Elias Green, a 99-year leasehold condo located in Pasir Ris, will be up for collective sale by public tender on March 6th. The property’s marketing agent, ERA Realty Network, has set a guide price of $928 million for the sale.
Originally completed in 1994, Elias Green occupies a land area of approximately 516,871 sq ft which is zoned for residential use with a gross plot ratio of 1.4. The condo consists of multiple blocks and has a total of 419 apartments, ranging in size from 1,367 to 1,636 sq ft. With a remaining lease of 65 years, the site’s 99-year lease began 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 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.
The marketing agent also notes 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 with a gross plot ratio of 1.8. If approved, the development’s 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, managing director of capital markets and investment sales at ERA Singapore, emphasizes that the Pasir Ris Town area is undergoing significant enhancements as part of the Housing and Development Board’s (HDB) “Remaking Our Heartland” initiative, which will boost 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.
This is the second attempt by owners at Elias Green to launch a collective sale. The first attempt was in 2018, when the condo was launched for tender at $780 million. The latest asking price of $928 million is 19% higher than the previous one.
The tender for Elias Green will close on April 22 at 2pm. Potential buyers can check out the latest listings for properties at Elias Green, such as condo projects with the most expensive average per-square-foot price in District 18, condo rental transactions in District 18, and upcoming new launch projects. They can also find information on past condo rental transactions, as well as the most unprofitable landed transactions in the past year.