PUBLISHED OCT 30, 2018
SINGAPORE – Elias Green is the latest condominium to hit the en bloc market in search of a buyer.
PropNex Realty’s Richard Hau said that the owners of the 419-unit Pasir Ris condo launched a public tender for the site on Monday (Oct 29) with a $780 million reserve price.
This means that the owners of the 516,877 sq ft development could each walk away with $1.7 million to just below $2 million.
The condo, which was completed in 1994, has an allowable gross floor area (GFA) of 723,627 square feet and a plot ratio of 1.4, which translates to S$1,078 per square foot per plot ratio (psf ppr).
Mr Hau said that a potential buyer might be interested in raising the plot ratio to 2.1, similar to developments in the immediate surrounding.
Should that happen, the plot ratio would go down to about $719 psf ppr he said. There would also be a development charge of $60 million.
The tender for the site closes on Jan 11, 2019.