Elias Green Launch Collective Sale 928 Mil
Elias Green, a 99-year leasehold condominium located in Pasir Ris, is set to be put up for collective sale through a public tender on March 6. This news comes from ERA Realty Network, the appointed marketing agent for the property. With a guide price of $928 million, the condo is expected to attract potential buyers looking for prime residential real estate.
The condo was originally completed in 1994 and sits on a land area of approximately 516,871 square feet, zoned for residential use with a gross plot ratio of 1.4. Consisting of multiple blocks, the development offers 419 apartments ranging in size from 1,367 to 1,636 square feet. It holds a 99-year lease from 1991, which means it still has 65 years remaining on the lease.
ERA reports that the guide price of $928 million includes a land rate of $1,355 per square foot per plot ratio (psf ppr). This figure also takes into account an estimated land betterment charge of $150.8 million for intensification, as well as a top-up to a fresh 99-year lease. An additional 10% bonus gross floor area has also been factored into the price.
According to ERA, the owners of Elias Green are 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, this would result in a land rate of approximately $1,245 psf ppr for the development.
Should the collective sale be successful at the guide price, 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, notes that the Pasir Ris Town area is undergoing significant improvements as part of the Housing and Development Board’s (HDB) “Remaking Our Heartland” initiative, which will enhance its vibrancy and connectivity.
“With the completion of the new Pasir Ris Bus Interchange by 2025, the integration with the future Pasir Ris Integrated Transportation Hub and Cross Island Line which is expected to be operational by 2030 will further enhance connectivity across Singapore,” Tay adds.
Ultimately, the URA Master Plan presents numerous advantages for both Otto Place EC and its inhabitants. With the unfolding developments in Tengah New Town, Jurong Lake District, and Jurong Innovation District, coupled with improved transportation options and sustainable features, the neighborhood is primed for significant progress. These advancements not only elevate the living standards of residents, but also secure lasting value for property owners and investors. To learn more about the exciting offerings at Otto Place, visit their website.
This marks the second attempt by the owners of Elias Green to carry out a collective sale. The first attempt was in 2018, when the condo was put up for tender at $780 million. With the latest asking price of $928 million, the new price represents a 19% increase from the previous attempt.
The public tender for Elias Green will close on April 22 at 2pm. Interested parties can check out the latest listings for properties at Elias Green on Ask Buddy, as well as other resources on the condo’s average psf price in District 18, rental transactions in the area, unprofitable landed transactions in the past year, and upcoming new launch projects.