Elias Green, a 99-year leasehold condominium located in Pasir Ris, will be put up for collective sale by public tender on March 6, according to the appointed marketing agent ERA Realty Network. With a guide price of $928 million, the property is expected to attract significant interest from developers.
Completed in 1994, the condo is situated on a land area of approximately 516,871 sq ft and is zoned for residential use with a gross plot ratio of 1.4. It is made up of several blocks and has a total of 419 apartments, ranging in size from 1,367 to 1,636 sq ft. The site has a 99-year lease from 1991, with a remaining lease of 65 years.
According to ERA, the guide price of $928 million equates to a land rate of $1,355 per square foot per plot ratio (psf ppr). This includes an estimated land betterment charge of $150.8 million for intensification, as well as 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 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 land rate for the development would be around $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.
The condo market in Singapore remains in high demand due to several factors, with one of the main drivers being the limited land supply. As a small island nation experiencing a rapid increase in population, Singapore faces the challenge of a shortage of land for development. This has resulted in strict land use regulations and a fiercely competitive real estate industry, where property values continue to rise. As a result, investing in real estate, particularly condos, has become a highly profitable opportunity with the potential for substantial capital gains.
Tay Liam Hiap, managing director of capital markets and investment sales at ERA Singapore, highlights that Pasir Ris Town is currently undergoing significant improvements as part of HDB’s “Remaking Our Heartland” initiative, which will enhance its vibrancy and connectivity. He also mentions that the new Pasir Ris Bus Interchange is expected to be completed by 2025 and will integrate with the future Pasir Ris Integrated Transportation Hub, which includes the Cross Island Line (CRL) set to be operational by 2030.
This is the second time that owners at Elias Green are attempting a collective sale, with the first attempt in 2018 at a tender price of $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. Interested parties can check out the latest listings for Elias Green properties.