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ERA Realty Network, the appointed marketing agent for Elias Green, has announced that the 99-year leasehold condo in Pasir Ris will be launched for collective sale on March 6. The property, which has a guide price of $928 million, is set to be one of the biggest en bloc sales in the area.
Built in 1994, Elias Green occupies a land area of approximately 516,871 sq ft and is zoned for residential use with a gross plot ratio of 1.4. The development comprises several blocks and has a total of 419 apartments with sizes ranging from 1,367 to 1,636 sq ft. With a remaining lease of 65 years, which started in 1991, the property holds great potential for redevelopment.
According to ERA, the guide price of $928 million translates to a land rate of $1,355 psf per plot ratio (ppr). This price includes an estimated land betterment charge of $150.8 million for intensification and a top-up to a fresh 99-year lease. It also takes into account a 10% bonus gross floor area, making it an attractive investment opportunity for developers.
ERA also revealed that the owners of Elias Green are in the process of submitting an Outline Application to the Urban Redevelopment Authority (URA) for a residential development with a gross plot ratio of 1.8. If approved, the potential land rate for the development would be approximately $1,245 psf ppr.
If the collective sale is successful, owners can expect to receive gross sale proceeds between $2.04 million and $2.31 million per unit, depending on unit size. Tay Liam Hiap, managing director of capital markets and investment sales at ERA Singapore, notes that Pasir Ris Town is undergoing significant improvements as part of the Housing and Development Board’s “Remaking Our Heartland” initiative, which will enhance its vibrancy and connectivity.
With the anticipated completion of the Pasir Ris Bus Interchange by 2025 and the future Pasir Ris Integrated Transportation Hub, which will include the Cross Island Line (CRL) scheduled to be operational by 2030, connectivity in the area will be further improved. This makes Elias Green a highly sought-after location for developers.
This will be the second attempt by owners of Elias Green to launch a collective sale, with the first attempt being in 2018 when the property was put on the market for $780 million. The current guide price of $928 million represents a 19% increase from the previous attempt.
The public tender for Elias Green will close on April 22 at 2pm. Interested parties can check out the latest listings for Elias Green properties and other similar offerings, such as condo projects with the most expensive average PSF in District 18, past successful condo rental transactions in the area, most unprofitable landed transactions in the past year, as well as upcoming new launch projects and past condo rental transactions.