Elias Green, a 99-year leasehold condominium situated in the Pasir Ris neighbourhood, is set to hit the market for a collective sale through public tender on March 6. This news was announced by ERA Realty Network, the appointed marketing agent for the property. The guide price for the condo is set at $928 million.
Built in 1994, the property 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. Comprising of multiple blocks, the development boasts a total of 419 apartments with unit sizes ranging from 1,367 to 1,636 sq ft. The site was originally offered with a 99-year lease beginning in 1991, which means it currently has 65 years remaining.
Map and Overview of Elias Green (Picture: EdgeProp LandLens)
ERA has confirmed that the guide price of $928 million includes a land rate of $1,355 psf per plot ratio (ppr), along with an estimated land betterment charge of $150.8 million for intensification and a top-up to a fresh 99-year lease. This figure also takes into account a 10% bonus gross floor area.
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Additionally, ERA reports 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, this would mean that the development’s land rate would be approximately $1,245 psf ppr.
Should the collective sale be successful and the guide price be met, owners can expect 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, has highlighted that the Pasir Ris Town is set for major improvements as part of HDB’s “Remaking Our Heartland” initiative, which is expected to enhance the neighbourhood’s vibrancy and connectivity. He adds that the new Pasir Ris Bus Interchange is expected to be completed by 2025, which will connect with the future Pasir Ris Integrated Transportation Hub, featuring the Cross Island Line (CRL) that is slated to be operational by 2030.
This is the second attempt by owners of Elias Green to launch a collective sale. The first attempt was in 2018, when the property was put up for tender at a price of $780 million. The current asking price of $928 million is 19% higher than the previous attempt.
The tender for Elias Green will close on April 22 at 2pm. Interested parties can check out the latest listings for Elias Green properties on the Ask Buddy website.
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