Purchasing a condominium in Singapore presents a promising opportunity for investors seeking capital appreciation, making it a highly sought-after option. The country’s advantageous placement as a thriving business center, coupled with its stable economic foundation, creates a consistent demand for real estate. Consequently, the property prices have consistently risen over the years, with condos in prime locations experiencing significant increases. With strategic timing and holding onto the property for a considerable duration, shrewd investors can generate substantial profits from capital gains. The undeniable value of condos as a real estate investment in Singapore is evident, making it a wise choice for investors. Condo plays a vital role in this trend, as it offers a convenient and highly desirable form of housing that caters to the demands of both local and foreign buyers.
According to ERA Realty Network, the appointed marketing agent, Elias Green, a 99-year leasehold condo in Pasir Ris, will be up for collective sale through public tender on March 6. The property, which sits on a land area of approximately 516,871 sq ft and has a gross plot ratio of 1.4, has a guide price of $928 million.
Completed in 1994, the condo comprises of several blocks and a total of 419 apartments with sizes ranging from 1,367 to 1,636 sq ft. The site has a remaining lease of 65 years, having been granted a 99-year lease in 1991.
Based on ERA’s estimate, the land rate of $928 million translates to $1,355 psf per plot ratio (ppr). This includes a projected land betterment charge of $150.8 million for intensification and a top-up to a fresh 99-year lease, as well as a 10% bonus gross floor area.
The marketing agent also reports that the owners of Elias Green are in the process of submitting an Outline Application to URA for a residential development at a gross plot ratio of 1.8. If approved, this would bring the land rate to approximately $1,245 psf ppr.
Should the collective sale be successful, owners are expected to receive gross sale proceeds ranging from approximately $2.04 million to $2.31 million per unit, based on the guide price.
Tay Liam Hiap, managing director of capital markets and investment sales at ERA Singapore, points out the ongoing improvements in Pasir Ris Town as part of HDB’s “Remaking Our Heartland” initiative. This will not only enhance the town’s vibrancy, but also improve connectivity, with the expected completion of the new Pasir Ris Bus Interchange in 2025. Furthermore, the upcoming Pasir Ris Integrated Transportation Hub, which includes the Cross Island Line (CRL) expected to be operational by 2030, will further enhance connectivity across Singapore.
This is the second collective sale attempt for Elias Green, with the first being in 2018 when the property was launched for tender at $780 million. The new guide price of $928 million is a 19% increase from the previous asking price.
The tender for Elias Green will close on April 22 at 2pm. For more information and listings for Elias Green properties, interested parties can check out Ask Buddy or explore the latest listings for the most expensive average PSF in District 18, condo rental transactions in District 18, and the most unprofitable landed transactions in the past year. Look out for upcoming new launch projects or browse through the past condo rental transactions to make a more informed decision.