Elias Green Launch Collective Sale 928 Mil

Elias Green, a 99-year leasehold condominium located in Pasir Ris, will soon be put up for sale once again. The appointed marketing agent, ERA Realty Network, has announced that the public tender will be launched on March 6 with a guide price of $928 million.

Built in 1994 and occupying a land area of approximately 516,871 sq ft, the property consists of multiple blocks and features 419 apartments ranging from 1,367 to 1,636 sq ft. It is zoned for residential use with a gross plot ratio of 1.4 and has a 99-year lease from 1991, leaving 65 years remaining.

ERA has stated that the guide price of $928 million equates to a land rate of $1,355 per square foot per plot ratio (ppr), which includes an estimated land betterment charge of $150.8 million for intensification and a top-up to a fresh 99-year lease. It also takes into account a 10% bonus gross floor area.

The owners of Elias Green are currently in the process of submitting an Outline Application to URA for a residential development with a gross plot ratio of 1.8. If approved, the land rate for the development would be approximately $1,245 psf ppr.

If the collective sale is successful, based on the guide price, unit owners can expect to receive gross sale proceeds ranging from around $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 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 highlights the upcoming completion of the new Pasir Ris Bus Interchange in 2025, which will be integrated with the future Pasir Ris Integrated Transportation Hub and the Cross Island Line (CRL), expected to be operational by 2030, further enhancing connectivity across Singapore.

This is the second time the owners of 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 asking price of $928 million is 19% higher than the previous attempt.

The tender for Elias Green will close on April 22 at 2pm. Keep an eye out for the latest listings for property units in Elias Green.