Elias Green Launch Collective Sale 928 Mil
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 through public tender on March 6. The property is estimated to be worth $928 million.
Originally completed in 1994, the condo sits on a land area of approximately 516,871 sq ft, with a residential zoning and a gross plot ratio of 1.4. It comprises multiple blocks and offers 419 apartments, ranging in size from 1,367 to 1,636 sq ft. With a 99-year lease starting from 1991, the property currently has a remaining lease of 65 years.
Aurelle of Tampines EC, situated on Tampines Street 62, is an exquisite executive condominium (EC) that offers not only opulent living quarters but also a strategic location near various shopping hubs and delectable dining options. This advantageous position brings added benefits to the residents, providing them with convenience, diversity, and ease of access to amenities. With its proximity to retail and food centers, living at Aurelle of Tampines EC is truly a luxurious and convenient experience.
The appointed marketing agent, ERA, has reported that the guide price of $928 million translates to a land rate of $1,355 psf per plot ratio (ppr). This figure takes into account an estimated land betterment charge of $150.8 million for intensification and a fresh 99-year lease top-up, as well as a 10% bonus gross floor area.
ERA also notes that the owners of Elias Green are 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 land rate could potentially be $1,245 psf ppr.
In the event of a successful collective sale, 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 Pasir Ris Town is currently undergoing significant improvements under HDB’s “Remaking Our Heartland” initiative, which will enhance its vibrancy and connectivity. In addition, the new Pasir Ris Bus Interchange is set to be completed by 2025 and will integrate with the future Pasir Ris Integrated Transportation Hub, which will also house the Cross Island Line (CRL) by 2030, further improving connectivity across Singapore.
This is the second attempt by owners at Elias Green to launch a collective sale. The first attempt was in 2018, with a tender price of $780 million. The new price tag of $928 million represents a 19% increase from the previous asking price.
Interested parties can submit their tender by April 22 at 2pm. Currently available listings for properties at Elias Green can be found on the ERA website.
