SINGAPORE — Elias Green, a 419-unit condominium in Pasir Ris, has been put up for collective sale with a guide price of S$928 million. This translates to a land rate of approximately S$1,355 per square foot per plot ratio (psf ppr), factoring in the 10% bonus gross floor area (GFA) and an estimated land betterment charge of S$150.8 million for a fresh 99-year lease. ERA Realty Network is the sole marketing agent for the sale, which officially launched on March 6.
This latest en bloc attempt marks a 19% increase from the S$780 million price tag set during its previous collective sale attempt in 2018. Should the sale go through at the guide price, individual owners can expect to receive between S$2.04 million and S$2.31 million for their units, which range in size from 127 to 152 square metres (sq m).
Site Potential and Development Upside
Elias Green sits on a generous 48,019 sq m land parcel in District 18 and is currently zoned for residential use with a gross plot ratio (GPR) of 1.4 under the Urban Redevelopment Authority’s (URA) 2019 Master Plan. Owners have submitted an Outline Application to URA seeking to increase the plot ratio to 1.8, which, if approved, could bring the effective land rate down to around S$1,245 psf ppr—enhancing its redevelopment potential for interested developers.
The site’s prime location offers strong connectivity and convenience. It is well-positioned near lifestyle and retail amenities such as Pasir Ris Mall, Ikea Tampines, and Giant Hypermart. Additionally, Pasir Ris’ transformation into a more vibrant residential hub is underway, with upcoming infrastructure enhancements, including the completion of the new Pasir Ris bus interchange in 2024, improving transport links across Singapore.
Market Conditions and Outlook
Elias Green enters the en bloc market at a time when collective sale activity remains subdued. Year to date, only four en bloc transactions have been successful out of 16 attempts in 2024. The largest residential deal so far has been Thomson View Condominium, which changed hands for S$810 million, making up 36% of total en bloc transaction value this year.
Other recent transactions include River Valley Apartments, a freehold development that was acquired by a Singapore family office for S$56 million, translating to approximately S$1,622 psf ppr. Industry observers note that while boutique residential projects with strong locational attributes may continue to attract interest, sellers must adopt realistic pricing expectations for a successful transaction.
The tender for Elias Green closes on April 22 at 2 pm. Given its scale and potential for redevelopment, it remains to be seen if the site will attract keen developer interest amid the current cautious market sentiment.
