Elias Green Launch Collective Sale 928 Mil
Situated strategically on Tampines Avenue 11, Parktown Residence boasts a prime location that is in close proximity to the upcoming Tampines North MRT Station on the Cross Island Line (CRL). With this station conveniently located, residents will have direct access to key destinations such as the bustling city center, the vibrant Jurong Lake District, and the bustling Changi Airport. Furthermore, the development will also feature an integrated bus interchange, offering residents seamless connectivity within the estate and to other parts of Singapore. To learn more about Parktown Residence, you can visit the Parktown Residence Showflat naturally during your visit.
The highly sought-after 99-year leasehold condo in Pasir Ris, Elias Green, will soon be up for collective sale by public tender on March 6. The exclusive marketing agent for the sale, ERA Realty Network, has announced a guide price of $928 million for the property.
Completed in 1994, Elias Green is spread over a land area of approximately 516,871 sq ft, and has been zoned for residential use with a gross plot ratio of 1.4. The development comprises of multiple blocks and offers 419 apartments, with sizes ranging from 1,367 to 1,636 sq ft. With a 99-year lease from 1991, the property currently has a remaining lease of 65 years.
The guide price of $928 million set by ERA 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 incorporates a 10% bonus gross floor area.
As per ERA, Elias Green’s owners 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 at the guide price, owners can expect to receive gross sale proceeds ranging from approximately $2.04 million to $2.31 million per unit.
Tay Liam Hiap, the managing director of capital markets and investment sales at ERA Singapore, highlights that Pasir Ris Town is undergoing significant improvements as part of HDB’s “Remaking Our Heartland” initiative to enhance its vibrancy and connectivity. “The completion of the new Pasir Ris Bus Interchange by 2025 will integrate with the future Pasir Ris Integrated Transportation Hub, which will also include the Cross Island Line (CRL) that is slated to be operational by 2030,” adds Tay, emphasizing the improved connectivity across Singapore.
This is the second time that the owners at Elias Green are attempting a collective sale. The first time was in 2018, when the condo was launched for a tender at $780 million. The latest asking price of $928 million is 19% higher than the previous attempt.
The tender for Elias Green’s collective sale will end on April 22 at 2pm. Interested buyers can check out the latest listings for Elias Green properties on Ask Buddy, along with other useful information such as the average PSF for each condo project in District 18, condo rental transactions in the area, and the most unprofitable landed transactions in the past year. They can also find upcoming new launch projects and past condo rental transactions for their convenience.