Elias Green, a sizeable residential development on the outskirts of Singapore, is preparing for a collective sale valued at $928 million. With a sprawling land area of approximately 516,877 square feet and housing 419 units, the property offers significant redevelopment potential. The asking price translates to a land rate of about $1,350 per square foot per plot ratio, reflecting its prime location and substantial size. As the sale attracts potential developers, it raises questions about the future landscape of the area and the opportunities it might unveil.
The collective sale of Elias Green, a notable residential development located in the serene outskirts of Singapore, has officially been launched. This expansive property, nestled in a lush, verdant enclave, has been a sought-after residential area since its completion in the early 1990s. Spanning an area of approximately 516,877 square feet, Elias Green boasts a total of 419 units, each characterized by spacious layouts and a tranquil environment.
The decision to initiate a collective sale comes after a unanimous agreement among the majority of the owners, propelled by the aging structure and the increasingly lucrative property market in Singapore.
The sale price for Elias Green has been set at an impressive $928 million, reflecting the premium location and substantial land size of the development. This price point translates to a land rate of about $1,350 per square foot per plot ratio (psf ppr), after factoring in the differential premium payable for lease upgrading. This premium is essential for optimizing the development's potential, allowing for a redevelopment that could see the plot ratio increase significantly, thereby maximizing the use of the land.
Given its strategic location close to amenities such as the upcoming Pasir Ris MRT station and a plethora of shopping malls, Elias Green presents a desirable site for developers. The area is well-connected, with efficient transport links to various parts of Singapore, enhancing its appeal to potential buyers. Moreover, the proximity to parks and coastal areas makes it an attractive option for those who prefer living close to nature yet within reach of urban conveniences.
The tender process for Elias Green is meticulously planned, with detailed considerations regarding the potential for redevelopment. Market analysts predict robust interest from developers, given the scarcity of such sizable plots in the region and the potential for a high-yield residential project. The redevelopment could potentially offer a mix of residential units, ranging from luxurious high-rise apartments to family-friendly townhouses, catering to a diverse demographic.
In preparation for the sale, the collective sale committee has engaged a reputable property consultancy firm to manage the tender process. This firm will oversee all aspects of the sale, from marketing the property to negotiating with potential buyers. Their expertise is crucial in ensuring that the sale adheres to regulatory requirements and achieves maximum financial returns for the stakeholders.
As the tender for Elias Green progresses, the real estate community watches keenly. The successful sale and subsequent redevelopment of Elias Green will not only transform the landscape of the area but also potentially set a benchmark for future collective sales in Singapore. The outcome of this sale is eagerly anticipated, as it will significantly influence the residential property market dynamics in the region.
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News Source: Edgeprop
