Bagnall Court up for collective sale at $125 mil
The building was built in the 1990s as well as makes up 43 walk-up houses, spread out around 2 neighborhoods that are four storeys each. It has an acreage of 69,563 sq ft zoned for non commercial use with a gross plot ratio of 1.4 and even an allowed height of as much as five floors.
Bagnall Court, a freehold household property development situated on Upper East Coast Roadway, is up for combined sale by tender at an overview price of $125 million. More than 80% of owners have consented to the sale, according to advertising and marketing representative JLL.
Consisting of the state land and based upon the smallest typical unit size of 85 sqm (914 sq ft), the location might suit approximately 113 flats.
JLL notes that the building has a development primary equivalent to a gross plot ratio of concerning 1.4904. As such, only a relatively tiny section of the extra gross floor area GFA attracts a land betterment cost. There is also 4,600 sq ft of remnant state land that may most likely be joined together into the spot for redevelopment, permitting extra brand-new units.
The guide rate translates to a land price of around $1,260 psf per plot ratio (psf ppr) at the base gross plot ratio of 1.4 as well as thinking about an approximated land rates for the state property. Inclusive of an added 8% additional GFA, the unit land charge will be about $1,180 psf ppr. JLL highlights hat the unit area charges are approximated based upon the former development fee rates as of March 1, as the changed fees to be efficient from Sept 1 have yet to get introduced by the relevant authority among shift from the development cost system to the new land improvement cost.
Bagnall Court lies at the end of Upper East Shore Road near the Bedok Street crossroads, opposite the Laguna Gold and Country Club as well as Bedok Camp. It adjoins the upcoming Sungei Bedok MRT Terminal, which is an interchange for the Downtown as well as Thomson-East Shore Lines register to open in 2025.
Other facilities close-by consist of Eastwood Centre and also Bedok Food Centre, which are within strolling range. Changi City Point, East Village, and also the Simpang Bedok cluster of restaurants are throughout short driving distance.
Tan Hong Boon, executive director of capital markets at JLL, expects the location to bring in eager competitors from medium-sized developers, provided its “convenient quantum” versus considerably wider Government Land Sale (GLS) spots. “The overview rate of $125 million is a quite reasonable rates for an estate domestic site of such dimension as it contrasts very favourably with a number of recent sales of rural 99-year leasehold sites, which are already at these price levels,” he adds.
The tender will close on Oct 26 at 3pm.