Bagnall Court up for collective sale at $125 mil
The property was built in the 1990s as well as makes up 43 walk-up homes, spread throughout 2 neighborhoods that are four floors each. It has a land area of 69,563 sq ft zoned for residential use with a gross plot ratio of 1.4 and even an allowable level of as much as five storeys.
Tan Hong Boon, executive director of capital markets at JLL, anticipates the location to draw in keen competitors from medium-sized developers, offered its “workable quantum” versus a lot wider Government Land Sale (GLS) spots. “The overview rate of $125 million is a very practical rates for a property area of such dimension as it matches up truly favourably with numerous recent sales of suburban 99-year leasehold sites, which are currently at these price levels,” he adds.
Consisting of the state area as well as based on the smallest typical unit measurements of 85 sqm (914 sq ft), the area might accommodate up to 113 apartments.
JLL notes that the residential property has a property baseline equivalent to a gross plot ratio of concerning 1.4904. Therefore, only a fairly little area of the bonus gross floor section GFA attracts a land improvement charge. There is additionally 4,600 sq ft of remnant state land that might possibly be joined together within the site for redevelopment, enabling extra new units.
Bagnall Court, a freehold residential development found on Upper East Coast Roadway, is up for combined sale by tender at a guide price of $125 million. Greater than 80% of proprietors have consented to the sale, according to advertising broker JLL.
Bagnall Court lies at the end of Upper East Shore Route 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 as well as Thomson-East Coast Lines schedule to open up in 2025.
The guide rate converts to a land cost of about $1,260 psf per plot ratio (psf ppr) at the base gross plot ratio of 1.4 as well as taking into account an estimated land costs for the state land. Inclusive of an extra 8% extra GFA, the unit land rate will be around $1,180 psf ppr. JLL highlights hat the unit property costs are assessed based upon the former property fee rates as of March 1, as the revised rates to be reliable from Sept 1 have yet to be introduced by the related authority among shift from the development expense system to the colony improvement cost.
Other features close-by feature Eastwood Centre and Bedok Food Centre, which are within walking distance. Changi City Point, East Village, and the Simpang Bedok collection of restaurants are throughout brief driving range.
The tender will close on Oct 26 at 3pm.