Bagnall Court up for collective sale at $125 mil
Consisting of the state land as well as based on the minimum ordinary unit measurements of 85 sqm (914 sq ft), the site might suit up to 113 condos.
Bagnall Court lies at the end of Upper East Coast Road near the Bedok Street junction, opposite the Laguna Gold and Country Club and also Bedok Camp. It borders the upcoming Sungei Bedok MRT Station, which is an interchange for the Downtown as well as Thomson-East Coast Lines register to open up in 2025.
Bagnall Court, an estate non commercial development found on Upper East Coast Roadway, is up for cumulative sale by tender at a guide value of $125 million. More than 80% of proprietors have actually granted the sale, according to marketing representative JLL.
The overview price translates to a land cost of about $1,260 psf per plot ratio (psf ppr) at the base gross plot ratio of 1.4 and thinking about a projected land costs for the state property. Inclusive of an additional 8% extra GFA, the unit land rate will be approximately $1,180 psf ppr. JLL highlights hat the unit land fees are determined based upon the past property cost rates as of March 1, as the modified prices to be efficient from Sept 1 have yet to get announced by the related authority among shift from the development charge system to the colony improvement fee.
The property was built in the 1990s as well as makes up 43 walk-up condos, spread out around 2 neighborhoods that are four storeys each. It has an acreage of 69,563 sq ft zoned for property use with a gross plot ratio of 1.4 and an allowed level of approximately five storeys.
JLL marks that the building has a property baseline comparable to a gross plot ratio of regarding 1.4904. Thus, just a fairly tiny area of the extra gross floor section GFA attracts a land betterment cost. There is even 4,600 sq ft of remnant state land that could most likely be joined together right into the area for redevelopment, enabling added new units.
Various other amenities neighboring include Eastwood Centre and also Bedok Food Centre, which are within strolling proximity. Changi City Point, East Town, and also the Simpang Bedok collection of eateries are throughout short driving distance.
Tan Hong Boon, executive supervisor of capital markets at JLL, expects the site to draw in interested competition from medium-sized developers, provided its “workable quantum” against much larger Government Land Sale (GLS) sites. “The guide price of $125 million is a very sensible rates for a freehold property site of such dimension as it contrasts very positively with numerous current sales of country 99-year leasehold sites, which are presently at these price levels,” he adds.
The tender will close on Oct 26 at 3pm.