The redevelopment of Elias Green, a 99-year leasehold condo in Pasir Ris, is in the works as it is set to be launched for collective sale on March 6. According to ERA Realty Network, which has been appointed as the marketing agent, the development has a price guide of $928 million.
Built in 1994, Elias Green sits on a land area of approximately 516,871 sq ft that is zoned for residential use with a gross plot ratio of 1.4. The development comprises several blocks, with a total of 419 apartments ranging from 1,367 to 1,636 sq ft. The site has a 99-year lease from 1991, leaving about 65 years on its lease.
Based on ERA’s estimate, the guide price of $928 million equates to a land rate of $1,355 psf per plot ratio (ppr). This figure accounts for 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.
(Image: EdgeProp LandLens)
ERA also highlights 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 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 goes through at the guide price, owners are expected to receive gross sale proceeds of 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 undergoing significant improvements as part of the Housing and Development Board’s (HDB) “Remaking Our Heartland” initiative. These enhancements will enhance the vibrancy and connectivity of the area.
Additionally, the new Pasir Ris Bus Interchange is slated to be completed by 2025 and will be integrated with the future Pasir Ris Integrated Transportation Hub, which will also include the Cross Island Line (CRL). The CRL is set to be operational by 2030 and will further enhance connectivity across Singapore.
This is not the first time owners at Elias Green have attempted a collective sale. The first attempt was in 2018, when the condo was launched for tender at $780 million. The current guide price of $928 million is approximately 19% higher than the previous asking price.
The public tender for Elias Green will close on April 22 at 2pm. Interested buyers and investors can check out the latest listings for Elias Green properties on the market.