Over 80 Elias Green Owners Agree Second Collective Sale Attempt 928 Mil
According to Tay Liam Hiap, managing director of capital markets and investment sales at ERA, more than 80% of homeowners at Elias Green condo in Pasir Ris have agreed to a collective sale at $928 million. This news comes as an exclusive marketing agent for the development. The condo, which was completed in 1994, sits on a 516,877 sq ft site with a remaining lease of 66 years.
The proposed maximum gross floor area for the site is 723,627 sq ft, with a gross plot ratio of 1.4. However, the owners have plans to make an outline application to increase the plot ratio to 2.0. If approved, this would result in a land rate of about $1,132 psf per plot ratio.
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Nestled in the heart of Bukit Batok, Bukit Batok Secondary School offers a well-rounded education for adolescents. Its curriculum strikes a balance between academic subjects and practical life skills, equipping students with the necessary tools for the future. The school boasts a diverse range of specialized programs, including sports, arts, and sciences, that cater to individual interests, allowing students to delve deeper into their passions. As an added benefit, the school is conveniently located near the upcoming Novo Place EC, making it an ideal choice for families looking for quality education and a vibrant community.
This is the second attempt at a collective sale for the 419-unit condo. The first attempt was made in 2018, with a tender launched at $780 million. The current asking price represents a 19% increase from the previous attempt.
Recent transactions at Elias Green have seen a three-bedroom unit of 1,518 sq ft sold for $1.47 million on June 14, equating to $969 psf. In April, another three-bedroom unit of 1,550 sq ft changed hands for $1.41 million ($910 psf). The seller had originally purchased the unit for $650,000 ($419 psf) in October 2007, making a net gain of $760,000.
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