Elias Green on their first collective sales
ELIAS GREEN is the first condominium in Pasir Ris to go en bloc in 2018. The 419-unit condo completed in 1994 comes with 99-years lease, beginning from July 1991, spans over 516,877 square feet (sq ft).
Between January 2016 and October 2018, there was a total of 41 transactions averaging $870,000 for about 142 square metres per unit. Of the 41 transactions, 23 purchasers were registered with private address while 18 purchasers were registered with housing development board (HDB) address.
Commanding a reserve price of $780 million, the owners could each receive between $1.7 million to almost $2 million which is nearly double what was paid in the recent years. Based on the existing plot ratio, the site could potentially yield 790 units based on 85 square metres.
With a plot ratio of 1.40 and allowable Gross Floor Area of 723,627 square feet, the initial per square foot per plot ratio (PSF PPR) works out to be $1,078.
PropNex Realty suggested that the PSF PPR could be lowered to $719 if permission to increase the plot ratio to 2.10 is granted, which is on par with the surrounding developments. The intensifying of the land use will attract a further levy of $60 million and the breakeven sale price for the site could be around $1100 to $1200 per square feet (PSF).
Pasir Ris parks and lifestyle beach
The residents can retreat to the Pasir Ris beach during the weekend to create memorable family time. It is a great venue for cycling and jogging as the park connectors integrates several key locations into a single circuit.
There is a newly built Pasir Ris Sports Complex that features swimming with slides, indoor gym and yoga classes. You can enjoy a quick break at the 24-hour McDonalds after a hard workout.
For residents who prefer to stay indoor, White Sands shopping mall offers great dining options, banking services and even a supermarket in the basement.
Pasir Ris was a town well known for its white sandy beaches before it was developed into a modern town.
Comparable resale transactions nearby Elias Green
In September 2018, a 1,410 square feet condominium in LIVIA located at Pasir Ris Grove was sold $1,240,000 ($879 PSF) in a resale transaction.
With the newer condominiums in District 18 exchanging hands between $850 to $1000 in September and October 2018, the high reserve price may be too high risk for developers at the current market conditions.
Education institutions near Elias Green
For families with young schooling children, they can be rest assured of the abundance of choice schools ranging from primary, secondary to tertiary education.
For your convenience, we have listed the options below.
Primary School Nearby
Elias Park Primary School
Meridian Primary School
Park View Primary School
Casurina Primary School
Gongshang Primary School
Poi Ching School
Tampines North Primary School
Secondary School Nearby
Anglican High School
Bedok Green Secondary School
Changkat Changi Secondary School
CHIJ ST. Joseph’s Convent
Damai Secondary School
Dunman Secondary School
East Spring Secondary School
East View Secondary School
Recent cooling measures may dampen en bloc activities
In July 2018, the government introduced several changes to the tax regime concerning residential properties which has dampened the market sentiments. The Additional Buyer Stamp Duty (ABSD) was increased by a further 5% for all Singaporeans, Permanent Residents, Foreigners and 10% for Private Entities, sparing only the first timers for Singaporeans and Permanent Residents.
The government introduced a non remissible 5% ABSD on developers which increases the cost of purchase. This has the intended effect of cooling the private market housing and diminish the chances for en bloc developments.
Before the July 2018 tax changes to the ABSD, the market has already seen 30 developments ended their en bloc without any bid meeting their reserve price.
Hopefully Elias Green could spearhead the rejuvenation in January 2019.
Remaking Our Heartland Pasir Ris
With Pasir Ris earmarked for Remaking our Heartland, HDB has identified four key areas for improvement.
1. Under Nature Living Revitalised, there will be more park spaces and creation of homes near the parks.
2. Under Pasir Ris Go, the cycling and pedestrian pathways will be enhanced and connected to key locations.
3. Under Town Centre Refreshed, all existing town centres will undergo refurbishment to get a new lease of life.
4. Under Community Spaces Alive, there will be investment to add new spaces for the residents.
The younger families who plan to live near their parents can look forward to new housing developments which will be built close to the beach and park.
Cross Island Line connects Pasir Ris to rest of Singapore
Besides the exciting rejuvenation initiatives from government, the upcoming Cross Island Line (CRL) will certainly increase the commercial interest in Pasir Ris by bringing residents from Punggol and visitors from Changi Airport closer.
As the soil investigations and planning are still underway, the railway map has been finalised for each respective township. The entire Cross Island Line MRT is 50km in length and is planned for completion by 2030.
The CRL will have close to half of the 30-plus stations being interchange stations intersecting with the existing network. It will reduce the travelling between Punggol to Pasir Ris, a popular route, by up to 30 minutes.
The ease of commuting will attract more families to Pasir Ris beach for weekend retreats as residents seeks a recluse from their hectic schedules. It is an under appreciated beachfront in recent times and surely have the opportunity to reclaim its pride as a white sandy beach town.
The recent release of the Pasir Ris Central White Site under Government Land Sales (GLS) may provide insight on the developers appetite and confidence level when the tender closes on 14 December 2018.
A land parcel at Holland Village under the concept and price tender mode received an impressive 15 bids and was sold by URA in March 2018.
It will be encouraging to see a similar turnout at Pasir Ris Central GLS and developers who failed at the tender could seek alternative in District 18.
Housing Development Board (HDB) has also announced the release of an Executive Condominium site at Tampines Avenue 10 with the tender closing on 15 January 2019.
With the public tender for Elias Green closing on 11 January 2019, we can expect a flurry of actions by developers for the rejuvenated District 18 in 2019.