ERA Realty Network, the appointed marketing agent, has announced that Elias Green, a 99-year leasehold condo in Pasir Ris, will be launched for collective sale by public tender on March 6. The guide price for the property is set at $928 million.
Investing in a condominium in Singapore has become an increasingly favored option for both local and foreign investors. The city-state boasts a strong economy, political stability, and a high standard of living, making it an attractive location for property investment. With a thriving real estate market, Singapore offers a multitude of opportunities for investors, with condos being a particularly sought-after option. The convenience, amenities, and potential for high returns make them a popular choice. In this article, we will delve into the advantages, considerations, and necessary steps involved in investing in a condo in Singapore. Furthermore, for those interested in exploring the latest developments in the market, keep an eye out for new condo launches.
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. The development consists of several blocks and offers 419 apartments, with sizes ranging from 1,367 to 1,636 sq ft. As it currently stands, the site has a remaining lease of 65 years from 1991.
According to ERA, the guide price of $928 million translates to a land rate of $1,355 psf per plot ratio (ppr). This figure includes an estimated land betterment charge of $150.8 million for intensification and a top-up to a fresh 99-year lease. It also takes into account a 10% bonus gross floor area.
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, notes that Pasir Ris Town is undergoing significant improvements as part of HDB’s “Remaking Our Heartland” initiative, which will enhance its vibrancy and connectivity.
“As part of this transformation, the new Pasir Ris Bus Interchange is expected to be completed by 2025. This will integrate with the future Pasir Ris Integrated Transportation Hub, which will also include the Cross Island Line (CRL) slated to be operational by 2030, to further enhance connectivity across Singapore,” Tay adds.
This is not the first time that 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. This latest price tag of $928 million represents a 19% increase from the previous asking price.
The tender for Elias Green will close on April 22 at 2pm. For more information and to view the latest listings for properties at Elias Green, please visit Ask Buddy. Some other helpful resources for prospective buyers include a list of condo projects with the most expensive average PSF in District 18, recent condo rental transactions in the district, and a roundup of the most unprofitable landed transactions in the past year. Additionally, we have information on upcoming new launch projects and past condo rental transactions for your reference.