Elias Green which is located in Pasir Ris area is joining the en bloc frenzy. The owners of the sprawling estate have set a reserve price of S$780 million. It is one of the few en bloc property in the east going for sale.
If the owners of the 419 unit development find a willing buyer they would be earning between S$1.7 and little less than S$2 million each. PropNex Realty has been hired as the property agent for this collective sale.
Elias Green was completed in 1994 and it has a 1.4 plot ratio and permissible GFA (gross floor area) of 723,627 sq ft. This would put the asking price at S$1,078 psf ppr which is seen to be on the higher side.
Collective Sales Committee Chairman Alan Loh has stated than beginning May 12 they would start collecting consent signatures from the owners.
The necessary 80% consent from the owners is likely to be reached easily as 83% owners have paid necessary fees for property valuation and hiring lawyers.
He said that the higher reserve price has been arrived at considering that most development in the vicinity have 2.1 plot ratio or higher and the developer may likely to explore that option and turn it into a large project.
Analysts are still doubtful about the financial viability of the asking price. International Property Advisor’s Chief Executive, Ku Swee Yong said that considering the site is located on a busy highway the price is steep.
According to him developer would have to launch the development upward of S$1,450 psf to make a decent profit from the project.
ZACD Group’s Executive Director Nicholas Mak also shared similar concerns about Elias Green’s reserve price and said that Coco Palms the last major development in the area sold for an average price of is S$1,094 psf in the last 16 months.
It is interesting to note that Changi Garden also located in Pasir Ris area which was picked up by Chip Eng Seng Corp in October last year for S$248.8 million which translated into psf ppr of S$888 which is comparably low.
There are a number of other large sites that have been eyeing en bloc sales. These include Mandarin Gardens which has set a reserve price of S$2.48 billion for more than one million sq ft area. Braddell View an ex-HUDC site with 1.124 million sq ft has set reserve price of S$2.08 billion.
Dairy Farm, a freehold site has set a reserve price of S$1.68 billion for its 750,019 sq ft of built-up area. Pine Groves which only needs 30 signatures to reach the 80% mandate has been on the radar of developers for quite some time.
Lakeside Apartments, the 99-year lease condo located on the opposite end of the island is also gearing up for en bloc sale. Located near Chinese Gardens this 120-unit site that was finished in 1970 has completed 80% mandate consent and shall launch its tender in the coming weeks subject to verification by its lawyers.
The large size of the estate will allow developers to embark on a large-scale project as such sites are hard to find.
The site is close to wonderful attractions that include beautiful Elias Park, Pasir Ris Park and the Changi Beach
There has been no en bloc sale in this area with Coco Palms being the last major project and that was way back in 2014
Developers won’t have to development charges if they stick to the current plot ratio. However, they need to pay S$60 million as premium for lease top up.
Long awaited Jewel Changi which will be ready in 2019 is only 5 mins drive away
Nearest MRT Station will be Pasir Ris which is walking distance away
Other nearby amenities surrounded the Condo site namely Laguna Golf and Country Club, White Sands, Pasir Ris West Plaza, Tampines Mall, Century Square, Elias Mall and Downtown-East Resort
Future residents with vehicle can access the nearby Expressway easily such as Pan Island Expressway, East Coast Parkway and Tampines Expressway
Many schools found within 2 km they are United World College of South East Asia, Elias Park Primary, Overseas Family School, Meridian Primary and Park View Primary