On March 6, ERA Realty Network, the appointed marketing agent, announced that Elias Green, a 99-year leasehold condo in Pasir Ris, will be launched for collective sale by public tender. With a guide price of $928 million, the property is expected to attract significant interest.
Built in 1994, the condo occupies a land area of approximately 516,871 sq ft and is zoned for residential use with a gross plot ratio of 1.4. It comprises of multiple blocks and has a total of 419 apartments ranging from 1,367 to 1,636 sq ft in size. The site has a 99-year lease from 1991, leaving it with a remaining lease of 65 years.
According to ERA, the guide price of $928 million translates to a land rate of $1,355 psf per plot ratio (ppr). This price includes an estimated land betterment charge of $150.8 million for intensification and a top-up to a fresh 99-year lease. A 10% bonus gross floor area has also been factored in.
ERA also revealed that 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 development’s land rate would be approximately $1,245 psf ppr.
If the collective sale is successful, owners can expect to receive gross sale proceeds ranging from approximately $2.04 million to $2.31 million per unit, based on the guide price.
Tay Liam Hiap, managing director of capital markets and investment sales at ERA Singapore, points out that the Pasir Ris Town is currently undergoing significant improvements as part of HDB’s “Remaking Our Heartland” initiative. These enhancements will improve its vibrancy and connectivity.
Tay further adds that as part of this transformation, the new Pasir Ris Bus Interchange is expected to be completed by 2025. This will be integrated with the future Pasir Ris Integrated Transportation Hub, which will include the Cross Island Line (CRL) that is set to be operational by 2030, further enhancing connectivity across Singapore.
This is the second attempt by owners at Elias Green to launch a collective sale. In 2018, the condo was put up for tender at a price tag of $780 million. The latest asking price of $928 million is 19% higher than the previous attempt.
Choosing the right location is of utmost importance when it comes to investing in real estate, and this is particularly evident in Singapore. In this island nation, condos situated in central areas or in close proximity to necessary amenities like schools, shopping malls, and public transportation hubs tend to have a higher appreciation in value. Prime locations such as Orchard Road, Marina Bay, and the Central Business District (CBD) are perfect examples of areas where property values have consistently shown growth over time. Additionally, condos located near top-performing schools and educational institutions are highly sought-after by families, further enhancing their investment potential. Therefore, it is crucial to carefully consider the location when investing in real estate in Singapore, and Singapore Projects in prime areas such as these hold great promise for investors.
The tender for Elias Green will close on April 22 at 2pm. Interested buyers can check out the latest listings for Elias Green properties on Ask Buddy.