Elias Green, a 99-year leasehold condominium located in Pasir Ris, is set to be launched for collective sale through public tender on March 6 by ERA Realty Network, the appointed marketing agent. The property has a guide price of $928 million.
Originally built in 1994, the condo sits on a land area of approximately 516,871 sq ft and is zoned for residential use with a gross plot ratio of 1.4. Comprised of multiple blocks, the development offers a total of 419 apartments ranging in size from 1,367 to 1,636 sq ft. The site currently has 65 years left on its lease, which commenced in 1991.
According to ERA, the guide price of $928 million works out to a land rate of $1,355 per square foot per plot ratio (psf 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. An additional 10% bonus gross floor area is also factored into the price.
The marketing agent also mentions that the owners of Elias Green are in the process of submitting an Outline Application to the Urban Redevelopment Authority (URA) for a residential development with a higher gross plot ratio of 1.8. If approved, the land rate for the development would be around $1,245 psf ppr.
Should the collective sale be successful, owners can expect gross sale proceeds ranging from approximately $2.04 million to $2.31 million per unit, based on the guide price.
Tay Liam Hiap, managing director of capital markets and investment sales at ERA Singapore, notes that Pasir Ris Town is currently undergoing significant improvements as part of the Housing and Development Board’s (HDB) “Remaking Our Heartland” initiative, which aims to enhance its vibrancy and connectivity.
“In line with this transformation, the new Pasir Ris Bus Interchange is expected to be completed by 2025. This will be integrated with the future Pasir Ris Integrated Transportation Hub, which will also include the Cross Island Line (CRL) that is set to be operational by 2030, further enhancing connectivity across Singapore,” Tay adds.
This is the second time owners at Elias Green have attempted a collective sale, with the first attempt made in 2018 when the condo was launched for tender at $780 million. The current guide price of $928 million is 19% higher than the previous asking price.
The tender for Elias Green will close on April 22 at 2pm. Interested parties can find out more about the latest listings for properties at Elias Green by checking in with Ask Buddy.