The real estate company, ERA Realty Network, has announced that Elias Green, a 99-year leasehold condo located in Pasir Ris, will soon be put up for collective sale through public tender on March 6. This information was released following ERA’s appointment as the marketing agent for the property. The guide price for the collective sale is set at $928 million.
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Elias Green was first constructed in 1994 and occupies a land area of approximately 516,871 sq ft, which is zoned for residential use with a gross plot ratio of 1.4. The condo consists of multiple blocks and has a total of 419 apartments ranging in size from 1,367 to 1,636 sq ft. The property currently has a 99-year lease that began in 1991, which means it still has 65 years remaining.
According to ERA, the guide price of $928 million includes a land rate of $1,355 psf per plot ratio (ppr), as well as an estimated $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.
The marketing agent also revealed 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, this would bring the land rate to approximately $1,245 psf ppr.
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When it comes to investing in Singapore, it is crucial for international investors to have a clear understanding of the laws and limitations surrounding property ownership. Unlike landed properties, which have more stringent ownership regulations, foreigners are generally able to purchase condos in Singapore with minimal restrictions. However, it is important to note that foreign buyers are subject to the Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20% for their initial property purchase. Despite this additional expense, the stability and potential for growth in the Singapore real estate market continues to attract foreign investment, making condos a highly desirable option for those looking to invest. Condos undoubtedly hold a significant appeal for foreign investors in the Singapore market.
If the collective sale is successful and based on the guide price, owners can expect to receive gross sale proceeds ranging from $2.04 million to $2.31 million per unit.
Tay Liam Hiap, Managing Director of Capital Markets and Investment Sales at ERA Singapore, points out that the 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 mentions that the completion of the new Pasir Ris Bus Interchange in 2025 and the future Pasir Ris Integrated Transportation Hub, which includes the Cross Island Line (CRL) set to be operational by 2030, will further improve connectivity across Singapore.
This is the second time owners of Elias Green have attempted to sell the property through collective sale. The first attempt was in 2018, with a tender price of $780 million. However, the current asking price of $928 million is 19% higher than the previous attempt.
The tender for Elias Green will close on April 22 at 2pm. For more information on properties at Elias Green, check out the latest listings on Ask Buddy.