Bagnall Court is a freehold walk-up apartment with 43 units (Picture: JLL)
SINGAPORE (EDGEPROP) - Bagnall Court, a freehold residential development located on Upper East Coast Road, is up for collective sale by tender at a guide price of $125 million. More than 80% of owners have consented to the sale, according to marketing agent JLL.
The property was built in the 1990s and comprises 43 walk-up apartments, spread across two blocks that are four storeys each. It has a land area of 69,563 sq ft zoned for residential use with a gross plot ratio of 1.4 and an allowable height of up to five storeys.
Map of Bagnall Court (Source: EdgeProp LandLens)
JLL notes that the property has a development baseline equivalent to a gross plot ratio of about 1.4904. As such, only a relatively small part of the bonus gross floor area GFA attracts a land betterment charge. There is also 4,600 sq ft of remnant state land that could potentially be amalgamated into the site for redevelopment, allowing for additional new units.
Including the state land and based on the minimum average unit size of 85 sqm (914 sq ft), the site may accommodate up to 113 apartments.
Tan Hong Boon, executive director of capital markets at JLL, expects the site to attract keen competition from medium-sized developers, given its “manageable quantum” against much larger Government Land Sale (GLS) sites. “The guide price of $125 million is a very reasonable pricing for a freehold residential site of such size as it compares very favourably with several recent sales of suburban 99-year leasehold sites, which are already at these price levels,” he adds.
The guide price translates to a land rate of about $1,260 psf per plot ratio (psf ppr) at the base gross plot ratio of 1.4 and taking into account an estimated land premium for the state land. Inclusive of an additional 8% bonus GFA, the unit land rate will be around $1,180 psf ppr. JLL highlights hat the unit land rates are estimated based on the previous development charge rates as of March 1, as the revised rates to be effective from Sept 1 have yet to be announced by the relevant authority in the midst of transitioning from the development charge system to the new land betterment charge.
Bagnall Court is located at the end of Upper East Coast Road near the Bedok Road junction, 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 Coast Lines slated to open in 2025.
Other amenities nearby include Eastwood Centre and Bedok Food Centre, which are within walking distance. Changi City Point, East Village, and the Simpang Bedok cluster of eateries are within short driving distance.
The tender will close on Oct 26 at 3pm.