Elias Green Launches En Bloc Sale Amid Rising Interest in Pasir Ris
Elias Green, a 419-unit condominium in Pasir Ris, District 18, has been officially launched for collective sale at S$928 million.
The sale, marketed by ERA Realty Network, marks a 19% increase from its previous en bloc attempt in 2018, which was priced at S$780 million.
With a potential increase in gross plot ratio (GPR) from 1.4 to 1.8, this sale offers developers a lucrative opportunity in one of Singapore’s fastest-growing residential areas.
The guide price translates to a land rate of S$1,355 per square foot per plot ratio (psf ppr), including a 10% bonus gross floor area (GFA) and an estimated S$150.8 million land betterment charge for a fresh 99-year lease.
Owners of units ranging between 127 sq m to 152 sq m are expected to receive S$2.04 million to S$2.31 million per unit, making this a highly anticipated deal in the en bloc market.
Financial Details & Potential Upside for Developers
Elias Green sits on a 48,019 sq m land parcel and was completed in 1994, with 65 years left on its 99-year lease.
Under URA’s Master Plan 2019, it is currently zoned for residential use with a GPR of 1.4.
However, the owners are in the process of submitting an Outline Application to URA to increase the GPR to 1.8, which, if approved, would lower the land rate to S$1,245 psf ppr.
This potential increase in plot ratio presents a major upside for developers, allowing them to maximize land use and increase residential density.
Given Pasir Ris’ ongoing transformation into a vibrant and well-connected hub, this collective sale could be one of the most attractive land acquisitions of 2025.
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Strategic Location & Connectivity in Pasir Ris
Elias Green’s location is a major selling point, offering residents easy access to key amenities and transport options.
It is situated near major retail hubs, including Pasir Ris Mall, Ikea Tampines, and Giant Hypermart, providing ample shopping and dining options.
Connectivity is also a strong advantage.
The condo is close to Pasir Ris MRT Station, which will soon become an interchange for the Cross Island Line, significantly improving accessibility.
Additionally, the new Pasir Ris bus interchange, set to be completed this year, will further enhance transport links across Singapore.
Residents also enjoy seamless access to major expressways, ensuring quick travel to the Central Business District (CBD) and Changi Airport.
According to Tay Liam Hiap, Managing Director of Capital Markets and Investment Sales at ERA Singapore, Pasir Ris is undergoing rapid development, with new housing projects and retail spaces reshaping its landscape.
The government’s investment in infrastructure, coupled with upcoming residential developments, is expected to drive demand for housing in the area.
Developers looking at Elias Green’s en bloc sale will find it particularly appealing due to its large land size, strategic location, and potential plot ratio increase.
With the region evolving into a more vibrant residential hub, the opportunity to redevelop a well-positioned site like Elias Green is a rare one.
En Bloc Market Trends & What It Means for Elias Green
The Elias Green en bloc attempt comes at a time when Singapore’s collective sale market remains subdued.
In 2024, only four successful en bloc transactions were recorded out of 16 properties launched for sale.
Among these, the S$810 million sale of Thomson View Condominium was the largest residential deal, while the S$56 million sale of River Valley Apartments highlighted investor interest in prime residential locations.
Market analysts suggest that while smaller residential projects with good attributes continue to attract buyers, realistic pricing will be crucial for en bloc success.
The Elias Green sale could set a benchmark for large-scale en bloc transactions in 2025, especially if the plot ratio increase is approved.
What Happens Next? Tender Closing & Market Outlook
The tender for Elias Green will close on April 22 at 2 PM.
If the sale is successful, developers could initiate redevelopment plans by 2026, contributing to Pasir Ris’ transformation into a highly sought-after residential district.
Should the property remain unsold, adjustments to pricing or an extended tender period could be considered, given the current market climate.
However, with the rising interest in well-connected residential areas and the future potential of Pasir Ris, Elias Green remains a compelling opportunity for developers and investors alike.
The S$928 million en bloc sale of Elias Green represents a significant moment in Singapore’s real estate market.
With the possibility of a GPR increase to 1.8, a strategic location in Pasir Ris, and enhanced transport connectivity, this collective sale presents an exciting investment opportunity.
As developers continue to seek prime land for redevelopment, will Elias Green be the next successful en bloc deal of 2025?
With April 22 approaching, the industry watches closely to see if this sale will pave the way for more collective sales in the coming months.