Potential for Increased Plot Ratio Amidst Changing Market Conditions The Elias Green condominium in Pasir Ris is set to be relaunched for collective sale on Thursday (Mar 6) at a guide price of S$928 million, according to sole marketing agent ERA Realty Network. This price represents a 19 per cent increase from its S$780 million
Potential for Increased Plot Ratio Amidst Changing Market Conditions
The Elias Green condominium in Pasir Ris is set to be relaunched for collective sale on Thursday (Mar 6) at a guide price of S$928 million, according to sole marketing agent ERA Realty Network. This price represents a 19 per cent increase from its S$780 million valuation in 2018.
The asking price translates to a land rate of S$1,355 per square foot per plot ratio (psf ppr), taking into account a 10 per cent bonus gross floor area. Additionally, the estimated land betterment charge for a renewed 99-year lease stands at S$150.8 million.
Homeowners could receive between S$2.04 million and S$2.31 million for their units, which range from 127 to 152 square metres. Built in 1994, the 419-unit condominium currently has 65 years left on its lease. The development spans 48,019 square metres and is designated for residential use under the Urban Redevelopment Authority’s (URA) Master Plan 2019, with a gross plot ratio of 1.4.
An Outline Application is being submitted to URA to increase the gross plot ratio to 1.8. If approved, this could lower the land rate to approximately S$1,245 psf ppr, potentially making the site more attractive to developers.
Elias Green is well-connected, with easy access to the Central Business District and Changi Airport. Nearby amenities include Pasir Ris Mall, Ikea Tampines, and Giant Hypermart. The upcoming completion of the new Pasir Ris bus interchange is also expected to enhance connectivity.
According to Tay Liam Hiap, Managing Director of Capital Markets and Investment Sales at ERA Singapore, Pasir Ris is evolving into a more dynamic residential area with new developments and improved infrastructure.
Despite a slow collective sale market, Elias Green joins a handful of en bloc attempts in recent years. In 2024, only four successful transactions were recorded out of 16 listed properties, with Thomson View Condominium selling for S$810 million. Smaller, well-located projects may continue to attract interest, though sellers are advised to set realistic expectations in the current market climate.