Bagnall Court up for collective sale at $125 mil
Featuring the state land and based on the smallest ordinary unit size of 85 sqm (914 sq ft), the place may accommodate as much as 113 flats.
Bagnall Court is located at the end of Upper East Coast Highway near the Bedok Street crossroads, opposite the Laguna Gold and Country Club as well as Bedok Camp. It borders the upcoming Sungei Bedok MRT Station, which is an interchange for the Downtown and also Thomson-East Coastline Lines schedule to open in 2025.
Other features close-by consist of Eastwood Centre and Bedok Food Centre, which are within walking distance. Changi City Point, East Town, and the Simpang Bedok cluster of restaurants are within brief driving distance.
The building was constructed in the 1990s and also consists of 43 walk-up apartments, spread out across 2 blocks that are 4 storeys each. It has a land area of 69,563 sq ft zoned for residence use with a gross plot ratio of 1.4 and also an allowable elevation of approximately 5 storeys.
The guide cost equates to a land rate of about $1,260 psf per plot ratio (psf ppr) at the base gross plot ratio of 1.4 as well as taking into consideration an estimated land premium for the state property. Inclusive of an extra 8% additional GFA, the unit land price will be about $1,180 psf ppr. JLL highlights hat the unit area rates are approximated based on the former project cost prices since March 1, as the changed prices to be reliable from Sept 1 have yet to get announced by the related authority among transitioning from the development expense system to the new land betterment cost.
Bagnall Court, a freehold residential project found on Upper East Coast Road, is up for combined sale by tender at a guide rate of $125 million. Beyond 80% of proprietors have granted the sale, according to advertising representative JLL.
Tan Hong Boon, executive director of capital markets at JLL, anticipates the site to attract keen competitors from medium-sized developers, offered its “workable quantum” versus considerably wider Government Land Sale (GLS) sites. “The overview price of $125 million is a quite affordable prices for a freehold property location of such size as it compares really positively with numerous recent sales of suburban 99-year leasehold places, which are already at these price index,” he adds.
JLL marks that the residential property has a property primary equal to a gross plot ratio of concerning 1.4904. As such, just a relatively tiny part of the extra gross flooring section GFA draws in a land improvement fee. There is additionally 4,600 sq ft of remnant state land that might potentially be amalgamated within the site for redevelopment, allowing for added new units.
The tender will close on Oct 26 at 3pm.