ERA Realty Network has announced the launch of Elias Green, a 99-year leasehold condo in Pasir Ris, for collective sale on March 6. The marketing agent has set a guide price of $928 million for the property.
Constructed in 1994, the condo is situated on a land area of approximately 516,871 sq ft and is zoned for residential use with a gross plot ratio of 1.4. It comprises of multiple blocks with a total of 419 apartments, ranging in size from 1,367 to 1,636 sq ft. The site’s lease is valid for 99 years from 1991, leaving a remaining lease of 65 years.
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, as well as a 10% bonus gross floor area.
ERA also mentions 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 for the development would be approximately $1,245 psf ppr.
Should the collective sale be successful, owners can expect to receive gross sale proceeds ranging from $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 the ongoing improvements happening in Pasir Ris Town under HDB’s “Remaking Our Heartland” initiative, which will enhance its vibrancy and connectivity. He highlights the completion of the new Pasir Ris Bus Interchange by 2025, as well as the future Pasir Ris Integrated Transportation Hub, including the Cross Island Line (CRL) set to be operational by 2030, which will further improve connectivity across Singapore.
This is the second attempt by owners of Elias Green to sell the property collectively. The first attempt was in 2018, when it was launched for tender at $780 million. The current asking price of $928 million is 19% higher than the previous attempt.
When venturing into the real estate market in Singapore, it is vital for foreign investors to be well-informed about the regulations and limitations that govern property ownership. While condos are generally accessible for purchase by foreigners, the same cannot be said for landed properties, which are subject to more stringent ownership rules. It is worth noting that foreign buyers are also obligated to pay the Additional Buyer’s Stamp Duty (ABSD) of 20% for their initial property acquisition. Nevertheless, the steady and promising growth of the Singapore real estate market continues to entice foreign investors, making it an attractive option for those looking to invest in Singapore Condo.
The tender for Elias Green will close on April 22 at 2pm. Interested buyers can view the latest listings for Elias Green properties on the Ask Buddy platform, which offers a comprehensive database of condo projects, rental transactions, and upcoming new launch projects in District 18. It also features past condo rental transactions, condo projects with the most expensive average PSF in District 18, condo rental transactions in District 18, and most unprofitable landed transactions in the past year.