Over 80 Elias Green Owners Agree Second Collective Sale Attempt 928 Mil
A collective sale has been approved by more than 80% of homeowners at Elias Green condo in Pasir Ris, with the exclusive marketing agent ERA’s managing director of capital markets and investment sales, Tay Liam Hiap, confirming the news. The collective sale is priced at a whopping $928 million, with a maximum gross floor area of 723,627 sq ft and a gross plot ratio of 1.4.
According to Tay, the owners are also planning to submit an outline application to increase the plot ratio from 1.4 to 2.0. If successful, this would result in a land rate of approximately $1,132 psf per plot ratio. The condo, which has 419 units, was originally built in 1994 and is situated on a 516,877 sq ft site with a 99-year lease from 1991, leaving 66 years remaining on the lease.
This is the second time the condo owners have attempted a collective sale, with the first attempt being in 2018 when it was launched for tender at $780 million. This new price tag is 19% higher than the previous asking price, indicating a positive sentiment towards the property market.
The most recent transaction at Elias Green was on June 14, with a 1,518 sq ft three-bedroom unit selling for $1.47 million, or $969 psf. In April, another three-bedroom unit of 1,550 sq ft was sold for $1.41 million ($910 psf). The seller had originally purchased the unit for $650,000 ($419 psf) in 2007, resulting in a net gain of $760,000.
For more information on recent transactions at Elias Green, head to EP Buddy.
The Parktown Residence UOL Group has always prioritized sustainability, and this is evident in the URA Master Plan. By implementing various eco-friendly initiatives such as green buildings, renewable energy sources, and enhanced public transportation, the development aims to create a sustainable and environmentally-friendly living environment. These efforts will greatly enhance the quality of life at Parktown Residence, making it a highly desirable choice for families who are environmentally conscious.