to homes include Tampines Regional Centre and Woodlands Regional Centre.
Part of the attraction of Paya Lebar is the eclectic mix of old and new and the different types of occupiers. This mix gives the area character and ensures that it is vibrant. The addition of Paya Lebar Square, the new One KM and the rejuvenation of Singapore Post Centre are just what is needed for a comprehensive transformation of the Paya Lebar commercial hub.
Paya Lebar Central- Transforming Paya Lebar
The area around the Paya Lebar MRT interchange station is undergoing a massive transformation. Hoardings have been put up around two plots totalling 422,275 sq ft that will be developed into Paya Lebar Central (PLC), a massive mixed-use scheme by a 70:30 joint venture (JV) between Abu Dhabi Investment Authority (ADIA) and Australian property group Lendlease.
When completed in 2018, PLC will have three Grade-A office towers totalling 874,717 sq ft, a shopping mall with close to half a million sq ft of retail space and more than 400 units in three residential towerse (Park Place Residences). The project will be connected to the Paya Lebar MRT station, which is also an interchange for the East-West and Circle Lines.
The purchase price paid by the JV for the 99-year leasehold site at Paya Lebar Central was $1.67 billion, which translates to $943 psf per plot ratio (psf ppr). PLC will be the first mixe-use scheme with residences that is linked directly to the Paya Lebar MRT Inter change station. That will attract both homebuyers and investors.
One KM Mall- Katong Regency
The nearest residential project is Katong Regency, which sits on top of One KM shopping mall and was completed earlier this year. The project is a five-minute walk to the Paya Lebar MRT station and units in the freehold development were fully sold within the first week of its launch in 2012. The average price then was $1,600 psf, although some of the one-bedroom units of 581 sq ft achieved highs of $2,009 psf.
One KM has a wide mix of retail and F&B offerings, as well as a cluster of enrichment centres. The 210,000 sq ft mall has a total of 150 shops and was considered the first full-fledged shopping mall in Paya Lebar when it opened in December 2014.
Paya Lebar Square
The first 99-year leasehold commercial site in the new Paya Lebar Central precinct to be launched for sale by URA was in January 2011; it drew 10 bids at the close of its tender in April that year. The winning bid went to a consortium comprising Low Keng Huat, Guthrie GTS and Sun Venture Group, which paid $586 million ($872 psf ppr) for the site, which has since been developed into Paya Lebar Square.
Paya Lebar Square, completed in November 2014, has a three-storey retail podium with 95,000 sq ft of retail space and is linked to the MRT station. It has a 10-storey office block with 556 strata office units that were offered for sale in 2012 at an average price of $1,750 psf. Recent strata office units have changed hands at $2,003 to $2,150 psf, according to caveats lodged for units sold from October to December. Meanwhile, the strata office units are being listed for rent with rates ranging from $2,000 a month ($3.64 psf) for a 549 sq ft unit to $8,000 a month ($5.43 psf) for a 1,475 sq ft unit.
Strata offices, especially those that have been divided into very small units, are a completely different niche from the single-owner office buildings aimed at large occupiers, says JLL’s Archibold. While occupiers with space needs of 1,000 to 5,000 sq ft will be attracted to strata-titled buildings, large occupiers looking for 20,000 to 100,000 sq ft of space will want buildings with Grade-A specifications, he adds.
The three Grade-A office towers at PLC will be the first premium office space launched at Paya Lebar Central. Archibold, therefore, expects to see a similar profile of occupiers as those at The Metropolis at one-north, which has two office towers with 1.1 million sq ft. The Metropolis is located next to the Buona Vista MRT station, also an interchange station for the East-West and Circle lines, but in the western region. The Metropolis has just 28 tenants, five of which have taken up space of more than 100,000 sq ft, says Archibold. The project was developed by Ho Bee Land and completed in 2013.
Singapore Post Centre
The transformation at Paya Lebar Central has put the heat on Singapore Post Centre to reinvent itself, especially with the changing retail dynamics and the need to cater to more discerning consumers. At end-October, SingPost announced that it was spending $150 million to add a 269,100 sq ft shopping mall, with four levels and a basement. It will be the first shopping mall in Singapore to house both bricksand- mortar shops and e-commerce retailers.
Spillover
Once PLC is completed in 2018, it will form the cornerstone of the commercial hub. Further sites are likely to be made available for sale — either greenfield land adjacent to Paya Lebar Central or brownfield sites next to Singapore Post Centre — for instance, the car workshops which could be redeveloped. These will form a very significant quantum of development and redevelopment land for the future and will ensure its success as a hub.
The remaking of Paya Lebar has also sparked a rejuvenation of the neighbouring Aljunied and Geylang Road. Located at the corner of Sims Drive and Aljunied Road is GuocoLand’s Sims Urban Oasis, a 1,024-unit project launched in March this year. It has seen a strong pickup in sales over the past two months: 46 units and 39 units were sold in October and November, respectively, at median prices of $1,285 and $1,338 psf.
The transformation of Paya Lebar Central, which is now visible, could have prompted homebuyers to take a second look at the project after seeing the buzz created at the other decentralised hub in Jurong and the other projects in the city fringe, say property agents. The neighbourhood could also benefit from URA’s proposed rezoning of the area bounded by Geylang Road, Lorong 22 Geylang, Guillemard Road and Lorong 4 Geylang for commercial and institutional use from the current residential and institution zoning.
What makes Paya Lebar Central stand out as a commercial hub? Convenience and connectivity
Government’s push for a new decentralised hub in Paya Lebar will be a success. Paya Lebar Central is only a 10 minutes drive from the Central Business District (CBD) and is well connected with three highway connections — the Pan Island Expressway (PIE), East Coast Parkway (ECP) and Nicoll Highway as well as major roads like Sims Avenue, Paya Lebar Road and Changi Road. It is further enhanced with the new Paya Lebar MRT Interchange Station for the Circle Line and East-West Line. It also has the critical mass needed to make the Paya Lebar Commercial Hub works.
Office occupiers are very location- sensitive as they are very conscious of the needs of their staff, Paya Lebar Central is just a 10-minute MRT ride to the Raffles Place MRT interchange station, as well as a 10-minute drive to the CBD. It is, therefore, much closer to the CBD, compared with other decentralised office precincts such as Jurong Gateway in the west, Tampines Regional Centre and Changi Business Park in the east and the future Woodlands Innovation Corridor in the north.
Take-up rate in the office market has slowed in 2015 and is expected to continue in 2016. Global economic headwinds have made companies more cost-sensitive and cautious in their approach to expansion and capital expenditure. However, Lendlease and ADIA’s PLC is slated for completion in 2018, and it will be the only such decentralised office development in the pipeline. PLC will therefore be well-positioned to take advantage of demand from occupiers looking for more cost-effective non-CBD space.
All these are only 1 MRT Station from Parc Esta.
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