Elias Green’s collective sale closes with no bids
It is now moving into a 10-week private treaty period
[SINGAPORE] The collective sale tender for Elias Green closed on Tuesday (Apr 22) with no bids, after the Pasir Ris condominium was put up for sale in March with a guide price of S$928 million.
The collective sale is now moving into a 10-week private treaty period, and ERA is following up with several interested parties, said Tay Liam Hiap, the agency’s managing director of capital markets and investment sales.
Elias Green’s guide price reflects a land rate of S$1,355 per square foot per plot ratio (psf ppr). This factors in 10 per cent bonus gross floor area and an estimated land betterment charge of S$150.8 million for intensification and upgrading to a fresh 99-year lease.
Located in District 18, the 419-unit condominium was completed in 1994 and has 65 years left on its current lease.
The property sits on a land area of 48,019 square metres. Under the Urban Redevelopment Authority’s Master Plan 2019, the site is zoned for residential use at a gross plot ratio of 1.4.
Elias Green is located near Pasir Ris Mall, Ikea Tampines and Giant Hypermart.
The last major residential en bloc deal was the sale of Thomson View for S$810 million to UOL Group, Singapore Land Group and CapitaLand Development in November 2024. It was sold for about 12 per cent below the owners’ original reserve price.
In February, freehold River Valley Apartments was sold to a Singapore family office 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.
