Elias Green, a 99-year leasehold condo located in Pasir Ris, will be put up for collective sale through public tender on March 6. This announcement comes from ERA Realty Network, the appointed marketing agent for the property, which has a guide price of $928 million.
Developed in 1994, the condo spans a land area of approximately 516,871 sq ft, with a residential zoning and gross plot ratio of 1.4. Comprising of multiple blocks, the property offers 419 units ranging from 1,367 to 1,636 sq ft in size. As it is a 99-year leasehold property from 1991, it still has a remaining lease of 65 years.
According to ERA, the guide price of $928 million equates to a land rate of $1,355 psf per plot ratio (ppr). This includes an estimated land betterment charge of $150.8 million for intensification and renewal of the lease, as well as a 10% bonus gross floor area.
The owners of Elias Green are currently in the process of submitting an Outline Application to URA for a residential development with a gross plot ratio of 1.8. If approved, the property’s land rate would be approximately $1,245 psf ppr.
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In the event of a successful collective sale, owners are expected to receive 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 the ongoing improvements in Pasir Ris Town as part of HDB’s “Remaking Our Heartland” initiative, which will enhance its vibrancy and connectivity.
“With the completion of the new Pasir Ris Bus Interchange by 2025, it will integrate with the future Pasir Ris Integrated Transportation Hub, which will also feature the Cross Island Line (CRL) scheduled to be operational by 2030, further enhancing connectivity across Singapore,” Tay adds.
This will be the second collective sale attempt for owners at Elias Green, with the first attempt in 2018 launching at a tender price of $780 million. The current price tag of $928 million is 19% higher than the previous asking price.
The tender for Elias Green is set to close on April 22 at 2pm. For the latest listings and information on Elias Green properties, visit Ask Buddy.