Bagnall Court up for collective sale at $125 mil
The guide rate 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 taking into account an approximated land rates for the state property. Inclusive of an extra 8% extra GFA, the unit land rate will certainly be approximately $1,180 psf ppr. JLL highlights hat the unit property charges are approximated based on the former project cost prices since March 1, as the modified prices to be effective from Sept 1 have yet to be publicized by the related authority between shift from the development cost system to the new land betterment cost.
The property was integrated in the 1990s and comprises 43 walk-up condos, spread out across 2 neighborhoods that are 4 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 also an allowable level of approximately five storeys.
Including the state land and based upon the minimum average unit dimension of 85 sqm (914 sq ft), the site might suit approximately 113 apartments.
Bagnall Court, a property non commercial development located on Upper East Coast Roadway, is up for collective sale by tender at an overview price of $125 million. Beyond 80% of owners have consented to the sale, according to advertising and marketing agent JLL.
Tan Hong Boon, executive director of capital markets at JLL, projects the location to draw in eager competitors from medium-sized developers, given its “manageable quantum” opposing considerably bigger Government Land Sale (GLS) sites. “The overview cost of $125 million is a very sensible rates for a property household site of such size as it compares truly positively with a number of recent sales of country 99-year leasehold sites, which are currently at these price levels,” he includes.
Other facilities close-by include Eastwood Centre as well as Bedok Food Centre, which are within walking distance. Changi City Point, East Town, and also the Simpang Bedok collection of eateries are throughout short driving range.
Bagnall Court is positioned at the end of Upper East Shore Road near the Bedok Road junction, opposite the Laguna Gold and Country Club and Bedok Camp. It borders the upcoming Sungei Bedok MRT Terminal, which is an interchange for the Downtown as well as Thomson-East Shore Lines slated to open up in 2025.
JLL notes that the apartment has a development standard comparable to a gross plot ratio of about 1.4904. Because of this, only a fairly small area of the extra gross floor section GFA draws in a land improvement fee. There is additionally 4,600 sq ft of remnant state land that might possibly be joined together within the site for redevelopment, enabling added new units.
The tender will close on Oct 26 at 3pm.