ParcEsta is the latest real estate development to go from the hands from the state-owned HUDC to private investors. The negotiations surrounding the sale are plain evidence of the relaxed nature of the reforms done to the regulations on the Singapore property market. The details that have been made to the public so far are that the new development it’s been offered on a 99-year leasehold to a company named MCL Land, the previous project was to be named Eunosville, and the site of construction is located in the Sims Avenue, opposing the Eunos MRT station. The winning bid posted by MCL was an offer for $756 million, the second largest price ever paid by a HUCD owned lot.
The Details of the Sale
Although the final cost of the lot exceeded the initial price of $653 million set by the HUCD, the new owners are still planning a full complex with affordable housing alternatives. The size of the construction site has been measured at 367,731 square feet with a gross plot ratio of 2.8. MCL had to fork over an additional $194 million to secure the deal and get a clean slate on the lease with the previous project that still had 71 years of validation. Since very few homeowners remained in the original project, they were offered an average $2 million to vacate the premises. The new ParcEsta plan is replacing the remnants of the old structure with a brand new complex that will house 1,399 housing units that range from single bedroom apartments to multi bedrooms units.
The Logistics that Make ParcEsta a Central Location
The location of the ParcEsta Condo is a two-minute walk to Eunos MRT station. Bus stops are full sheltered, and traffic junction is pretty good even at rush hours. The project is also one stop away from PayaLebar MRT station a place that is currently under development to become a very active commercial hub. ParcEsta, it’s also really close to the GeylangSerai Market. A seven-minute walk can take you there. The place it’s jam-packed with businesses where you can buy plenty of fresh food products. Given the location near the Eunos MRT station is pretty easy to get to the center of the town if you need to reach any medical services or if you need to shop in a different location.
Additional details about Public Transportation
Regarding the logistics with other common locations in Singapore, a ride from the Eunos MRT station can take you to the business district of Singapore in 13 minutes. The trip will cost you $1.25. If you need to go to other places such as Orchard or change your routes to the east-west line or the north-south line the price will hike up a little but nothing too significant. You will be on your destination in15 minutes or more depending on how far you need to go. A ride to the airport is the furthest location most real estate agencies have tested so far, and it turns out that ParcEsta is just 21 minutes away on an MRT ride on a $2 cost. Way cheaper than a taxi cab, right?
Logistics are an essential part of the equation when we are choosing where to live. Having the ability to reach any place without a problem is a must, especially if you don’t own a car.