Over 80 Elias Green Owners Agree Second Collective Sale Attempt 928 Mil

Elias Green condo in Pasir Ris has seen more than 80% of its homeowners giving the green light for a collective sale at a whopping $928 million. ERA’s managing director of capital markets and investment sales, Tay Liam Hiap, confirmed the news, stating that the collective sale will have a maximum gross floor area of 723,627 sq ft and a gross plot ratio of 1.4. The owners are also planning to apply for an outline application to increase the plot ratio from 1.4 to 2.0, which could result in a land rate of around $1,132 psf per plot ratio.

Built in 1994, the 419-unit condo sits on a 516,877 sq ft site and has a 99-year lease from 1991, giving it a remaining lease of 66 years. This is the second time the condo owners are attempting a collective sale, with the first attempt being in 2018 when the tender was launched at $780 million. However, this latest offer stands at a 19% premium compared to the previous asking price.

Despite the higher price tag, transactions at Elias Green continue to be active. On June 14, a 1,518 sq ft three-bedroom unit was sold for $1.47 million, or $969 psf. Another transaction was recorded in April, where a 1,550 sq ft three-bedroom unit was sold for $1.41 million, translating to $910 psf. The seller had originally bought the unit in 2007 for $650,000 ($419 psf), making a net gain of $760,000.

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With such active transactions, Elias Green condo remains an attractive investment option for many, and for more information on the development, head to EP Buddy.