The latest condo Elias Green is looking for a buyer on the en bloc market.
Richard Hau from PropNex Realty told that a public tender will be launched by the owners of 419-unit Pasir Ris condo on Monday.
The reserve price for this tender is expected to be S$780 million.
This indicates that the owners of 516,877 square feet site can expect to receive between S$1.7m to S$2m.
Elias Green has a plot ratio of 1.4 and the allowable gross floor area of 723,627 sq ft, the condo that was completed in 1994.
Base on the reserve price, it would translate to around S$1,078 psf ppr.
The closing date for the tender is Jan 11, 2019.
Elias Green Condo is located in District 18, east side of Singapore. It’s a massive site for any developers who are interested in large-scale project.
The site is surrounded by outstanding attractions such as Changi Beach, Pasir Ris Park, and Elias Park.
Sticking to the current plot ratio allows the developers to save money on development charges because they won’t have to pay any in this situation.
However, in the form of lease top up, they’d have to pay S$60 million as premium.
The best part is that the long-awaited Jewel @ Changi which opening date around March 2019, is just five minutes’ drive away from this condo.
The Pasir Ris MRT station is another major requirement for such projects which is just walking distance away.
The condo is surrounded by several other amenities such as Elias Mall, Century Square, Tampines Mall, Pasir Ris West Plaza, White Sands, Laguna Golf and Country Club, and Downtown-East Resort.
The nearby Expressways such as East Coast Parkway, Pan Island Expressway, and Tampines Expressway are also easily accessible to the residents that will live here in the future.
Many schools like Park View Primary, Meridian Primary, Overseas Family School, Elias Park Primary, and United World Collected of South East Asia are found within the 2km area.
In simple words, all the basic and advanced facilities are easily available in this area.
A remarkable opportunity for all developers.