Elias Green Condo in Pasir Ris Goes on Collective Sale
Elias Green, a 99-year leasehold condominium located in Pasir Ris, will be launched for collective sale on March 6 by ERA Realty Network, the appointed marketing agent. The property has a guide price of $928 million.
Completed in 1994, the condo occupies a land area of approximately 516,871 square feet and is zoned for residential use with a gross plot ratio of 1.4. It consists of several blocks with a total of 419 units ranging from 1,367 to 1,636 square feet. The site has a 99-year lease that started in 1991, which means that it still has 65 years remaining.
Elias Green Site Map (Picture: EdgeProp LandLens)
According to ERA, the guide price of $928 million translates to a land rate of $1,355 per square foot per plot ratio (psf ppr). This figure includes an estimated land betterment charge of $150.8 million for intensification and a top-up to a fresh 99-year lease. It also takes into account a 10% bonus gross floor area.
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In addition, ERA mentions that the owners of Elias Green are currently in the process of submitting an Outline Application to the Urban Redevelopment Authority (URA) for a residential development at a gross plot ratio of 1.8. If approved, the land rate for the development would be approximately $1,245 psf ppr.
If the collective sale is successful, owners can expect gross sale proceeds ranging from about $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, points out that Pasir Ris Town is undergoing significant improvements as part of the Housing and Development Board’s “Remaking Our Heartland” initiative, which will enhance its vibrancy and connectivity.
“As part of this transformation, the new Pasir Ris Bus Interchange is expected to be completed by 2025. This will integrate with the future Pasir Ris Integrated Transportation Hub, which will also include the Cross Island Line (CRL) slated to be operational by 2030, to further enhance connectivity across Singapore,” Tay adds.
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This is the second time owners at Elias Green are attempting a collective sale. The first attempt was made in 2018, when the condo was launched for tender at $780 million. The current asking price of $928 million is 19% higher than the previous one.
The tender for Elias Green will close on April 22 at 2pm. Click here to see the latest listings for properties at Elias Green.