A 99-YEAR leasehold site for private condo development at Elias Road in Pasir Ris has been launched for tender by the state.
CB Richard Ellis expects the 152,054 square foot site to fetch bids of between $260 and $300 per square foot of potential gross floor area, translating into a breakeven cost of about $620 to $660 psf for a new condo on the site. CBRE reckons that the future project would be able to sell for above $700 psf, assuming it is launched in the third quarter next year.