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. With a guide price of $928 million, this property holds immense potential for interested buyers.
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Built in 1994, Elias Green comprises a total of 419 apartments spread across several blocks. The development 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. The size of the apartments ranges from 1,367 to 1,636 sq ft. The lease of the property, which began in 1991, still has 65 years remaining.
According to ERA, the guide price of $928 million translates to a land rate of $1,355 per square foot per plot ratio (ppr). This includes an estimated land betterment charge of $150.8 million for intensification and a top-up for a fresh 99-year lease. In addition, it also factors in 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 this application is approved, the land rate for the development would be approximately $1,245 psf ppr.
If the collective sale is successful, owners of Elias Green can expect 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, highlights the potential of Pasir Ris as an investment opportunity. He notes that the town is currently undergoing major improvements as part of HDB’s “Remaking Our Heartland” initiative, which will further enhance its connectivity and vibrancy. These improvements include the construction of a new Pasir Ris Bus Interchange, which is expected to be completed by 2025, as well as the future Pasir Ris Integrated Transportation Hub that will include the Cross Island Line (CRL), set to be operational by 2030.
This is the second collective sale attempt by owners of Elias Green; the first was in 2018 when the property was launched for tender at $780 million. The current asking price of $928 million is 19% higher than the previous attempt.
The public tender for Elias Green will close on April 22 at 2pm. Interested buyers can check out the latest listings for Elias Green properties on Ask Buddy, a leading real estate platform.