Bagnall Court up for collective sale at $125 mil
The overview price equates to a land cost of around $1,260 psf per plot ratio (psf ppr) at the base gross plot ratio of 1.4 and also thinking about an estimated land costs for the state land. Inclusive of an extra 8% extra GFA, the unit land price will be about $1,180 psf ppr. JLL highlights hat the unit land costs are assessed based upon the past development charge prices as of March 1, as the modified fees to be efficient from Sept 1 have yet to be introduced by the relevant authority among shift from the development charge system to the new land betterment fee.
Bagnall Court is found at the end of Upper East Shore Highway near the Bedok Street crossroads, opposite the Laguna Gold and Country Club and also Bedok Camp. It adjoins the upcoming Sungei Bedok MRT Terminal, which is an interchange for the Downtown as well as Thomson-East Coastline Lines register to open up in 2025.
Featuring the state property as well as based on the minimum ordinary unit measurements of 85 sqm (914 sq ft), the location might suit up to 113 apartments.
The residential property was constructed in the 1990s and consists of 43 walk-up apartments, spread out across 2 blocks that are 4 floors each. It has an acreage of 69,563 sq ft zoned for residential use with a gross plot ratio of 1.4 and even an allowable height of as much as five storeys.
Tan Hong Boon, executive director of capital markets at JLL, projects the place to draw in interested competition from medium-sized developers, given its “workable quantum” versus much bigger Government Land Sale (GLS) spots. “The overview rate of $125 million is a quite affordable prices for an estate residential area of such dimension as it matches up really favourably with a number of current sales of rural 99-year leasehold places, which are already at these price levels,” he includes.
Other facilities close-by feature Eastwood Centre and Bedok Food Centre, which are within strolling proximity. Changi City Point, East Town, and also the Simpang Bedok collection of restaurants are throughout short driving distance.
Bagnall Court, a freehold non commercial property development found on Upper East Coast Road, is up for collective sale by tender at a guide rate of $125 million. More than 80% of owners have granted the sale, according to advertising and marketing representative JLL.
JLL notes that the residential property has a development primary comparable to a gross plot ratio of concerning 1.4904. Thus, only a fairly tiny part of the additional gross floor section GFA brings in a land betterment charge. There is also 4,600 sq ft of remnant state land that might possibly be joined together within the spot for redevelopment, allowing for added brand-new units.
The tender will finalize on Oct 26 at 3pm.