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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.”