The 419-unit condo was completed in 1994 and sits on a 516,877 sq ft site (Photo: Samuel Isaac Chua/EdgeProp Singapore)
SINGAPORE (EDGEPROP) - More than 80% of homeowners at Elias Green condo in Pasir Ris have given the green light to a collective sale at $928 million, according to exclusive marketing agent ERA’s managing director of capital markets and investment sales Tay Liam Hiap. With a maximum gross floor area of 723,627 sq ft and a gross plot ratio of 1.4.
Tay adds that the owners will make an outline application to increase the plot ratio from 1.4 to 2.0. If approved, the land rate will be about $1,132 psf per plot ratio.
The 419-unit condo was completed in 1994 and sits on a 516,877 sq ft site. It has a 99-year lease from 1991, which means the site has a remaining lease of 66 years.
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It is the second time the condo owners are attempting a collective sale. The first collective sale attempt was in 2018 when it was launched for tender at $780 million. This latest price tag is 19% higher than the previous asking price.
The latest transaction at Elias Green was on June 14, when a 1,518 sq ft three-bedroom unit was sold for $1.47 million, or $969 psf.
The other transaction at Elias Green was in April when a 1,550 sq ft three-bedroom unit changed hands for $1.41 million ($910 psf). The seller had bought the unit for $650,000 ($419 psf) in October 2007, making a net gain of $760,000.Recent transactions at Elias Green. Head to EP Buddy to find out more about the development!