Elias Green, a substantial residential development in Pasir Ris, Singapore, is slated for a collective sale with a target price of $928 million. This aging complex, occupying a sprawling 7.8-hectare area, comprises 419 units and is poised for redevelopment to meet the increasing demand for suburban homes. Zoned for residential use, the site presents a lucrative opportunity for developers, offering a potential gross floor area of approximately 1.4 million square feet. This move could significantly impact local housing markets, drawing attention to the future of residential developments in the region.
Elias Green, a well-established residential development located in the suburban area of Pasir Ris, Singapore, has been officially put up for collective sale by its owners. The launch price has been set at a substantial $928 million, reflecting the property's prime location and substantial land area. This residential enclave, comprising 419 units sprawled across several blocks, has been a significant part of the Pasir Ris landscape since its completion in the early 1990s.
The decision to initiate a collective sale follows a growing trend in the region, where aging residential complexes are being rejuvenated through redevelopment initiatives. Elias Green encompasses an expansive 7.8-hectare site, offering potential developers ample space to envision and execute a modern residential project, which could significantly enhance the area's appeal and meet the contemporary housing demands.
Under the 2019 Master Plan by the Urban Redevelopment Authority, the site is zoned for residential use, which stipulates a plot ratio of 1.4. This zoning regulation allows for the development of a building structure that could potentially reach up to a maximum gross floor area of approximately 1.4 million square feet. Such a sizable development capacity makes it an attractive prospect for developers looking to invest in and capitalize on the thriving property market in Singapore.
The collective sale committee has appointed a reputable property consultancy firm to manage the sale process, ensuring that all legal and financial aspects are handled professionally and transparently. This step is crucial in maintaining the confidence of both the existing residents and potential buyers.
In the current property market, where demand for residential spaces continues to rise, especially in suburban areas like Pasir Ris, the sale of Elias Green represents a significant opportunity. The development's proximity to amenities such as shopping malls, schools, and public transport facilities enhances its attractiveness to potential developers who aim to attract middle to upper-middle-class buyers.
The collective sale market, particularly in suburban areas, has seen revitalized interest in recent years. Developments like Elias Green, with their established communities and strategic locations, are at the forefront of this trend, promising to reshape the residential landscape to better suit the needs and preferences of modern residents.
The sale is not just a transaction but a pivotal moment in the evolution of Pasir Ris as a sought-after residential district.
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News Source: Edgeprop