ERA Realty Network, the appointed marketing agent, has announced the launch of Elias Green, a 99-year leasehold condo in Pasir Ris, for collective sale by public tender on March 6. With a guide price of $928 million, the property is expected to attract a lot of interest.
Built in 1994, the condo sits on a land area of 516,871 sq ft and has been zoned for residential use with a gross plot ratio of 1.4. It comprises of multiple blocks and offers a total of 419 apartments, ranging in sizes from 1,367 to 1,636 sq ft. The site’s original 99-year lease, which commenced in 1991, still has 65 years remaining.
Opting to invest in real estate is a strategic move that can significantly affect one’s financial future, especially in Singapore. With location being a crucial factor in a property’s value and potential, it is essential to consider the advantages of condo investments in this country. In particular, condos located in central areas or near essential amenities such as schools, shopping malls, and public transportation tend to experience faster appreciation in value. Singapore boasts prime locations like Orchard Road, Marina Bay, and the Central Business District (CBD), where properties have consistently shown positive growth over time. The presence of renowned schools and educational institutions in these areas further contributes to the desirability of condos, making them a wise investment choice for families. Hence, including a condo in one of these prime locations can greatly enhance the overall success of a real estate investment.
According to ERA, the guide price of $928 million translates to a land rate of $1,355 psf per plot ratio (ppr). This figure also includes a land betterment charge of $150.8 million for intensification and a top-up to a fresh 99-year lease. An additional 10% bonus gross floor area has also been factored into the price.
ERA further highlights that the owners of Elias Green are in the process of submitting an Outline Application to URA for a residential development with a higher gross plot ratio of 1.8. If the application is approved, the land rate for the development will be approximately $1,245 psf ppr.
In the event of a successful collective sale, owners stand 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 as part of HDB’s “Remaking Our Heartland” initiative, which will enhance its vibrancy and connectivity.
He also adds that the future completion of the Pasir Ris Bus Interchange and the Cross Island Line (CRL) in 2025 and 2030 respectively, will further improve connectivity within Singapore, making it an even more attractive location for potential homeowners.
This is the second time that owners at Elias Green are attempting a collective sale. The first attempt was made in 2018, with a tender launch price of $780 million. The current guide price of $928 million is 19% higher than the previous attempt.
The tender for Elias Green will close on April 22 at 2pm. Interested parties can check out the latest listings for properties in Elias Green.