Bagnall Court up for collective sale at $125 mil
Bagnall Court, a property household project found on Upper East Coast Highway, is up for cumulative sale by tender at a guide rate of $125 million. Beyond 80% of owners have actually consented to the sale, according to marketing representative JLL.
Various other features nearby feature Eastwood Centre and Bedok Food Centre, which are within walking proximity. Changi City Point, East Village, and also the Simpang Bedok collection of eateries are inside brief driving range.
JLL marks that the building has a property baseline equivalent to a gross plot ratio of concerning 1.4904. Therefore, only a relatively small section of the additional gross floor area GFA attracts a land improvement cost. There is additionally 4,600 sq ft of remnant state land that may possibly be joined together right into the area for redevelopment, allowing for extra new units.
Tan Hong Boon, executive director of capital markets at JLL, projects the site to draw in interested competitors from medium-sized developers, offered its “convenient quantum” versus considerably larger Government Land Sale (GLS) areas. “The overview price of $125 million is a really practical pricing for a property household area of such dimension as it compares very positively with a number of recent sales of suburban 99-year leasehold sites, which are currently at these price index,” he adds.
The property was integrated in the 1990s and makes up 43 walk-up apartments, spread throughout two neighborhoods that are four storeys each. It has a land area of 69,563 sq ft zoned for property use with a gross plot ratio of 1.4 and an allowed elevation of as much as 5 floors.
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 thinking about a projected land premium for the state property. Inclusive of an added 8% bonus GFA, the unit land rate will certainly be around $1,180 psf ppr. JLL highlights hat the unit property costs are assessed based upon the previous property charge rates as of March 1, as the changed rates to be reliable from Sept 1 have yet to get revealed by the relevant authority in the midst of switch from the development fee system to the colony betterment cost.
Bagnall Court lies at the end of Upper East Coastline Route near the Bedok Street 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 Coast Lines slated to open in 2025.
Consisting of the state property and based upon the smallest typical unit size of 85 sqm (914 sq ft), the area may accommodate up to 113 condominiums.
The tender will close on Oct 26 at 3pm.