Elias Green, a 99-year leasehold condominium located in Pasir Ris, will soon be put up for collective sale through public tender on March 6. The marketing agent for the sale, ERA Realty Network, has announced that the property has a guide price of $928 million.
The development, which was completed in 1994, sits on a land area of approximately 516,871 sq ft and has a residential zoning with a gross plot ratio of 1.4. It comprises of multiple blocks and has a total of 419 apartments with sizes ranging from 1,367 to 1,636 sq ft. The site has a remaining lease of 65 years as it was initially issued with a 99-year lease in 1991.
According to ERA, the guide price of $928 million translates 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 and a top-up of the lease to 99 years. It also includes a 10% bonus gross floor area.
The marketing agent also revealed that the current owners of Elias Green are 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 land rate would be approximately $1,245 psf ppr.
If the collective sale is successful, based on the guide price, owners are expected to receive gross sale proceeds ranging from approximately $2.04 million to $2.31 million per unit. Tay Liam Hiap, ERA Singapore’s managing director for capital markets and investment sales, points out that the Pasir Ris Town is undergoing significant improvements as part of the HDB’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,” adds Tay.
This is the second time owners at Elias Green are attempting a collective sale. The first attempt was in 2018, when the condo was launched for tender at $780 million. The latest price tag of $928 million is 19% higher than the previous asking price.
Interested parties can submit their tender for Elias Green by April 22 at 2pm.