Elias Green, a 99-year leasehold condo in Pasir Ris, will be launched for collective sale by public tender on March 6, according to ERA Realty Network, the appointed marketing agent. The property has a guide price of $928 million.
The condo was completed in 1994 and occupies a land area of about 516,871 sq ft that is zoned for residential use with a gross plot ratio of 1.4. Consisting of several blocks, it has 419 apartments with sizes ranging from 1,367 to 1,636 sq ft. The site has a 99-year lease from 1991, which means it has a remaining lease of 65 years.
Map and overview of Elias Green (Picture: EdgeProp LandLens)
According to ERA, the guide price of $928 million translates to a land rate of $1,355 psf per plot ratio (ppr). The 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 factors in a 10% bonus gross floor area.
ERA adds that the owners of Elias Green are in the process of submitting an Outline Application to URA for a residential development at 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, highlights that Pasir Ris Town is undergoing significant improvements as part of HDB’s “Remaking Our Heartland” initiative that 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.
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.
The tender for Elias Green will close on April 22 at 2pm.
