The collective sale of Elias Green ends without any bids

The collective sale of Elias Green ends without any bids

Now, a 10-week private treaty period is beginning.

April 22, 2025

CONDOsingapore.com

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After the Pasir Ris condominium was listed for sale in March with a guide price of S$928 million, the collective sale tender for Elias Green closed on Tuesday, April 22, without any bids.

According to Tay Liam Hiap, the agency's managing director of capital markets and investment sales, ERA is following up with a number of interested parties as the collective sale enters a 10-week private treaty period.

A land rate of S$1,355 per square foot per plot ratio (psf ppr) is reflected in Elias Green's guide price. This includes an estimated land improvement charge of S$150.8 million for intensification and upgrading to a new 99-year lease, as well as a 10% bonus gross floor area.

The 419-unit condominium, which is situated in District 18, was finished in 1994 and has 65 years remaining on its lease.

The land area of the property is 48,019 square metres. The site has a gross plot ratio of 1.4 and is designated for residential use under the Urban Redevelopment Authority's 2019 Master Plan.

Ikea Tampines, Giant Hypermart, and Pasir Ris Mall are all close to Elias Green.

The sale of Thomson View to UOL Group, Singapore Land Group, and CapitaLand Development in November 2024 for S$810 million was the most recent significant residential en bloc transaction. The sale price was approximately 12% less than the initial reserve price set by the owners.

A Singaporean family office purchased the freehold River Valley Apartments in February for S$56 million. With a small land improvement fee included, the price tag corresponds to a land rate of about S$1,622 per square foot per person.