Bagnall Court up for collective sale at $125 mil
Tan Hong Boon, executive supervisor of capital markets at JLL, assumes the site to bring in interested competition from medium-sized developers, provided its “manageable quantum” versus much bigger Government Land Sale (GLS) sites. “The guide rate of $125 million is a really affordable pricing for an estate residential location of such dimension as it contrasts very favourably with numerous current sales of suburban 99-year leasehold places, which are currently at these price index,” he adds.
JLL marks that the property has a development standard equal to a gross plot ratio of concerning 1.4904. Therefore, only a relatively small part of the bonus gross flooring area GFA attracts a land enhancement cost. There is even 4,600 sq ft of remnant state land that might possibly be joined together right into the site for redevelopment, enabling added brand-new units.
The overview rate 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 also considering a projected land premium for the state property. Inclusive of an extra 8% special GFA, the unit land rate will be close to $1,180 psf ppr. JLL highlights hat the unit area rates are assessed based on the former development cost rates as of March 1, as the changed fees to be efficient from Sept 1 have yet to be revealed by the relevant authority in the midst of shift from the development charge system to the new land improvement cost.
Including the state area and also based on the minimal typical unit measurements of 85 sqm (914 sq ft), the location might accommodate as much as 113 condos.
The real estate was constructed in the 1990s and comprises 43 walk-up apartments, spread throughout 2 neighborhoods that are four storeys each. It has a land area of 69,563 sq ft zoned for household use with a gross plot ratio of 1.4 and even a permitted level of up to 5 floors.
Irwell Hill Residence floor plan
Bagnall Court, a property home project located on Upper East Coast Roadway, is up for collective sale by tender at a guide rate of $125 million. More than 80% of owners have consented to the sale, according to advertising and marketing broker JLL.
Various other services nearby consist of Eastwood Centre and also Bedok Food Centre, which are within walking distance. Changi City Point, East Village, and the Simpang Bedok cluster of dining establishments are inside brief driving distance.
Bagnall Court is located at the end of Upper East Shore Route near the Bedok Road crossroads, opposite the Laguna Gold and Country Club and Bedok Camp. It is adjacent to the upcoming Sungei Bedok MRT Station, which is an interchange for the Downtown and Thomson-East Coastline Lines register to open in 2025.
The tender will finalize on Oct 26 at 3pm.
