Bagnall Court up for collective sale at $125 mil
The overview rate translates to a land rate of relating to $1,260 psf per plot ratio (psf ppr) at the base gross plot ratio of 1.4 as well as considering a projected land costs for the state property. Inclusive of an added 8% special GFA, the unit land rate will be approximately $1,180 psf ppr. JLL highlights hat the unit property prices are assessed based on the former property fee prices as of March 1, as the changed prices to be reliable from Sept 1 have yet to be revealed by the relevant authority in the midst of shift from the development cost system to the new land betterment cost.
Tan Hong Boon, executive director of capital markets at JLL, projects the site to draw in keen competitors from medium-sized developers, offered its “workable quantum” opposing considerably bigger Government Land Sale (GLS) areas. “The overview cost of $125 million is a really reasonable pricing for a property location of such size as it compares really positively with a number of current sales of rural 99-year leasehold places, which are currently at these price levels,” he includes.
The residential property was integrated in the 1990s and also comprises 43 walk-up apartments, spread across two blocks that are 4 floors each. It has an acreage of 69,563 sq ft zoned for residential usage with a gross plot ratio of 1.4 and a permitted level of approximately 5 storeys.
Bagnall Court, a property residential project situated on Upper East Coast Highway, is up for cumulative sale by tender at a guide value of $125 million. Beyond 80% of proprietors have consented to the sale, according to advertising and marketing broker JLL.
JLL notes that the building has a property standard equal to a gross plot ratio of about 1.4904. Thus, just a fairly small part of the extra gross floor area GFA draws in a land improvement cost. There is also 4,600 sq ft of remnant state land that can possibly be joined together within the site for redevelopment, enabling additional new units.
Including the state land and based on the minimal average unit dimension of 85 sqm (914 sq ft), the site might accommodate up to 113 apartments.
Bagnall Court is found at the end of Upper East Coast Highway near the Bedok Road 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 Coast Lines slated to open in 2025.
Other services nearby include Eastwood Centre and Bedok Food Centre, which are within strolling range. Changi City Point, East Town, and the Simpang Bedok collection of eateries are inside short driving range.
The tender will finalize on Oct 26 at 3pm.