Bagnall Court up for collective sale at $125 mil
The residential property was built in the 1990s and makes up 43 walk-up apartments, proliferated across 2 stops that are 4 storeys each. It has a land area of 69,563 sq ft zoned for residential use with a gross plot ratio of 1.4 and a permitted height of as much as 5 floors.
Bagnall Court is located at the end of Upper East Shore Road near the Bedok Road crossroads, opposite the Laguna Gold and Country Club and Bedok Camp. It borders the upcoming Sungei Bedok MRT Terminal, which is an interchange for the Downtown as well as Thomson-East Coast Lines slated to open up in 2025.
Various other amenities neighboring include Eastwood Centre as well as Bedok Food Centre, which are within walking range. Changi City Point, East Village, as well as the Simpang Bedok collection of eateries are throughout short driving range.
The overview rate equates to a land rate of about $1,260 psf per plot ratio (psf ppr) at the base gross plot ratio of 1.4 and considering a projected land costs for the state land. Inclusive of an added 8% additional GFA, the unit land price will certainly be close to $1,180 psf ppr. JLL highlights hat the unit area charges are assessed based upon the former property cost prices since March 1, as the changed fees to be efficient from Sept 1 have yet to be announced by the appropriate authority in the midst of switch from the development cost system to the colony betterment charge.
Featuring the state property and also based on the minimum average unit size of 85 sqm (914 sq ft), the location might suit as much as 113 apartments.
Bagnall Court, an estate household property development located on Upper East Coast Road, is up for cumulative sale by tender at a guide cost of $125 million. More than 80% of proprietors have actually granted the sale, according to advertising agent JLL.
JLL notes that the building has a development baseline equivalent to a gross plot ratio of regarding 1.4904. As such, only a relatively little part of the extra gross flooring section GFA brings in a land enhancement charge. There is also 4,600 sq ft of remnant state land that could possibly be amalgamated into the area for redevelopment, enabling extra brand-new units.
Tan Hong Boon, executive director of capital markets at JLL, anticipates the place to attract keen competition from medium-sized firms, provided its “convenient quantum” against much bigger Government Land Sale (GLS) sites. “The guide cost of $125 million is an incredibly practical pricing for an estate property area of such size as it compares very favourably with several current sales of country 99-year leasehold sites, which are already at these price index,” he includes.
The tender will finalize on Oct 26 at 3pm.