In a renewed collective-sale push, Elias Green, a 419-unit, 99-year leasehold condominium in Pasir Ris (District 18) occupying a 48,019 sq m (516,871 sq ft) site and completed in 1994 with about 65 years remaining from the lease commencing 23 July 1991, has lowered its reserve price to S$883 million for its third en bloc attempt, down 5% from the S$928 million guide price announced on March 6, 2025.
The development comprises seven residential blocks of varied heights, including part-6/7-storey and 8-storey components, together with two 13-storey blocks and single 14-, 15- and 16-storey blocks, with unit sizes ranging from 127 sq m to 152 sq m. It is also close to Pasir Ris Park, with park connectors that support walks, jogs and cycling.
ERA Realty Network, acting as sole marketing agent, is positioning the revised reserve as a calibrated response to a subdued collective-sale market that persisted into 2025, where buyer selectivity has constrained bid participation. Developers in 2026 have shown a marked preference for Government Land Sales sites over en-bloc opportunities, creating a persistent opportunity cost that weighs on collective sale bid participation.
The March 2025 launch followed an earlier 2018 attempt at S$780 million, a figure that was 19% below the 2025 guide price, underscoring how pricing expectations have shifted alongside redevelopment economics and land-cost assumptions.
At the March 2025 guide price, the implied land rate was stated at S$1,355 psf per plot ratio, inclusive of a 10% bonus gross floor area and an estimated S$150.8 million land betterment charge for a top-up to a fresh 99-year lease; at that level, indicative owner proceeds were cited at about S$2.04 million to S$2.31 million per unit.
The tender closed on April 22, 2025 without bids and subsequently moved into a 10-week private treaty period, a sequence that framed the current reduction as an effort to re-anchor pricing for developers evaluating margin headroom.
The site is zoned residential under the URA Master Plan 2019 at a gross plot ratio (GPR) of 1.4, with an outline application submitted to increase intensity to GPR 1.8; at the higher GPR, the land rate was indicated to fall to S$1,245 psf per plot ratio, improving redevelopment feasibility metrics when evaluated against the same lease-upgrade charge.
Elias Green is situated near Pasir Ris Mall, White Sands and Elias Mall, with broader access to Tampines Retail Park, Downtown East, Singapore Expo, Changi Airport and Jewel, while transport connectivity is supported by the Tampines Expressway, proximity to Pasir Ris MRT, a new Pasir Ris Bus Interchange completing in 2025, and the future Pasir Ris Integrated Hub with the Cross Island Line by 2030.
ERA Realty Network was appointed as the development’s sole marketing agent for the collective-sale exercise.
