Elias Green, a 99-year leasehold condominium located in Pasir Ris, is set to be launched for collective sale by public tender on March 6, as announced by ERA Realty Network, the appointed marketing agent. The condo has a guide price of $928 million and was completed in 1994. It sits on a large land area of approximately 516,871 sq ft, with a residential zoning and a gross plot ratio of 1.4. The development comprises several blocks and has a total of 419 units, with sizes ranging from 1,367 to 1,636 sq ft. The site has a 99-year leasehold from 1991, leaving 65 years remaining.
According to ERA, the guide price of $928 million equates to a land rate of $1,355 psf per plot ratio (ppr). This figure takes into account an estimated land betterment charge of $150.8 million for intensification, as well as a top-up to a fresh 99-year lease. It also includes a 10% bonus gross floor area.
ERA adds that the owners of Elias Green are in the process of submitting an Outline Application to the Urban Redevelopment Authority for a residential development with a higher gross plot ratio of 1.8. If this is approved, the land rate for the development would be approximately $1,245 psf ppr.
If the collective sale is successful, based on the guide price, owners can expect gross sale proceeds between approximately $2.04 million and $2.31 million per unit.
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Tay Liam Hiap, managing director of capital markets and investment sales at ERA Singapore, highlights that Pasir Ris Town is currently undergoing significant improvements as part of HDB’s “Remaking Our Heartland” initiative, which aims to enhance its vibrancy and connectivity. “As part of this transformation, the new Pasir Ris Bus Interchange is expected to be completed by 2025 and will integrate with the future Pasir Ris Integrated Transportation Hub, including the Cross Island Line (CRL) which is scheduled to be operational by 2030, further enhancing connectivity across Singapore,” Tay adds.
This is the second time that owners at Elias Green are attempting a collective sale, with the first attempt made in 2018 when the condo was launched for tender at $780 million. The current price of $928 million reflects a 19% increase from the previous asking price.
The tender for Elias Green will close on April 22 at 2 pm. Interested buyers can check out the latest listings for Elias Green properties on Ask Buddy, and also refer to data on the average PSF in District 18, rental transactions in the area, and the most unprofitable landed transactions in the past year. For those looking for new launch projects, there are some upcoming developments to keep an eye on, and past condo rental transactions can also be reviewed for further insights.