Bagnall Court up for collective sale at $125 mil
Tan Hong Boon, executive director of capital markets at JLL, assumes the site to bring in keen competitors from medium-sized developers, offered its “workable quantum” versus a lot larger Government Land Sale (GLS) sites. “The overview price of $125 million is an incredibly sensible rates for a freehold residential location of such size as it compares very positively with several current sales of rural 99-year leasehold sites, which are currently at these price index,” he adds.
The guide rate equates to a land cost of relating to $1,260 psf per plot ratio (psf ppr) at the base gross plot ratio of 1.4 as well as considering a projected land premium for the state property. Inclusive of an added 8% special GFA, the unit land price will be around $1,180 psf ppr. JLL highlights hat the unit property fees are approximated based upon the previous project fee rates since March 1, as the revised prices to be effective from Sept 1 have yet to be revealed by the appropriate authority between switch from the development expense system to the new land betterment charge.
Including the state land and based upon the minimal ordinary unit measurements of 85 sqm (914 sq ft), the area may accommodate up to 113 apartments.
The residential property was integrated in the 1990s and also consists of 43 walk-up apartments, spread throughout 2 neighborhoods that are four storeys each. It has an acreage of 69,563 sq ft zoned for residence usage with a gross plot ratio of 1.4 and even an allowable level of up to 5 floors.
JLL marks that the property has a development standard equivalent to a gross plot ratio of regarding 1.4904. Thus, only a fairly little section of the bonus gross floor section GFA attracts a land betterment fee. There is even 4,600 sq ft of remnant state land that can most likely be integrated into the spot for redevelopment, allowing for additional new units.
Bagnall Court is found at the end of Upper East Shore Road near the Bedok Road crossroads, opposite the Laguna Gold and Country Club as well as Bedok Camp. It borders the upcoming Sungei Bedok MRT Station, which is an interchange for the Downtown and also Thomson-East Shore Lines slated to open up in 2025.
Other facilities close-by consist of Eastwood Centre and Bedok Food Centre, which are within walking range. Changi City Point, East Village, and also the Simpang Bedok cluster of restaurants are within brief driving distance.
Bagnall Court, an estate residential property development found on Upper East Coast Roadway, is up for combined sale by tender at an overview value of $125 million. Greater than 80% of owners have actually consented to the sale, according to advertising and marketing representative JLL.
The tender will close on Oct 26 at 3pm.