Elias Green, a 99-year leasehold condominium located in the popular Pasir Ris neighborhood, is set to be put up for collective sale through public tender starting on March 6. The exclusive marketing agent for the development, ERA Realty Network, has announced that the property is expected to fetch a guide price of $928 million.
Built in 1994, the sprawling property spans over 516,871 square feet and is zoned for residential use with a gross plot ratio of 1.4. The condominium comprises several blocks and is home to 419 units of varying sizes ranging from 1,367 to 1,636 square feet. The lease of the land expires in 99 years from 1991, leaving a remaining lease of 65 years.
Elias Green (Picture: EdgeProp LandLens)
ERA Realty Network has shared that the guide price of $928 million translates to a land rate of $1,355 per square foot per plot ratio (ppr). This figure 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. It also includes a 10% bonus gross floor area.
In addition, it has been revealed 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 at a higher gross plot ratio of 1.8. If approved, the new development’s land rate would be approximately $1,245 per square foot per plot ratio.
Should the collective sale be successful at the guide price, owners can expect to receive gross proceeds ranging from approximately $2.04 million to $2.31 million per unit.
Tay Liam Hiap, the managing director of capital markets and investment sales at ERA Singapore, has emphasized the ongoing improvements taking place in Pasir Ris Town as part of the Housing and Development Board’s (HDB) “Remaking Our Heartland” initiative. These improvements will enhance the neighborhood’s vibrancy and connectivity.
Tay notes that as part of this transformation, the new Pasir Ris Bus Interchange is expected to be completed by 2025. This integration with the future Pasir Ris Integrated Transportation Hub, which will also include the Cross Island Line (CRL) scheduled to be operational by 2030, will further enhance connectivity across Singapore.
This marks the second time that owners at Elias Green are attempting a collective sale, with the first attempt being in 2018 when the property was launched for tender at $780 million. The guide price of $928 million for this second attempt is 19% higher than the previous asking price.
Interested parties can submit their bids for Elias Green by April 22 at 2pm.