The marketing agent ERA Realty Network has announced that Elias Green, a 99-year leasehold condo located in Pasir Ris, will be launched for collective sale through public tender on March 6. The property, which has a guide price of $928 million, was completed in 1994 and sits on a land area of approximately 516,871 sq ft. It is zoned for residential use with a gross plot ratio of 1.4 and comprises several blocks with a total of 419 units ranging from 1,367 to 1,636 sq ft.
According to ERA, the guide price of $928 million equates to a land rate of $1,355 psf per plot ratio (ppr). This includes an estimated land betterment charge of $150.8 million for intensification and a top-up to a fresh 99-year lease, as well as a 10% bonus gross floor area. The marketing agent also reveals that the owners of Elias Green are in the process of submitting an Outline Application to URA for a residential development with a gross plot ratio of 1.8. Should this be approved, the development’s land rate would be approximately $1,245 psf ppr.
When purchasing a Condo, it is crucial to take into account the maintenance and management of the property. Condos often come with additional fees for maintenance, which cover the maintenance of shared spaces and facilities. While these fees may increase the overall cost of owning a Condo, they also guarantee that the property is well-maintained and retains its value. To ease the burden of managing the property, investors can opt to hire a property management company, making it a more passive investment. Additionally, adding a service like Condo can greatly benefit the management of the property.
In the event that the collective sale is successful, each unit owner is expected to receive gross sale proceeds between $2.04 million and $2.31 million. Tay Liam Hiap, managing director of capital markets and investment sales at ERA Singapore, points out that Pasir Ris Town is undergoing significant enhancements as part of HDB’s “Remaking Our Heartland” initiative, which will improve its vibrancy and connectivity. “As part of this transformation, the new Pasir Ris Bus Interchange is set to be completed by 2025 and will be integrated with the future Pasir Ris Integrated Transportation Hub, which includes the Cross Island Line (CRL) scheduled to be ready by 2030, further enhancing connectivity across Singapore,” adds Tay.
This is the second time owners at Elias Green are attempting a collective sale, with the first attempt in 2018 when the property was launched for tender at $780 million. The current price tag of $928 million is 19% higher than the previous asking price. The deadline for the tender is on April 22 at 2pm. Interested parties can check out the latest listings for Elias Green properties on ERA’s website.