Bagnall Court up for collective sale at $125 mil
The overview price equates to a land price of around $1,260 psf per plot ratio (psf ppr) at the base gross plot ratio of 1.4 and also taking into account an approximated land costs for the state property. Inclusive of an added 8% additional GFA, the unit land rate will be about $1,180 psf ppr. JLL highlights hat the unit land rates are estimated based upon the former project cost rates as of March 1, as the changed rates to be effective from Sept 1 have yet to get publicized by the related authority in the midst of shift from the development cost system to the colony betterment fee.
Bagnall Court, a freehold residential development found on Upper East Coast Roadway, is up for collective sale by tender at an overview value of $125 million. More than 80% of owners have actually consented to the sale, according to advertising and marketing broker JLL.
Consisting of the state property and also based upon the minimum average unit dimension of 85 sqm (914 sq ft), the place might suit up to 113 houses.
Bagnall Court is found at the end of Upper East Shore Highway near the Bedok Road junction, opposite the Laguna Gold and Country Club and Bedok Camp. It borders the upcoming Sungei Bedok MRT Station, which is an interchange for the Downtown and Thomson-East Coast Lines slated to open up in 2025.
Tan Hong Boon, executive director of capital markets at JLL, expects the location to attract interested competitors from medium-sized firms, offered its “convenient quantum” against a lot wider Government Land Sale (GLS) spots. “The overview price of $125 million is a very sensible prices for an estate residential area of such size as it contrasts truly positively with numerous recent sales of rural 99-year leasehold places, which are already at these price index,” he adds.
JLL notes that the residential property has a property primary equivalent to a gross plot ratio of about 1.4904. Therefore, only a reasonably tiny part of the additional gross floor area GFA draws in a land betterment cost. There is even 4,600 sq ft of remnant state land that might possibly be amalgamated within the location for redevelopment, permitting additional brand-new units.
Other facilities nearby consist of Eastwood Centre and also Bedok Food Centre, which are within strolling distance. Changi City Point, East Village, and also the Simpang Bedok cluster of restaurants are inside brief driving range.
The building was built in the 1990s and comprises 43 walk-up condos, proliferated across 2 neighborhoods that are four floors each. It has a land area of 69,563 sq ft zoned for non commercial use with a gross plot ratio of 1.4 and a permitted level of approximately five storeys.
The tender will finalize on Oct 26 at 3pm.