Elias Green condo up for en bloc sale at S$928 million guide price
This translates to a land rate of S$1,355 psf ppr
ELIAS Green condominium in Pasir Ris will be launched for en bloc sale on Thursday (Mar 6) with a guide price of S$928 million, said sole marketing agent ERA Realty Network.
This is about 19 per cent higher than the S$780 million price tag for Elias Green when it was put on the market in 2018.
The guide price this time works out to a land rate of S$1,355 per square foot per plot ratio (psf ppr), after factoring in the 10 per cent bonus gross floor area. It also includes an estimated land betterment charge of S$150.8 million for upgrading to a fresh 99-year lease.
Owners are expected to pocket between S$2.04 million and S$2.31 million for their units, which range in size from 127 to 152 square metres (sq m), said ERA on Wednesday.
Located in District 18, the 419-unit condominium was completed in 1994. It has 65 years left on its 99-year lease.
Elias Green condo sits on a land area of 48,019 sq m. Under the Urban Redevelopment Authority’s (URA) Master Plan 2019, the site is zoned for residential use at a gross plot ratio of 1.4.
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The condo owners are in the process of submitting an Outline Application to URA to increase the gross plot ratio to 1.8. If successful, the land rate would be approximately S$1,245 psf ppr.
Elias Green is located near various retail, dining and entertainment options, such as Pasir Ris Mall, Ikea Tampines and Giant Hypermart. It is also accessible to the Central Business District and Changi Airport.
Tay Liam Hiap, managing director of capital markets and investment sales at ERA Singapore, said: “With new housing developments and a recently constructed retail mall, Pasir Ris is set to become a more vibrant and well-connected residential hub.”
He noted that the new Pasir Ris bus interchange, which is expected to be completed this year, will further improve connectivity across Singapore.
Elias Green’s en bloc attempt this time comes amid a quiet market, with only four successful deals in 2024 out of the mere 16 properties put on the market.
The sole residential deal – the sale of Thomson View Condominium – chalked up S$810 million and accounted for slightly over a third of total transaction value at 36 per cent.
Most recently, freehold River Valley Apartments was sold to a Singapore family office in February this year for S$56 million. The price tag translates to a land rate of around S$1,622 psf ppr, including a nominal land betterment charge.
Some market watchers said smaller residential projects with good real estate attributes will continue to draw interest. However, they added that owners should realistically assess the asking price for a sale to be successful.
The tender for Elias Green condo closes at 2 pm on Apr 22.
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